China Adds Two New Tech Billionaires As IPOs Soar

Two listings by China technology businesses added new members to the country’s billionaire ranks on Friday.

Memory chip supplier Shenzhen Longsys Electronics rose by 77.8% to 99 yuan on debut at the Shenzhen Stock Exchange. Its chairman Cai Huabo held shares worth the equivalent of at least $2.1 billion on Friday.

Longsys is relatively well known in chip business for acquire Lexar brand from Micron in 2017.

Semitronix Corp., a chip-related software supplier, soared by nearly 156% on its debut in Shenzhen to close at 148.35 yuan. That left chairman Zheng Yongjun’s holding worth $1 billion.

China is home to the world’s second-largest number of billionaires after the United States. Local investors have been upbeat about the prospects for the home-grown chip suppliers at a time when China has been working to reduce its semiconductor imports.

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@rflannerychina