Chairman of Fujian Torch Electric Technolog joins China's billioniare elite

Updated: 04 May 2015
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Cai Mingtong, chairman of Fujian Torch Electric Technology, has joined the ranks of the world’s billionaires following gains in the share price of the Shenzhen-listed manufacturer of capacitors.

Cai, 63, together with son Jinjun, owns a 53% stake in Fujian Torch, worth $1 billion at Thursday’s closing price of 73.80 yuan. Torch listed at the Shanghai Stock Exchange in January, raising the equivalent of $69.6 million from the sale of 41.6 million shares at a mere 10.38 yuan.

Cai is a high-school graduate who taught middle school in Quanzhou before he worked for an electronics factory. He founded the predecessor of Fujian Torch Electric Technology in 1982 in Quanzhou. He also owns a logistic company there.

Jinjun, 36, is vice chairman and general manager of Torch.

A big rally in China shares has created more than 160 new billionaires and billionaire couples from the country since last October.
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