Shenzhen Stock Exchange is one of the largest stock exchanges in the world. (Photo by VCG/VCG via Getty) … [+]
Two listings of Chinese tech companies added new members to the ranks of China’s billionaires on Friday.
Shenzhen Longsys Electronics, a memory chip supplier, rose 77.8 percent to 99 yuan on its first day of listing on the Shenzhen Stock Exchange. Its chairman, Cai Huabo, held shares worth at least $2.1 billion on Friday.
Longsys acquired the Lexar brand from Micron in 2017 and is well-known in the chip business.
Chip-related software supplier Semitronix Corp. surged nearly 156 percent to close at 148.35 yuan on its first day of trading in Shenzhen. That brings Chairman Zheng Yongjun’s stake to $1 billion.
China has the world’s second-largest billionaire after the United States. At a time when China has struggled to reduce semiconductor imports, local investors are optimistic about the prospects of local chip suppliers.
Check out related posts:
U.S.-China Business Outlook: A New Way Forward
China forges new billionaire amid military tensions
@rflannerychina
