Alibaba Alum Becomes Billionaire With IPO for China Startup


Source: bnnbloomberg.ca bnnbloomberg.ca

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(Bloomberg) -- Former Alibaba Group Holding Ltd. employee Zhang Hui is the latest Chinese entrepreneur to join the ranks of billionaires after his Uber-like trucking startup went public Tuesday in New York. Zhang, the founder and chairman of Full Truck Alliance Co., has a stake worth about $2.1 billion, according to the Bloomberg Billionaires Index, as shares in the Chinese company closed at $21.50 in New York Stock Exchange trading -- a 13% increase over the IPO price. Zhang, 42, owns 9.2% of the firm, which operates a truck-sharing app that connects merchants and drivers. Read more: China’s Full Truck...