Nongfu Spring is a hit with tipplers and investors alike
China’s leading water bottler has a blistering stockmarket debut
“WE ARE NOT manufacturers of water. We are porters of nature.” So goes a famous quip by Zhong Shanshan, the 66-year-old founder and boss of Nongfu Spring, China’s most popular brand of bottled water. On September 8th the Hangzhou-based bottler listed on Hong Kong’s bourse to spectacular fanfare. Demand for shares from retail investors outstripped supply by 1,148 times (see chart). The share price shot up by 60% over the first three days of trading. Its market capitalisation reached $53bn. Mr Zhong, who still owns 84% of Nongfu Spring, is now China’s third-richest person, narrowly trailing two tech moguls: Jack Ma of Alibaba and (unrelated) Pony Ma of Tencent.
This article appeared in the Business section of the print edition under the headline “Bottle shock”
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