Shares of Suzhou HYC Technology jumped 3.4% early Wednesday. The stock is now up more than 100% from its IPO price.
Cao Ji, the 67-year-old chairman and general manager of Zhejiang Hangke Technology, holds shares that are now worth about 13.45 billion yuan ($2 billion). That company, which he founded in 2011, makes testing equipment for lithium batteries used in electric cars.
Shares surged 4.1% Wednesday, and the stock is up nearly 70% from its offer price.
And Hui Deng, the founder and chairman of ArcSoft, has a fortune worth 7.2 billion yuan ($1.1 billion) based on the value of his stake in that company.
ArcSoft is an imaging software company using AI technology, and its shares advanced 2% Wednesday. It’s now up more than 100% from the IPO price.
Chen and Cao’s wealth surpassed the billion-dollar mark when the offer price for each of their companies was set, though this week’s surge gave a big boost to their valuations. Deng’s stake reached $1 billion when shares rallied Monday.
The Shanghai stock exchange’s new index represents one way China wants to bid for tech superpower status. The initiative was unveiled less than a year ago by President Xi Jinping.
Of the 25 companies that began trading Monday, 24 were listing for the first time. Twenty-four of the 25 stocks were trading higher Wednesday.