The shares closed up 30% to US$78 ($100) on Tuesday in New York trading, after gaining 283% on Monday following a 38-for-1 stock split.
A blistering rally in a tiny, money-losing traditional Chinese medicine company’s stock has vaulted its founder’s net worth to among the world’s largest fortunes.
The firm, Hong Kong-based Regencell Bioscience Holding Ltd., was for all intents and purposes trading as a microcap stock on the Nasdaq just eight weeks ago. But its shares have since exploded, gaining more than 82,000% since its February 13 low. The move has boosted the value of chief executive officer Yat-Gai Au’s 86% stake to US$33.3 billion ($25.6 billion), according to the Bloomberg Billionaires Index, making Au’s paper wealth greater than rich-list stalwarts such as Phil Knight and Masayoshi Son.
