Chinese courier SF Express saw its shares leap by the 10 percent daily limit for a fourth time after it went listed via a backdoor listing on the Shenzhen Stock Exchange on Feb. 23. This makes its market capitalization surpass 300 billion RMB (in Chinese).

Calculated based on the firm’s market value, SF Express chairman and founder Wang Wei’s personal wealth has ballooned to RMB 198.5 billion RMB as of Wednesday, beating out Jack Ma, founder of e-commerce giant Alibaba. His fortune, according to the world’s billionaires list compiled by Forbes, is estimated at around RMB 198.1 billion (US$ 28.7 billion).

Thanks to the booming e-commerce sector and as well as the courier’s good reputation, the Shenzhen-based company delivered stunning performances in recent years. The firm posted earnings of RMB 5.19 billion in 2016, up 82.48 percent year on year.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.