China Adds Two New Tech Billionaires As IPOs Soar
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The Shenzhen Stock Exchange is one of the world’s largest bourses. (Photo by VCG/VCG via Getty … [+]
Two listings by China technology businesses added new members to the country’s billionaire ranks on Friday.
Memory chip supplier Shenzhen Longsys Electronics rose by 77.8% to 99 yuan on debut at the Shenzhen Stock Exchange. Its chairman Cai Huabo held shares worth the equivalent of at least $2.1 billion on Friday.
Longsys is relatively well known in chip business for acquire Lexar brand from Micron in 2017.
Semitronix Corp., a chip-related software supplier, soared by nearly 156% on its debut in Shenzhen to close at 148.35 yuan. That left chairman Zheng Yongjun’s holding worth $1 billion.
China is home to the world’s second-largest number of billionaires after the United States. Local investors have been upbeat about the prospects for the home-grown chip suppliers at a time when China has been working to reduce its semiconductor imports.
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