49 new billionaires join ranks of super rich amid IPO frenzy

The initial public offering bonanza and surging stock prices helped the mainland to produce 49 more billionaires this year, with Wahaha Group chairman Zong Qinghou crowned as China's richest man, according to Forbes magazine.

The number of billionaires on the mainland jumped to 128 from 79 last year. The 400 super rich that made the China rich list own a combined fortune of US$423.2 billion, up 34.6 per cent from last year.

'China is leading the world in initial public offerings this year, and the big increases in wealth and the number of billionaires on our list this year are closely linked to a large number of successful IPOs by the Chinese companies,' said Russell Flannery, who compiles the list.

Li Li and Li Tan, a couple who founded Hepalink Pharmaceutical, are in the fifth place with a net worth of US$5.38 billion, after the company secured a share listing on the Shenzhen Stock Exchange's SME board.

The couple saw their wealth top US$7.5 billion in May when shares of Hepalink made a dazzling trading debut before retreating.

The mainland is the world's largest IPO market this year as cash-hungry companies flooded the mainland stock exchanges to raise growth capital.

In the first nine months of this year, 257 IPOs were launched on the mainland and netted a total of 382.8 billion yuan (HK$444.1 billion).