China adds two new tech billionaires as IPOs soar

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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