China Mints New Billionaire Amid Military Tension

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China minted a new billionaire on Wednesday even as its main stock indexes were mixed this week amid heightened military tension between the mainland and Taiwan in connection with the visit of US House of Representatives Speaker Nancy Pelosi to Taipei.

Shares in Jiangsu Favored Nanotechnology, a supplier of coating for electronics products, rose by a fifth to 35.29 yuan as of 10:15 am this morning in Shanghai, adding to a gain of 58% on their debut at the Shanghai Stock Exchange yesterday. The back-to-back gains left CEO James Zong’s holdings in the business worth $1.1 billion.

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China, one of the world’s largest electronics manufacturers, is second only to the US in its number of billionaires.

Zong, 51, holds an undergraduate degree from Harbin Institute of Technology and an MBA from Shanghai Jiaotong University, according to the company’s website.

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