Friday’s listing at the Shenzhen Stock Exchange by China electronics supplier Ugreen Group Ltd. has minted the country’s latest billionaire.
Chairman Zhang Qingsen, 41, directly holds 187 million shares in Ugreen worth 8.5 billion yuan, or about $1.2 billion, at the end of first day of trade. The Shenzhen-headquartered business specializes in USB cables, chargers, power banks and power stations. About three-quarters of revenue comes from e-commerce; its items are sold on Amazon, JD.com, Lazada and ebay, among other online platforms.
UGreen’s stock vaulted to 45.55 yuan on its debut today, a gain of nearly 115% from its IPO price of 21.21 yuan.
Zhang ascended into the world’s billionaire ranks at a time when China’s overall presence has thinned amid geopolitical strains and slower economic growth. The number of billionaires from mainland China on the 2024 Forbes Billionaires List unveiled in April declined to 406 from 495 a year ago and a record 626 in 2021. China’s benchmark stock index, the CSI 300, has lost nearly 13% in the past year, but has gained about 1% so far in 2024.
Founded in 2012, Ugreen’s sales last year rose to 4.8 billion yuan from 3.8 billion yuan a year earlier.
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