Two listings by Chinese tech companies on Friday added new members to the country’s billionaire ranks.
Memory chip supplier Shenzhen Longsys Electronics rose 77.8% to 99 yuan on its debut on the Shenzhen Stock Exchange. Its chairman Cai Huabo had shares worth at least $2.1 billion on Friday.
Longsys is relatively well known in the chip business before acquiring the Lexar brand from Micron in 2017.
Semitronix Corp., a chip-related software vendor, rose nearly 156% on its Shenzhen debut, closing at 148.35 yuan. That left the assets of chairman Zheng Yongjun worth $1 billion.
China is home to the world’s second largest number of billionaires after the United States. Local investors were optimistic about the prospects for homegrown chip suppliers at a time when China has been working to reduce semiconductor imports.
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