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CEO Shi Yuzhu knocks the bell at NYSE
Giant Interactive (NYSE: GA) is yet another huge IPO. The offering was priced at $15.50 and raised $886.6 million. This IPO immediately made CEO Shi Yuzhu a rich man with 41 billion RMB in net worth. His daughter gets another 5 billions.
Giant's performance on the first day
Giant is an Internet gaming company. I don't know a lot about its products, but I was surprised to find that Shi Yuzhu was the guy behind the legendary "脑白金" (direct translation: brain platinum). It was a hugely successful health supplement sold in China a couple of years ago. At the time, you would see its commercials on almost every single TV channel during prime time. Everybody knew about 脑白金, although to date I still don't know what was actually in it. I could only guess it was some kind of multivitamin like Centrum. Chinese people went crazy over it, and Shi made a huge fortune. But of course it was nothing compared to this IPO. According to Shi himself, online gaming is the best business model because "management is so easy and you have absolutely no bad debt!"
I'd better add it to my stock watch list.
"Brain Platinum", the mysterious but hugely popular health supplement. I still remember being bombarded by it's repetitive TV commercials with the catchy phrase: "今年過節不收禮，收禮只收脑白金" (don't take any gifts this New Year holiday, unless it's a Brain Platinum!)