News Snapshot:
It was the hottest IPO in town. Now, Nongfu Spring Co Ltd’s stock surge has turned its founder into China’s third-richest person. Shares of the bottled-water maker jumped as much as 85% and closed up 54% in Hong Kong. The debut was the city’s fourth-best on record among firms that raised more than US$1 billion (RM4.2 billion). The surge has pushed the net worth of Zhong Shanshan (picture) , who owns 84% of the company he founded in 1996, to US$51 billion, according to the Bloomberg Billionaires Index. He’s now the wealthiest person in China after Alibaba Group Holding Ltd’s...
