Investor enthusiasm for semiconductor stocks in China has continued to create billion-dollar fortunes, with the two cofounders of chipmaker Shanghai Enflame Technology joining the world’s three-comma club on Friday as the company’s shares rallied as much as 234% in its trading debut.

The stock later pared some of its gains to end almost 180% higher as of market close. The two newly minted billionaires are Enflame’s 60-year-old Chairman Zhao Lidong and 48-year-old CEO Zhang Yalin. Each has amassed a fortune of $2.1 billion based on their respective stakes in the semiconductor company, according to Forbes estimates. Enflame didn’t respond to a request for comment.

Enflame raised 6.1 billion yuan ($912 million) earlier this week by selling about 43 million........

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