By staff reporter Shen Hu

(Caijing.com.cn) Strong gains on the opening day of China's Growth Enterprise Market, the Nasdaq-style board for high-tech startups, have created 13 paper billionaires, Caijing reported, citing calculations based on their declared holdings in the IPO companies.

The biggest individual shareholder in Lepu Medical Technology (Beijing) Co Ltd. (SZSE 300003), general manager Pu Zhongjie, saw the value of his 14.9 percent stake soar to 3.8 billion yuan (US$556 million). The stock rose nearly 119 percent to 63.4 yuan.

The surge in stocks also saw the value of 116 investors' holdings rise to more than 100 million yuan, Caijing has calculated. The total includes the 13 billionaires.

The other big gainers on the first day included Wang Zhongjun, chairman of Huayi Brothers Media Corp. (SZSE 300027), whose holding of 26.1 percent was estimated to be worth 3.1 billion yuan at the close of trading. The stock rose nearly 148 percent to 70.8 yuan. 

Chairman Wang Ning and general manager Li Li of Beijing Ultrapower Software Co Ltd. (SZSE 300002) saw the value of their holdings rise to 1.8 billion yuan each after the company's stock rose 77.4 percent to 102.9 yuan. Wang and Li each own 13.9 percent of the company. 

The so-called "ChiNext" market, the brand GEM is marketed under, began trading at 9:30 am on Friday. Gains by the first 28 companies to list ranged from 76 to 210 percent at the close of the first day.

However, due to China's volatile stock market and a lock-up period ranging from one year to three years, the wealth of today's millionaires could shrink substantially. It is very hard to predict how many of them still possess seven-digit wealth in a few years.  

Full article in Chinese: http://www.caijing.com.cn/2009-10-30/110299085.html