News Snapshot:
HONG KONG (BLOOMBERG) - It was the hottest IPO in town. Now Nongfu Spring Co's stock surge is turning its founder into China's second-richest person. Shares of the bottled-water maker jumped as much as 85 per cent and traded up 55 per cent by the midday break in Hong Kong. The debut is on pace to become the city's fourth best on record among firms that raised more than US$1 billion (S$1.37 billion). The surge is pushing the net worth of Zhong Shanshan, who owns 84 per cent of the firm he founded in 1996, to more than US$51 billion,...
