Tuesday’s listing by Guangdong DTech on the Shenzhen Stock Exchange has created a new billionaire couple in China.
Shares of the Dongguan-headquartered maker climbed 47.6% on its debut to close at 33.78 yuan.
Wang Xin, the chairman, and her husband Lin Xia, a director, had a combined stake worth about $1.1 billion.
Dtech was established in 2013 and manufactures printed circuit board drilling bits, cutting tools and other industrial products.
Wang, 49, who holds degrees from Peking University, and Lin, 50, who holds degrees from Fudan University and South China University of Technology, are both Chinese citizens. Wang’s brothers Xuefeng and Junfeng are directors and hold a minority stake.
In other IPO news from China this week, China’s largest nickel ore trading company, Ligand Resources & Technology, launched an IPO in Hong Kong on Monday that seeks to raise HK$4.6 billion, or about $595 million. If successful, it would add a new billionaire to China, which is already home to the world’s second largest number of billionaires behind the United States. (See related post here.) Veteran investors include CATL, the world’s largest EV battery maker.
China’s economic, political and pandemic crisis saw Dtech’s gains yesterday post its biggest ever drop in wealth among the top 100 members of the Forbes China Rich List earlier this month. In the new list released on November 4, the combined wealth of China’s 100 richest people fell 39% to $907.1 billion from $1.48 trillion in last year’s list. (See the post here.) Of the 100 names on the list, 79 were down, 12 were returnees, four had divided fortunes, three were new and only two were rich.
See related posts:
China’s richest see record drop in wealth
Nickel product supplier to EV industry on course to become China’s newest billionaire
Plugged in: BYD’s Wang Chuanfu explains how China’s No. 1 EV maker got stuck with Tesla
Taipei should try to resume low-level talks with Beijing, says Taiwan’s former foreign minister
with Julie Lew
Credit: www.forbes.com /