China’s pet food industry, one of the world’s largest, had good news to bark about today.

A surge by pet food supplier Gambol Pet Group on its stock trading debut at the Shenzhen Stock Exchange has minted the country’s latest billionaire.

Chairman and CEO Qin Hua, 54, held a 45.7% stake worth $1.7 billion as of mid-afternoon. Investment firm KKR owned 19%. Gambol’s shares gained 63% from the company’s IPO price to 65.3 yuan in early afternoon trade.

China’s aging population and large number of unwed young adults are likely to help to boost its market for pet food by 4% annually through 2027, according to a report by Mordor Intelligence.

Approximately 61% of the country’s 65+ age group live with a pet, Mordor said, citing government data. “The aging population look toward small, easy-to-care-for pets instead of proper babysitting commitments,” it said. “These factors are driving the pet food market in the country.”

Younger Chinese also are interested in pets. “The younger population is single or childless and considers pets a better choice,” the report said. “Nearly half of Chinese household owns pet such as dogs, cats, fish, birds, and others.”

Gambol, headquartered in China’s Shandong province, was founded in 2006. It exports to 33 countries worldwide, according to the company website.

China is home to the world’s second-largest number of billionaires after the United States.

@rflannerychina