Chinese billionaire Zhong Shanshan, founder of Nongfu Spring (HKG:9633), has recorded about HK$3.7 million in paper gains from his investment in the beverage maker IFBH (HKG:6603), following the company's listing on the Hong Kong Stock Exchange on June 30.

Zhong holds over 30% equity in private equity fund Daohe Chengguang, which was allocated 846,800 shares in IFBH's international placement at the IPO ceiling price of HK$27.80.

The stock closed at HK$42.35 on Thursday, up 52.3% from the offer price, after reaching an intraday high of HK$48.80. Based on the closing level, the fund's unrealized profit stands at about HK$12.3 million, with Zhong's attributable share estimated at around HK$3.7 million.

Zhong had been recognized as China's richest person for four consecutive years from 2021 to 2024, according to Forbes and Bloomberg rankings.

His latest gain comes shortly after he fell to second place in a domestic wealth list compiled by a magazine affiliated with state-owned Securities Times, which estimated his net worth at 362.4 billion yuan (HK$330.8 billion) following a decline in Nongfu Spring shares, The Standard reported separately.

IFBH, a Singapore-incorporated beverage maker known for its coconut water brands IF and Innococo, raised HK$1.07 billion in net proceeds after pricing its shares at HK$27.80 apiece, the top end of the indicated range.

IFBH attracted 11 cornerstone investors, who agreed to subscribe for about $39.5 million of the shares on offer. Notable investors included UBS Asset Management Singapore and Black Dragon.