Guizhou-based baijiu distiller raises $675 million before the stock tumbles 18% amid concerns about a shaky consumer sector in China

Booze tycoon Wu Xiangdong will own about 69% of ZJLD after its mega Hong Kong IPO, expected to bring his net worth to more than $4 billion

The spirits company will offer 490.7 million shares at as much as HK$12.98 a piece in what is set to be this year’s largest offering in the city