Cancer Drug Supplier’s IPO Mints China’s Latest Billionaire

Today’s listing at the Shanghai Stock Exchange by Sichuan Biokin Pharmaceutical, a supplier of cancer drugs, has minted China’s latest billionaire.

Chairman Zhu Yi directly owns 298.1 million shares, worth 10 billion yuan, or $1.5 billion in early afternoon trading. Shares rose 36% from their IPO price to 33.69 yuan.

Zhu holds an undergraduate degree in radio technology, as well as a master’s degree in biology from Fudan University and a doctorate in management science from Sichuan University. He taught immunology and microbiology at West China Medical University in 1991-92.

Zhu founded Biokin in 1996. It operates in the U.S. through a Redmond, Washington-based subsidiary, Systimmune. China securities regulators approved Biokin’s IPO in December.

The country and the U.S. rank No. 1 and No. 2 in the number of cancer patients and overall cancer burden. China is home to the world’s second-largest number of billionaires after the United States.

See related posts:

U.S., China Advance Discussions To Accelerate Cancer Drug Trials

China’s Richest See Record Plunge In Wealth

New Questions Arise For U.S. Businesses In China After “Jarring” End To Zero-Covid Policy

@rflannerychina