Shunfeng Express CEO surpasses Pony Ma as China's third richest person

Updated 2017-03-01 11:33:33 CGTN

Delivery company Shunfeng Express has grown nearly 67 percent since its first day of listing last week, with a stock price of 66.8 yuan (9.73 U.S. dollar) that has pushed its chairman Wang Wei's net worth up to 180 billion yuan (26 billion U.S. dollars), making him China's third richest man.

Pony Ma, founder, president and CEO of Chinese Internet giant Tencent Inc. and its instant messaging platform WeChat, has slipped to fourth in the ranking, according to data from Forbe's realtime rankings, with a current net worth of 24.3 billion U.S. dollars.

However, analysts are now skeptical, saying the fluctuation of the surging stock price of delivery giant Shunfeng and its high valuation were driven by speculative bets. The company had reached its daily trading limit for a fourth straight day on Tuesday, six days after its IPO on the Shenzhen exchange.

Yu Tianyu, co-founder and capital markets analyst of Beijing Sharetech Co., sees growth in the delivery service industry slowing down in the future amid growing competition.

"The growth rate of delivery services is slowing down from a fast speed to medium speed, and the future competitive environment for the delivery sector is getting more and more difficult," he said.

Shunfeng Express made its debut on the Shenzhen Stock Exchange on Friday. The delivery company went public through a back-door listing on the Shenzhen Stock Exchange, while its reverse merger partner Maanshan Dintai Rare Earth & New Materials Co. was officially renamed SF Express.

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