Tuesday’s listing of Guangdong Dtech on the Shenzhen Stock Exchange created a new billionaire couple in China.
Shares of the Dongguan-based manufacturer soared 47.6% on their debut to close at 33.78 yuan.
Wang Xin, the chairwoman, and her husband Lin Xia, a director, held a combined stake worth nearly $1.1 billion.
Dtech was founded in 2013 and manufactures PCB drill bits, cutting tools and other industrial products.
Wang, 49, a graduate of Peking University, and Lin, 50, a graduate of Fudan University and South China University of Technology, are both Chinese nationals. Wang’s brothers, Xuefeng and Junfeng, are directors and hold minority stakes.
In other China IPO news this week, Lygend Resources & Technology, China’s largest nickel ore trading firm, launched a Hong Kong IPO on Monday that aims to raise up to HK$4.6 billion, or about $595 million. If successful, it would add a new billionaire in China, which is already home to the second highest number of billionaires in the world after the United States. (See related article here.) Lygend’s investors include CATL, the world’s largest EV battery maker.
Dtech’s gain yesterday came after mainland China’s economic, political and pandemic woes contributed to the biggest ever decline in the fortunes of the top 100 members of a Forbes China Rich list earlier this month. The combined wealth of China’s 100 richest on the new list unveiled on November 4 plunged 39% to $907.1 billion from $1.48 trillion in last year’s list. (See the post here.) Of the 100 names on the list, 79 were down, 12 were returnees, four had split fortunes, three were new and only two were wealthier.
See related articles:
China’s wealthiest see record drop in wealth
The electric vehicle industry’s nickel products supplier is set to become China’s new billionaire
Connected: BYD’s Wang Chuanfu explains how China’s No.1 EV maker caught up with Tesla
Taipei should try to restart low-level talks with Beijing, says former Taiwan foreign minister
-with Julie Lew