The ongoing Covid-19 restrictions in China are bad for the economy, but they haven’t prevented the country from producing a new billionaire.

Xue Min, the founder and controlling shareholder of Shanghai United Imaging Healthcare, has a net worth of $5.1 billion as of Thursday, according to the Bloomberg Billionaires Index. According to Bloomberg, his private entities own 24% of the company.

Xue became wealthy after the company’s stock increased by up to 75% on China’s technology-focused STAR market on Monday. Retail investors contributed $1.6 billion, which was more than 3,500 times the initial offering price. This was China’s third largest offering of 2018.

More than two years after the Covid-19 pandemic began, China remains on high alert for the coronavirus. Authorities have published guidelines, including a list of mandatory hospital equipment, to improve healthcare infrastructure and capabilities. It includes X-ray and scanning devices, which helps companies like Shanghai United Imaging Healthcare grow their business.

Furthermore, in light of China’s economic uncertainties, the company is viewed as a defensive, safe-haven play.

Chinese brokerages have rated the company’s prospects favourably, according to Reuters. Analyst Yang Hongxun of Shandong Shenguang investment consultancy believes the company is a market leader and has the potential to be included in major indices in the future, in line with China’s efforts to develop domestic alternatives to imported technologies.

According to Bloomberg, Xue, 65, founded the Shanghai United Imaging Healthcare company in 2011 and raised $500 million in 2017.

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