Luster LightTech Listing Adds China’s Latest Tech Billionaire
Shares in Luster LightTech, a supplier of optical testing equipment and cables, surged 55.4% when it debuted on the Shanghai Stock Exchange on Tuesday, marking China’s newest billionaire instrument.
Chairman Yao Yi owns more than 55% of the shares in the company, valued at $1 billion at yesterday’s closing price of 34.08 yuan per share. Headquartered in Beijing, 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 second largest number of billionaires in the world after the United States.
See related posts:
Comfort IPOs in China: De Ruchy Healthy Sleep Convinces Two Billionaires
China’s 10 Richest Billionaires
Negative views of China remain high in Pew survey of 19 countries