A woman walks by the gate of the Shenzhen Stock Exchange in 2020. (Photo by VCG/VCG via Getty … [+]
China added a new billionaire today with the listing of medical device and personal protective equipment supplier MeHow Innovative at the Shenzhen Stock Exchange.
Shares rose by 21.3% to 37.19 yuan at midday, compared with the IPO price of 30.66 yuan. That left chairman Xiong Xiaochuan’s stake in the business worth nearly $1.1 billion.
Born in 1966, Xiong worked for Sichuan Changhong Electric early in his career, before earning an MBA from the University of Warwick. He returned to China as an executive in Skyworth’s small household appliances division, before becoming chairman of Shenzhen-headquartered MeHow in 2010.
The company has facilities in China, Malaysia and Ireland.
China has the world’s second-largest number of billionaires after the United States.
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