China gem retailer becomes a billionaire after firm's IPO

Chinese gem retailer Zhou Zongwen became a billionaire when his Chow Tai Seng Jewellery surged in value following its IPO this week. Shares of the jewellery seller rose 10% on Friday, giving Zhou a net worth of at least $1.4 billion, according to Bloomberg. Zhou founded the company in 1999 and has grown the business using a franchise strategy.