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China technology and investment billionaire Lei Jun (seven from left) and Shunwei Capital CEO Tuck … [+]
Shunwei Capital
No small investment feat: Friday’s Nasdaq debut by 17 Education & Technology Group, a K-12 education company, generated the eighth IPO this year of a business backed by Beijing-headquartered Shunwei Capital.
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Shunwei’s chairman Lei Jun – better known as the billionaire CEO of smartphone maker Xiaomi – along with Shunwei CEO Tuck Lye Koh attended a virtual event to mark the start of trade.
Lei has an estimated fortune worth $23 billion on the Forbes Real-Time Billionaires List today. Koh ranked No. 42 on the 2020 Forbes Midas list (see profile here from earlier this year).
17 Education rose by 0.7% and closed at $10.57 on Friday. Shares in the company’s IPO, which raised $287 million, were priced at $10.50.
Shunwei owns 17% of the company after the IPO; other investors include Singapore’s Temasek. 17 Education’s revenue rose by 277% from a year earlier to $118 million in the first nine months of 2020; it lost $144 million during that time. (See prospectus here.)
China is home to the world’s second-largest number of billionaires after the United States.
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China Optimism, Xiaomi Ties Help Shunwei CEO Debut On Forbes Midas List
@rflannerychina