A few days after China's new tech board kicked off trading, three billionaires were confirmed.
Two weeks after the Shanghai Star Market's stellar debut, the board now has over two dozen billionaires.
According to the South China Morning Post, just two weeks after the Star Market first started trading, at least 30 yuan-denominated billionaires have been brought forth by the tech board.
The report noted that Suzhou HYC Technology's Chairman, Chen Yuan, is the biggest billionaire yet in the tech board.
His holdings in the company have reached $3 billion, as stock prices in the board hit an average of 200 percent since it started trading.
On Friday, HYC's shares saw a hike of 2.1 percent, with gains reaching 26 percent since its first trading day closing of 55.5 yuan. Each share was valued at 69.92 yuan as of Friday's closing.
"The market has enabled many people to become super-rich overnight given investors' keen interest in owning shares of their companies," hedge fund manager with Shanghai Shiva Investment, Zhou Ling, explained.
However, investment experts stressed that these billionaires will have to stand firm against the pressures of transforming their companies into some of China's biggest tech firms. Investors who poured in through the tech board are expecting high levels of growth within the 25 listed companies.
Profits are expected to show up in the coming week. At the moment, the first 25 listed startups are trading at around 160 times compared to their recorded earnings last year.
Industry experts stated that while there are already around 30 billionaires under the Star Market, this is just the beginning of the arduous journey towards retaining their positions and earning reasonable profits.
Analysts said the listed companies should start thinking of ways to prove that they are worthy of the money poured into the tech board. Furthermore, the firms are being encouraged to build processes to retain stability so investors will not be wary.
Meanwhile, China's budget smartphone manufacturer, Transsion is reportedly preparing to launch its initial public offering (IPO) under the Shanghai Star Market. According to CNN, the company, which is recognized as Africa's beloved smartphone firm, is seeking final approval of paperwork from the Securities Regulatory Committee.
Industry experts predicted that Transsion's IPO launch under the tech board if it pushes through, will be a huge and early win. The company's valuation is expected to exceed $4 billion of the IPO is completed.
It remains to be seen if the "bigger" Chinese tech giants will opt for a listing on the tech board. Alibaba and Tencent have yet to comment if this is possible.
