A pedestrian walks past the Shanghai Stock Exchange in Shanghai in 2020. (Photo by HECTOR … [+]
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, 59, holds an undergraduate degree in radio technology, as well as a master’s degree in biology from Fudan University and a doctorate in management from Sichuan University. He taught immunology and microbiology at West China Medical University in 1987-1990.
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.
— with Julie Lu
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@rflannerychina