Chinese-American Professor Behind Huawei-Backed Power Chip Wafer Maker Becomes Billionaire [Yahoo! Finance]
INFINEON TECHS AG S/ADR (IFNNY)
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Source: Yahoo! Finance
billionaire ranks after shares of his Xiamen-based power chip wafer manufacturer jumped 35% in their Hong Kong trading debut on Monday. The listing values Epiworld at HK$43.8 billion ($5.6 billion) based on its closing price of HK$103 on Monday. Zhao, 66, is Epiworld's largest shareholder with a 27% stake, which gives him an estimated net worth of $1.5 billion. Epiworld raised HK$1.6 billion in the initial public offering. The company disclosed in its prospectus that it will use the bulk of the IPO proceeds to expand production capacity in China over the next five years. Epiworld did not respond to a request for comment regarding Zhao's billionaire status. Established in 2011, Epiworld manufactures epitaxial wafers for silicon carbide (SiC) chips. Epitaxy is the complex process of growing a thin layer of SiC, a combination of silicon and carbon, on a wafer. SiC chips act as a power switch mostly in electric vehicles and increasingly in AI data centers. Compared to traditional
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