Wu Xiangdong, a Chinese liquor mogul once known for his savvy advertising tactics, has added another $3 billion to his fortune.
Wu Xiangdong
ZJLD, which begins trading Thursday, has offered 491 million shares at HK$10.82 apiece, according to stock exchange filings. The price is near the bottom of a previously indicated range, but it still gives Wu’s 69% stake a value of $3 billion. His total net worth now stands at $4.1 billion, after including the 54-year-old’s ownership in Shenzhen-listed liquor store chain Vats, according toZJLD didn’t respond to a request seeking comment on the tycoon’s wealth.
The mogul was once famous for enlisting football coach Bora Milutinovic to promote Jinliufu, another liquor brand he established more than two decades ago. The entrepreneur splashed on TV commercials that led Jinliufu’s, or Chinese liquor known for its fiery taste, to become the go-to choice for banquets and weddings.
ZJLD, which owns several liquor brands, such as Li Du and Zhen Jiu but not Jinliufu, is the mogul’s latest bet on cracking a market long dominated by state-owned and Shanghai-listed spirits maker Kweichow Moutai. The proceeds raised through its IPO will be used for purposes including marketing and building production facilities over the next five years, according to its filings. The company doesn’t appear to have enlisted any cornerstone investors.
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