SICC Listing Mints New China Tech Billionaire

<fbs-accordion current="-1"> </p> <p>A security officer wearing a face mask walks in front of the Shanghai Stock Exchange building last <span data-ga-track="caption expand">&#8230; [+]</span><span> year. (AP Photo)</span></p> <p> </fbs-accordion> <small>ASSOCIATED PRESS</small>

This week’s listing of shares in SICC, a maker of silicon-carbon semiconductor material, at the Shanghai Stock Exchange has minted a new China semiconductor industry billionaire.

SICC rose by 3.3% from its IPO price of 82.79 yuan to close at 85.50 yuan on its first of trading on Wednesday. Chairman Zong Yanmin held shares worth 10.7 billion yuan, or $1.7 billion.

Founded in 2010, SICC is headquartered in the eastern China city of Jinan.  Zong is a China national with permanent residence in Australia, according to the company’s prospectus.

China is home to the world’s second-largest number of billionaires after the United States.

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Russell Flannery, Forbes Staff
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