Chongqing Genori Technology Shares Jump Nearly 1,200 Percent Days After Shanghai IPO Debut

Chongqing Genori Technology shares rose almost 1,200% from their initial public offering price within days of debuting on the Shanghai market Wednesday, Forbes reported. The company, established in 2016, raised 1.7 billion yuan ($254.8 million) by selling 38.8 million shares at 44.6 yuan each, with the retail tranche oversubscribed more than 6,000 times, according to a stock exchange filing.

Chairman and CEO Wang Bing, 46, derived his wealth from a company stake that reached an estimated $4.7 billion after the surge, Forbes estimates showed.

His wife, Xia Bing, 45 and a company director, holds a stake valued at $490 million, also per Forbes estimates. The company did not respond to a request for comment. Chongqing Genori develops components and technologies related to vacuum chambers used in semiconductor manufacturing.

Its customers include BOE Technology Group and Tianma Microelectronics, as well as the local operations of Intel, GlobalFoundries and Texas Instruments, according to the prospectus. The firm expects revenues to grow by as much as 34.3% year-on-year to 492 million yuan in the first six months of this year, with net income rising by up to 35% to 115 million yuan.

The company plans to use IPO proceeds for production expansion and research and development.

It is investing about 810 million yuan in a new research center in Shanghai, with construction expected to be completed over the next four years. Wang stated in an interview with Shanghai Securities News on Wednesday that the firm also plans to build a production base abroad. Wang graduated with a bachelor's degree in mechatronics from East China Jiaotong University in Jiangxi province.