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