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De Rucci Healthy Sleep shapes two furniture billionaires

Shenzhen, which borders mainland China with Hong Kong, is home to Asia’s busiest stock exchanges … [+] for IPOs. (` Photo/Ng Han Guan)


It was a bad year for mainland China billionaires on the Forbes 2022 billionaires list released in April; Its ranks were thinned to 539 members from 626 the year before. By mid-May, one in six of those listed had fallen below the billionaire mark.

However, sentiment has since recovered as the country’s brutal Covid lockdowns have eased. China’s benchmark CSI 100 index rose 1% to a three-month high of 4,490.52 yesterday on growth hopes.

Stronger bids helped pave the way for a successful IPO in China this month that created two new billionaires. De Rucci Healthy Sleep, a supplier of bedroom furniture, went public in Shenzhen on June 23 at 38.93 yuan per share, raising 1.6 billion yuan. Shares of Chairman Wang Bingkun and Director Lin Jiyong were each worth 6.97 billion yuan, or about $1 billion, at yesterday’s closing price of 45.59 yuan.

Founded in 2004, De Rucci has more than 4,000 franchised stores in more than 30 countries, including the United States, Italy and France, according to the company’s website.

China is home to the second largest number of billionaires in the world after the United States.

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