China has four new billionaires thanks to battery IPO

As leading carmakers and startups are racing to develop models that reduce fossil-fuel emissions, investors are also flocking to the stocks of companies like Tesla Inc and LG Chem Ltd. This is causing a surge in the shares of the world’s biggest maker of electric-vehicle batteries, adding four billionaires to the list of mainland China’s richest. According to the Bloomberg Billionaires Index, Li Ping, the vice-chairman of Contemporary Amperex Technology Co., saw his net worth jump to US$1.1 billion, putting him on the list alongside three others from the same firm.