China is a world leader when it comes to billionaires from new energy sectors such as electric vehicles and solar power; The 2021 Businesshala China Rich List, released on November 4, is dotted with members from both industries, such as BYD chairman Wang Chuanfu (worth $23.5 billion) and Longhi Green Energy CEO Li Zhenguo ($13.4 billion).
This week, the country mined a new billionaire from another part of the green energy sector – wind power. Shares of Jiangsu Heli Wind Power Equipment rose from an IPO price of 60.66 yuan after its debut on the Shenzhen Stock Exchange on Wednesday. He ended the week at 167.69 yuan, giving the company a market capitalization of 36.4 billion yuan. This left founder Xu Shijun’s 48% stake at 17.6 billion yuan, or $2.75 billion. He shares that fate with his son Xu Chengchen.
Heli’s products include wind power towers. Sales rose 100% to 4.37 billion yuan in January-September. from a year ago; Net profit increased by 140% to 917 million yuan during this period.
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— with Steve Shaw