The listing valued Epiworld International at HK$43.8 billion (US$5.6 billion), based on its closing price of HK$103 on Monday. Zhao, 66, holds a 27% stake in the company, giving him an estimated net worth of $1.5 billion, according to Forbes.

Zhao is a veteran researcher in silicon carbide (SiC) technology, a key material used in high-efficiency power semiconductors. He currently serves as a chair professor at Xiamen University in Fujian province, southeastern China, where he completed his undergraduate studies in physics. He later earned a Ph.D. in electrical and computer engineering from Carnegie Mellon University in the U.S.

A silicon wafer used in the manufacturing of semiconductors and microchips. Photo from X

Founded in 2011, Epiworld, based in Xiamen, China, manufactures epitaxial wafers for SiC chips, which are widely used in electric vehicles and are increasingly being adopted in AI data centers due to their ability to handle high power loads efficiently.

The company supplies major power chip makers including Germany’s Infineon Technologies and Japan’s Rohm Semiconductor. In its prospectus, Epiworld said it was the world’s largest SiC epitaxial wafer company by revenue, with a 29% market share as of 2024.

It also said it is the first company to achieve large-scale commercialization of 8-inch SiC epitaxial wafers, which are more advanced than the widely used 6-inch wafers.

Epiworld raised HK$1.6 billion in its initial public offering and said most of the proceeds will be used to expand production capacity in China over the next five years.

Its pre-IPO investors include Hubble Technology, the venture capital arm of Huawei, and China Resources Microelectronics, the semiconductor unit of state-owned conglomerate China Resources.

Zhao is among a growing group of Chinese entrepreneurs building fortunes in the semiconductor sector, alongside figures such as Zhang Xingang, chairman and CEO of photonic chip maker Yuanjie Semiconductor Technology.