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Former Pipe Factory Worker Becomes a Billionaire Budget Shop

Ye Guofu

Source: Miniso Group Holding Ltd.

A Chinese businessman who started a chain of stores selling smooth household goods at basgain-basement prices has become a billionaire, benefiting from the global trend of consumers turning to cheap products while eating the coronavirus pandemic spending budgets.

Guangdong, based in China Miniso Group Holding Ltd. is raising $ 608 million from its initial public offering in New York Thursday, making 65% of founder and Chief Executive Officer Ye Guofu held by his wife ̵

1; worth more than $ 4 billion, according to Bloomberg Billionaires Index.

Miniso, which sells everything from lamps to bathroom slippers with colorful and clean designs, says that more than 95% of its products in China cost less than 50 yuan ($ 7.44 ), attracting the same bargain hunters who pushed chains such as UK Primark, Japan’s Don Quijote and US Dollar General

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