Intel-Backed Supcon IPO Helps Mint New China Billionaire

China minted its latest technology billionaire today following the listing of Zhejiang Supcon Technology.

Shares in the automation products and solutions provider soared to 108.62 yuan from their IPO price of 35.73 yuan on the Shanghai Stock Exchange’s Science and Technology Innovation Board.  At today’s closing price, 57-year-old founder Chu Jian held a stake worth $1.6 billion.

According to Supcon’s prospectus, Intel and Sinopec Capital both own a 4.95% stake in the business.

Chu holds a doctorate in engineering from Zhejiang University in 1989. His younger brother Chu Min is Supcon’s chairman.

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—Elaine Mao

@rflannerychina

@forbes_cn