China noted new billionaires, one of them is from a technology company called Zhejiang Supcon Technology. This happened because the company conducted an initial public offering (IPO) at a high price.
Though the company put up a price of 35.73 yuan and to 108.62 yuan. 57-year-old owner and founder Chu Jian shot to become a billionaire and he has an estimated $ 1.6 billion in stake.
Based on Supcon’s prospectus, Intel and Sinopec Capital currently own 4.95% shares in the company. Zhejiang Supcon Technology is a company run in software development and provision of technology equipment.
Supcon was founded in 1999 and currently has made 30,000 control systems for orders in various countries. Quoting Forbes, Chu Jian graduated from Zhejiang University in 1989. He founded the company with his younger brother Chua Min.
Other billionaires from China
Previously, there were also new billionaires from China. Cosmetics entrepreneur from China, Huang Jinfeng is now side by side with the ranks of world billionaires. Her beauty and e-commerce startup company, Yatsen Holding, went public on the United States (US) stock exchange.
Quoting from Forbes, Thursday (11/26/2020), the Guangzhou-based company operates beauty brands such as Perfect Diary, Little Ondine and Abby’s Choice. When New York Stock Exchange listed the company, Yatsen Holding’s shares jumped up to 75%.
The company raised US $ 617 million through this share listing. Today the company has a market value of US $ 7.8 billion. As a result, 37-year-old Huang now has a net worth of US $ 3 billion, which was obtained from his 25% ownership in the company.
This company, which is only 4 years old, has managed to stand out in the Chinese beauty market through competitive pricing and a clever social media strategy. It sells products such as eye shadow for only US $ 4.5.
They also work with celebrities and influencers to market its products on social media platforms such as the short video app Douyin and Sina Weibo, the Chinese equivalent of Twitter.
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