ZJLD Group launched Hong Kong’s largest IPO of the year, with the holding company for four of his liquor brands raising around HK$4.5 billion despite a rocky start to trading.

Wu Xiangdong, founder and chairman of ZJLD Group, earned the godfather moniker after establishing an empire of 12 companies specialising in the fiery tipple.

Backed by US investment firm KKR & Co, ZJLD had hoped to raise around HK$5.5 billion (US$700 million), but it fell well short of that figure after its share price dropped nearly two dollars, or 16 percent, below the offering price of HK$10.82.

Even so, its nearly HK$4.5 billion in proceeds still amounted to more than half of what the Hong Kong stock exchange generated from IPO offerings in the first quarter of 2023.

Its total revenues have shown strong growth in the past few years and jumped by nearly 15 percent (US$850 million) in 2022, making it the fourth-largest privately owned baijiu company, according to ZJLD’s prospectus.

Wu will retain control of 69 percent of the company.

ZJLD focuses on premium baijiu offerings and is the first Chinese spirits company to successfully list since 2016.

It took ZJLD 70 days to complete the IPO procedure in Hong Kong, a process that normally stretches over three months.