Date
24 September 2017
Jumei CEO Leo Chen (third from right) rings the opening bell at the New York Stock Exchange to celebrate his company's IPO Friday. Photo: Reuters
Jumei CEO Leo Chen (third from right) rings the opening bell at the New York Stock Exchange to celebrate his company's IPO Friday. Photo: Reuters

US debut gives Jumei co-founder a rosy financial glow

Jumei International Holding, operator of cosmetics site Jumei.com, has amassed a market cap of over HK$26 billion (US$4.21 billion) since listing on the New York Stock Exchange Friday, putting it 60 percent above the value of Hong Kong’s Sasa International Holdings Ltd. (00178.HK), the Hong Kong Economic Times reported Tuesday.

The success of Jumei, which has been up and running for just four years, is down to its 31-year-old chairman Leo Chen from Sichuan, the report said. Chen has 36 percent of the company after the IPO, making him China’s latest billionaire.

Chen won a scholarship to study at Singapore’s Nanyang Technological University before moving to the United States to do an MBA at Stanford University. 

He has a big online following, boasting 2.76 million subscribers to his Sina microblog, and has also starred in one of Jumei’s most successful TV commercials, saying “I’m Leo Chen. I speak for my own brand”.

Jumei had more than 10 million registered users with a 22 percent market share in 2013, 2.5 times more than its closest rival. Last year, it pocketed a net profit of 200 million yuan (US$32.42 million) on revenue of 3.8 billion yuan, the report said.

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