China’s push for semiconductor self-reliance has minted its second billionaire in as many weeks as shares of AI chip maker MetaX Integrated Circuits soared 693% in its Shanghai trading debut on Wednesday, propelling its founder, Chen Weiliang, into the three-comma club with a fortune of $6.5 billion.

The 49-year-old chairman and CEO derives his wealth from a stake in the Shanghai-based company, which now sports a market capitalization of over 320 billion yuan ($45 billion), according to Forbes estimates.

MetaX raised 4.2 billion yuan from its IPO by selling 40.1 million shares at 104.7 yuan apiece. The company plans to use most of the proceeds for research and development purposes,

© Forbes