Rags-To-Riches Supplier To Apple Is Now China’s Richest Woman

Shares in Apple touch-screen glass supplier Lens Technology today rose by their daily fluctuation limit for a tenth consecutive session after their debut at the Shenzhen Stock Exchange earlier this month, turning CEO Zhou Qunfei into China’s richest woman. Lens climbed by 10% today to 78.08 yuan. Zhou holds 592 million shares in Lens worth $7.4 billion at today’s closing price, surpassing the $7.1 billion fortune held by real estate investor Chan Laiwa as the largest among Chinese women. Lens soared by its 44% daily limit on its debut at the Shenzhen Stock Exchange on March 18. China’s daily stock fluctuation limit is 10% after the first day of trade. Zhou’s ascent into global wealth rankings is yet another rags-to-riches success that has turned China into one of the world’s largest sources of new billionaires in the past decade. China had a record 213 members of the 2015 Forbes Billionaires List, second only to the United States. Like many youth born into poor families in central China’s Hunan Province, Zhou left for a factory job in the southern capitalist mecca Shenzhen. There, she co-founded her own glass manufacturing business, and later returned to her home province to set up Lens Technology’s headquarters. Lens has more than 60,000 employees. Revenue last year rose by 8.6% to $2.3 billion, and the company is a supplier to Apple and Samsung, among other electronics firms. Zhou, 44, and her husband Zheng owned 99.1% of Lens before the IPO, which raised $283 million. Zhou holds 88% of the company after the listing. Zheng has 7.9 million shares. –Follow me on Twitter @rflannerychina
SourceRussell Flannery, http://www.forbes.com/ ,7th April, 2015
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