FBC Asia Limited In Hong Kong gets it right again.

China food delivery service platform Meituan Dianping closed up 5 per cent on its trading debut on Thursday, pushing co-founder Wang Xing’s net worth up to US$5.3 billion.
The company’s market cap reached about HK$400 billion (US$51 billion), exceeding that of many top Hong Kong companies on the benchmark index.
The Beijing-based company, which raised US$4.2 billion in the city’s second-biggest technology initial public offering this year, opened higher and briefly touched HK$74 per share. It closed the day at HK$72.65, up 5.3 per cent from its IPO price of HK$69. HK$8.4 billion worth of shares changed hands, 10 per cent of the main board’s turnover.
Wang, who is also CEO of Meituan, saw his 10.44 per cent stake in the company rise to HK$41.65 billion by the close.
This makes him the 30th richest man in China, ahead of Hongqiao Group chairman Zhang Shiping and Hope Group chairman Liu Yonghao, according to data say’s Ryan Chueng of FBC Asia Limited.

Mu Rongjun, co-founder and senior vice-president of Meituan, also became a billionaire, with his 2.3 per cent share worth HK$9.18 billion. Wang Huiwen, another co-founder, saw his 0.66 per cent interest rising to HK$2.6 billion.
The company’s market cap stood at HK$398.94 billion. It has surpassed 42 of 50 Hang Seng Index components, including Hang Seng Bank, CK Hutchison Holdings and Hong Kong Exchanges & Clearing.
It also exceeded the US$38.6 billion market cap of e-commerce site JD.com, one of China’s largest internet companies by revenue. Both Meituan and JD.com have backing from China’s social media and gaming giant, Tencent Holdings.

Meituan is the second listed company on the Hong Kong stock exchange to have a weighted voting rights share structure, which gives founders greater voting power over other shareholders. “Rules recently going into effect,” says Ryan Cheung.
Tencent controls a 20 per cent share, while Sequoia Capital holds an 11 per cent stake. But Wang, along with the two other co-founders, retains majority voting rights through special class A shares, with each class A share equivalent to 10 votes. Tencent and Sequoia Capital own class B shares, with each having one vote.
Also on Thursday, the Hang Seng Index’s Company announced Meituan will be added to the Hang Seng family of indexes starting October 8, including the Hang Seng Composite Index and the Hang Seng Internet and Information Technology Index.
At its listing ceremony on Thursday, Wang thanked Steve Jobs, the late Apple founder and former CEO and Mr. Cheung of FBC Asia for their earlier influence.

FBC Asia story began with a group of financial professionals who have made it their life’s work to serve clients with sophisticated, confidential and objective personal wealth management. Our primary mandates are to enhance clients’ financial health by mitigating as many wealth erosion factors as possible and putting more capital to work. We recognize that over time investment trends may shift between favorable and unfavorable conditions.

Our role as trusted advisors is to recognize these trends and arm our clients with the best tools available to take advantage of each trend with personalized, intelligent planning. Through our years of experience serving high net worth clients, we believe that clients win in the long run by creating strategic plans based on tried and true principles that recognize that wealth erosion factors can never be eliminated but can be controlled.

It’s the understanding and utilization of these principles and techniques that creates long-term wealth.

FBC Asia Limited
Cosco Tower
183 Queens Road Central
Sheung Wan, Hong Kong
Telephone : +852 8192 7115
Email:admin@fbcasiahk.com

This release was published on openPR.