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CosMX’s IPO at the Shanghai Stock Exchange has minted a new China billionaire. (Photo by Hector … [+]
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China’s crackdown or investigations at education businesses such as New Oriental Education and data-rich tech companies such as ride-sharing app DiDi, along with real estate woes at debt-laden developers such as Evergrande, have dented the fortunes of some of the country’s richest entrepreneurs. Yet that isn’t stopping the creation of new ones.
A case in point: Xu Yanming, chairman of Zhuhai CosMX Battery. The IPO on Friday by the battery maker at the Shanghai Stock Exchange has formally turned Xu into a new billionaire.
After rising by 148% on their first day of trade, Zhuhai CosMX Battery gained another 10% yesterday to close at 37.05 yuan, putting the value of Xu’s shares at the equivalent $1.1 billion.
The company is one of the world’s biggest suppliers of batteries for notebook computers, and counts Huawei, Xiaomi, and HP among its customers, says Techno Systems Research, according to local media reports.
Funds raised from the listing will fuel plant expansion.
China is home to the world’s second-largest number of billionaires after the United States.
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-with Steve Shao and Forbes China