Shares of Shanghai-based energy storage maker Sigenergy Technology soared in their trading debut Thursday, as investors bet on the company's growth potential amid rising electricity demand from AI and the energy crisis caused by the Iran war. The stock rise has made the company’s founder, Xu Yingtong, a billionaire.

The company’s shares doubled on their first day of trading on the Hong Kong stock exchange. 51-year old Xu, who serves as chairman and CEO of Sigenergy, has a net worth of $2 billion based on his stake in the company, according to Forbes estimates.

Founded in 2022, the company now sports a market capitalization of HK$90.5 billion ($11.5 billion). It raised HK$4.4 billion in the IPO, which saw the retail tranche oversubscribed 1,102 times. The listing attracted over a dozen cornerstone investors including Hillhouse, Goldman Sachs Asset Management and UBS........

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