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IPO rise boosts Chinese semiconductor founders
The surge in initial public offerings (IPOs) in the semiconductor sector drove Chinese company InphiTech to a sharp increase of up to 234% in its share price on its first trading day, boosting the net worth of its founders, Zhao Lidong and Zhang Yalin, to $2.5 billion each, despite the company's lack of profits and recurring losses. Founded in 2018, the company relies on a single major client and has benefited from rising demand for artificial intelligence, with Tencent contributing 84% of its revenue projected for 2025. Despite challenges such as supply chain disruptions and global competition, the company continued to grow, supported by investments, demand for data centers, and the development of customized chips. The founders faced lengthy lock-up periods and specific targets before selling any shares, reflecting investor confidence in the company's potential despite its significant losses.
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