Chinese Founder Of Online Grocery Becomes Billionaire After U.S. Share Surge

Liang Changlin is the founder of the Dingdong Chinese online grocery portal. His American depositary shares soared 39% in just a few days after being listed on the NYSE.

Liang, who owns a stake in the grocery delivery service, has a net worth estimated at $1.2 billion with their current price of $32.57. Although his fortune had briefly surpassed the billion-dollar mark on Tuesday when the stock started trading, shares later lost the initial gains.

ADSs were temporarily halted due to volatility on Wednesday. They briefly peaked at $46 per unit.

Dingdong released a statement Friday saying that they focus on the long-term sustainability of their business and not on the stock price. “We have a long-term strategy, and we don’t get distracted by any temporary movement.

Dingdong slashed by 74% its IPO fundraising target on Tuesday, shortly after trading in America. The company claimed that it would raise $95.7m by selling 4.1 Million American Depositary Shares at $23.50 each. Its initial target was $357million.

Liang, 49 years old, founded Dingdong after he saw opportunities in the on-demand grocery market. According to its prospectus, the company offers 12,500 different types of fresh products and daily necessities. Dingdong claims that it delivers orders to customers in as little as 30 minutes using its extensive network of 950 distribution centers across 29 Chinese cities.

Local media reported that Liang had served more than a decade in the Chinese military. An entrepreneur was the development of software for video editing. It was successful enough to acquire sufficient capital to create a parenting platform and maternity discussion forum. Later, he sold the site to TAL Education, a New York-listed after-school tutoring business.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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