China Adds A New Energy Storage Billionaire

China, home to the world’s largest number of billionaires after the United States, added a newcomer from the portable energy storage field today.

Shares in Shenzhen Hello Tech Energy, which debuted at the Shenzhen Stock Exchange, were down by 7% in mid-morning trade from their IPO price of 237.50 yuan. Yet shares directly and indirectly held by chairman Sun Zhongwei were worth $1.2 billion, adding the entrepreneur to the ranks of the world’s richest business leaders.

The company sells portable batteries for uses such as camping, as well as portable solar panels for charging the batteries.

Sun’s wife Wen Meichan is vice chair. The company, which is 56% owned by the two, was founded in 2011.

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