Chinese gold jeweler Zhou Liu Fu’s chairman joins billionaire ranks as stock surges after IPO

Chinese gold jewelry retailer Zhou Liu Fu Jewellery’s stock surged 67% over its first two trading days, turning its chairman Li Weizhu into a billionaire with a net worth of US$1.2 billion. His wealth was estimated based on his 57% stake in the firm, held through wholly-owned investment vehicles.

Li, 47, reached billionaire status a day after the company’s initial public offering on the Hong Kong stock exchange last Thursday, which raised HK$1.3 billion (US$164.6 million).

Founded in 2004 by Li’s older brother Weipeng and a friend, Zhou Liu Fu had 4,129 stores as of the end of last year, 98% of which were franchised. Four of those are franchised stores outside of China, according to Hong Kong newspaper The Standard.