Xiao Jun's wealth soared, and Nippon Paint (NIPG.US) rose nearly 60% to be the top stock of China's current stock market.

On Monday, shares of NIP Group (NIPG.US), the horse racing betting company owned by Stanley Ho's son, jumped nearly 60% to close at $14.42, according to the latest trading data. The stock began trading on the Nasdaq on Friday at $9 a share.

NIP Group's successful listing also marks the birth of the first listed Chinese horse racing betting company. Chairman and Co-CEO Stanley Ho's son, Justin, set a record as the youngest founder of a Nasdaq-listed company in Asia. He said that the group will leverage the capital raised from the listing to build a global, popular and valuable digital sports group, bringing a great gaming experience to global horse racing betting enthusiasts and creating greater value for global investors. Justin holds 14.2% of NIP Group's shares, making him the largest shareholder.

NIP Group's revenue in 2023 was $83.67 million, up 27% year-on-year from $65.80 million in 2022; gross profit was $7.2 million, while gross margin was 37.4%, indicating a stable increase in the overall gross margin and gross margin of the main business segments.