Hoymiles Power Electronics, a supplier of microinverters to the solar energy industry, has minted China’s latest billionaire after it listed on the Shanghai Stock Exchange’s STAR Market on Monday.
Chairman Shao Jianxiong held shares in Hoymiles worth $1.4 billion as of Tuesday.
Hangzhou-headquartered Hoymiles sold 10 million shares at 557.8 yuan each, raising 5.578 billion yuan, or approximately $875 million in its IPO, according to company figures. The stock closed at 711.50 yuan on Tuesday.
China is a world leader when it comes to billionaires from new energy fields such as electric vehicles and solar power; the 2021 Forbes China Rich List released on Nov. 4 is dotted with members from both industries, such BYD Chairman Wang Chuanfu (worth $21.3 billion today) and LONGi Green Energy CEO Li Zhenguo (worth $12.9 billion today).
China boasts the world’s second-largest number of billionaires after the United States.
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