Shares in Luster LightTech, a supplier of screening equipment and optical cable, rose by 55.4% on their debut at the Shanghai Stock Exchange on Tuesday, minting China’s newest billionaire.
Chairman Yao Yi holds a more than 55% stake in the company worth $1 billion at yesterday’s closing price of 34.08 yuan a share. Beijing-headquartered Luster employs more than 1,600 people.
Yao holds a Ph.D. in telecommunications from Beijing Jiaotong University, according to his LinkedIn page.
China is home to the world’s second largest number of billionaires after the United States.
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