Friday’s listing on the Shenzhen Stock Exchange of Chinese electronics company Ugreen Group Ltd. made him the country’s latest billionaire.
Chairman Zhang Qingsen, 41, owns 187 million Ugreen shares worth 8. 5 billion yuan, or about $1. 2 billion, at the end of the first day of trading. The Shenzhen-based company specializes in USB cables, chargers, power banks, and power plants. About three-quarters of profits come from e-commerce; her pieces are sold on Amazon, JD. com, Lazada and eBay, among other online platforms.
UGreen’s shares jumped to 45. 55 yuan in its debut today, a gain of nearly 115% from the value of its initial public offering of 21. 21 yuan.
Zhang is a global billionaire at a time when China’s global presence has shrunk due to geopolitical tensions and slower economic growth. The number of mainland Chinese billionaires on the Forbes Billionaires List 2024 released in April fell to 406 from 495 a year ago and a record 626 in 2021. China’s benchmark inventory index, the CSI 300, has lost almost 13% during the last year. However, it has gained around 1% so far in 2024.
Founded in 2012, Ugreen’s sales reached 4. 8 billion yuan a year, up from 3. 8 billion yuan the previous year.
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