October 3, 2022

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.

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