China now has a 27-year-old billionaire, one of the world’s youngest, after his budget airline tripled in value in less than three weeks.
Wang Han has a net worth of US$1.2 billion, the Bloomberg Billionaires Index shows.
He inherited 27 percent of Shanghai-based Juneyao Airlines Co. from his father, who died in 2004.
The airline sold shares in an initial public offering May 27 and has risen by the daily 10 percent limit each day since.
The benchmark Shanghai Composite Index has advanced 58 percent this year, helping to create more than 75 billionaires, Bloomberg reported.
Juneyao’s IPO came after low-cost carrier Spring Airlines Co. surged more than sevenfold since its January listing.
Spring’s chairman, Wang Zhenghua, became a billionaire about two weeks after its trading debut.
Juneyao Air has a market capitalization of 23.7 billion yuan (US$3.8 billion), making it more valuable than Air Canada and Air France-KLM, the report said.
– Contact us at [email protected]