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China adds two new tech billionaires as IPOs rise

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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