Clothes displayed at the Shein Group headquarters in Singapore last month. The global online … [+]
Shares in China apparel supplier Sailvan Times doubled on the first day of trading at the Shenzhen Stock Exchange today, adding a new billionaire to the country’s ranks.
Chairman Chen Wenping’s holdings in the company were worth 8.6 billion yuan, or about $1.2 billion, after its stock rose by 115% from its IPO price to close at 43.99 yuan.
Shenzhen-headquartered Sailvan sells clothing accessories and sports apparel to global consumers through third-party e-commerce platforms such as Amazon, Walmart, eBay, and Wish, according to the company’s website. It also has direct sales through its websites such as SHESHOW and Retro Stage. Sailvan also provides logistics services to third parties using its cross-border warehousing and logistics system. Sailvan founded the predecessor company of Sailvan in 2012.
Sailvan shares soared amid rapid growth in global apparel sales by Chinese e-commence sites such as privately held Shein and PDD-owned Temu. Nasdaq-traded PDD has gained 34% in the past year; founder Colin Huang is worth $26.6 billion on the Forbes Real-Time Billionaires List today.
Chen, 47, is a citizen of China but a permanent resident of the United States, according to the company’s prospectus.
China is home to the world’s second-largest number of billionaires after the United States.
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