China Mints Its Latest Green Energy Billionaire

A woman walks down a flight of stairs at the Shenzhen Stock Exchange in Shenzhen. Photographer: … [+] Qilai Shen/Bloomberg

© 2019 Bloomberg Finance LP

China is a world leader when it comes to billionaires from new energy fields such as electric vehicles and solar power; the 2021 Forbes China Rich List released on Nov. 4 is dotted with members from both industries, such as BYD Chairman Wang Chuanfu (worth $23.5 billion) and LONGi Green Energy CEO Li Zhenguo (worth $13.4 billion).

This week, the country minted a new billionaire from another part of the green energy field – wind power. Shares in Jiangsu Haili Wind Power Equipment surged from an IPO price of 60.66 yuan following their debut at the Shenzhen Stock Exchange on Wednesday. They ended the week at 167.69 yuan, giving the company a market capitalization of 36.4 billion yuan. That left founder\’s Xu Shijun’s 48% stake worth 17.6 billion yuan, or $2.75 billion. He shares that fortune with his son Xu Chengchen.

Haili’s products include wind power towers.  Sales rose by 100% to 4.37 billion yuan in Jan.-Sept. from a year earlier; net profit rose 140% to 917 million yuan during the period.

See related posts:

Chinese Billionaires Getting Richer With Green Energy Businesses

EV Share Of China Passenger Market More Than Tripled To 19% In October

—with Steve Shao