Following leading Chinese LED package manufacturer MLS’s recent IPO announcement, a Bloomberg report estimated the company’s Chairman Sun Qinghuan will be joining the billionaire club after the IPO.
The company’s sales of 44.5 million shares at RMB 21.5 (US $3.44) on the Shenzhen Stock Exchange. Based on a filing on Feb. 9, 2015, Sun will own about 357 million shares after the IPO, raising his net worth to about US $1.2 billion, according to a Bloomberg Billionaires index.
MLS was ranked as the world’s 10th biggest packaged LED manufacturer by IHS technology last year, while LEDinside ranked MLS as a globally top four manufacturer in the LED package sector.
Company filings indicate the IPO was 65 times oversubscribed.
In a report released by Changjiang Securities earlier this month, the firm estimated MLS shares will trade between RMB 26 to RMB 33 after MLS debut.
