KUOK Khoon Hong pulled off a remarkable second act. The billionaire sold shares of his China business in the biggest ever initial public offering (IPO) on the Shenzhen Stock Exchange, thanks to the most popular cooking oil brand in the country.

Kuok’s Yihai Kerry Arawana Holdings Co. surged when the stock debuted on the ChiNext board Thursday after its IPO raised 13.9 billion yuan (US$2 billion). Its namesake cooking oil with a Golden Dragon Fish logo has been a staple of Chinese kitchens for decades and fueled demand 3,499 times the amount of shares offered to retail investors online.

After starting production in 1991 from the mainland’s first packed oil production line, the unit of Kuok’s Wilmar International Ltd. now has 40 percent of a Chinese edible oil market that consumes almost 40 million tons annually.

The IPO came just three years after China opened doors for foreign firms to invest in the oilseeds crushing sector, allowing global powerhouses such as Bunge Ltd. and Cargill Inc. to take on local rivals including Arawana and Cofco Corp.

“Yihai Kerry Arawana has tremendous controlling power in its own market, with a solid sales performance even during the lockdown period of the coronavirus,” said Wang Ling, a Beijing-based analyst with Sinolink Securities Co.

Arawana’s shares opened up 91 percent to 48.96 yuan (US$7.29) per share and closed up 117.9 percent at 56 yuan, compared with the IPO price of 25.70 yuan.

(SD-Agencies)