Chinese Entrepreneur Becomes a Billionaire in One Day
Li Jia, founder and CEO of Chinese electric vehicle startup U Power, has become one of the world's billionaires.
The stock price of the company he founded surged 620 percent on the day it debuted on the Nasdaq financial market. The company started at $6 per share, climbed to $75 and closed at $43.18 at the end of the trading day. However, the stock fell another 21% in late trading, to $34.
Li Jian, who owns 73% of the company's shares, reached $1.3 billion at the end of the auction.
For your information, U Power is a company that not only develops battery replacement technology, but also acts as an intermediary between wholesalers and car buyers.