Friday’s board on the Shenzhen Stock Exchange of Chinese electronics company Ugreen Group Ltd. made him the last billionaire in the country.
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 stations. 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 overall presence has diminished due to geopolitical tensions and slower economic growth. The number of mainland Chinese billionaires on the Forbes 2024 billionaires list revealed in April has fallen to 406 from 495 a year ago and a record 626 in 2021. China’s benchmark stock index, the CSI 300, has lost about 13% over the past year but has gained about 1% so far in 2024.
Founded in 2012, Ugreen’s annual sales reached 4. 8 billion yuan, up from 3. 8 billion yuan the previous year.
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