February 21, 2024

Two listings from Chinese tech firms added new members to the ranks of the country’s billionaires on Friday.

Shenzhen memory chip supplier Longsys Electronics rose 77.8% to 99 yuan in its debut on the Shenzhen Stock Exchange. Its chairman Cai Huabo held shares worth at least $2.1 billion on Friday.

Longsys is relatively well-known in the chip industry for acquiring the Lexar brand from Micron in 2017.

Semitronix Corp., a supplier of chip-related software, surged nearly 156 percent in its Shenzhen debut to close at 148.35 yuan. That left chairman Zheng Yongjun’s holding worth $1 billion.

China is home to the second largest number of billionaires in the world after the United States. Local investors were upbeat about the outlook for domestic chip suppliers at a time when China is working to reduce its semiconductor imports.

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