Two lists of Chinese technology companies added new members to the country’s billionaire ranks on Friday.
Memory chip supplier Shenzhen Longsys Electronics rose 77.8% to 99 yuan when it appeared on the Shenzhen Stock Exchange. Its chairman, Tsai Huabo, owned at least $2.1 billion worth of shares on Friday.
Longsys is relatively well known in the chip industry for acquiring Micron’s Lexar brand in 2017.
Semitronix Corp., a software supplier related to chips, rose about 156% on its debut in Shenzhen to close at 148.35 yuan. This left President Cheng Yongjun’s $1 billion estate.
China is home to the second largest number of billionaires in the world after the United States. Domestic investors were optimistic about the prospects for domestic chip suppliers at a time when China was working to reduce its imports of semiconductors.
See related posts:
US-China Business Outlook: New Paths Forward
China Creates New Billionaire Amid Military Tension