Chinese spirit maker ZJLD’s IPO raises HK$4.5 Billion despite rocky start to trading

ZJLD Group, the holding company for four of Wu Xiangdong’s liquor brands, has raised around HK$4.5 billion in Hong Kong’s largest IPO of the year. Despite falling short of the hoped-for HK$5.5 billion, the proceeds are still more than half of what the Hong Kong stock exchange generated from IPO offerings in Q1 2023. The popularity of baijiu in China has propelled demand, making it the most consumed spirit in the world, and its major producers the most valuable distilleries.