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Chinese electronics manufacturer's IPO creates new billionaire

Exchange in 2020. (Photo by VCG/VCG via Getty Images)VCG via Getty Images

The listing of Chinese electronics maker Delton Technology (Guangzhou) on the Shenzhen Stock Exchange on Tuesday has created the country's newest billionaire.

Chairman Xiao Hongxing, 57, indirectly holds shares in Delton worth 8.9 billion yuan, or $1.2 billion. Founded in 2002 and headquartered in Guangzhou, the manufacturer specializes in printed circuit boards. The US computer manufacturer Dell is one of its customers.

Delton shares closed at 50.44 yuan on Wednesday, the last day of stock trading in China this week before the Tomb Sweeping Day holiday. Delton's IPO price was 17.43 yuan.

Xiao rose to the ranks of the world's billionaires as China's overall presence declined due to geopolitical tensions and slower economic growth. The number of billionaires from mainland China on the 2024 Forbes Billionaires List released on Tuesday fell to 406 from 495 a year ago and to a record 626 in 2021. China's benchmark stock index, the CSI 300, has lost nearly 13% over the past year. but has increased by 5% so far in 2024.

According to the company's website, Delton employs more than 2,600 people. Sales rose 17% to 3.8 billion yuan last year; Net profit rose 48% to 414 million yuan.

Xiao is a graduate of the South China University of Technology.

– with Julie Lu

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I am a senior editor and Shanghai bureau chief for Forbes magazine. Now in my 22nd year at Forbes, I'm creating the Forbes China Rich List. Previously, I was a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei. I'm from Massachusetts, fluent in Mandarin, and have degrees from the University of Vermont and the University of Wisconsin at Madison.

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