Toymaker becomes a billionaire after frenzied Hong Kong IPO
THE frenzy over a toymaker’s Hong Kong initial public offering (IPO) has created a new billionaire.
Zhu Weisong, founder and chairman of Bloks Group, was catapulted into the ultra-rich ranks after the company’s US$215 million debut Friday (Jan 10) drew overwhelming demand from individual investors. Shares surged 41 per cent to HK$85 on its trading debut.
It adds to a pipeline of IPOs in Hong Kong that are supercharging wealth. Last month, renowned Chinese makeup artist Mao Geping became a billionaire when his namesake beauty company soared 77 per cent in its debut.
Zhu, a former gaming company executive, owns almost half of the toymaker, the company prospectus shows, with his stake worth about US$1.3 billion as at Friday.
The ex-software engineer made another US$300 million from his early venture in Chinese gaming firm Youzu Interactive, taking his total fortune to US$1.7 billion, according to the Bloomberg Billionaires Index.
Zhu, 42, worked in several internet companies before co-founding Youzu in May 2009 with Lin Qi. The business, known for its League of Angels video game series, listed in Shenzhen five years later through a reverse merger.
Zhu founded Bloks in 2014 after his routine of buying gifts for his two children during business trips sparked an interest in the toy market. He left Youzu the next year to focus entirely on the new business.
Bloks started out selling brick-based toys before launching assembly character figurines developed from world–famous animation, including Ultraman and Transformers.
Despite rapid growth in revenue in recent years, Bloks has been unprofitable since at least 2021, according to its prospectus. BLOOMBERG
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