GigaDevice rose by 0.3% today to close at 213.5 yuan, giving its chairman Zhu Yiming a fortune worth $1 billion. That estimate includes his current 10% stake in the business plus earlier disposals. GigaDevice went public in 2016; the chip supplier’s shares have gained more than 250% in the past year.
GigaDevice’s revenue and net profit in first three quarters of 2019 was 2.2 billion yuan and 450 million yuan, or $315 million and $65 million, up 28% and 22% from a year earlier.
GigaDevices in October unveiled a plan to raise more than 4.3 billion yuan, including 3.3 billion yuan that will be used to add dynamic random access memory chips to its product line. China aims to increase local semiconductor production at a time of trade tension with the United States, a major industry supplier.
Zhu, 47, holds degrees from Tsinghua University and the State University of New York at Stony Brook. He worked in the U.S. before returning to China in 2005, when he founded the predecessor company of GigaDevice.
China is home to the world’s second-largest number of billionaires.