Wu Li-gann, founder of circuit board manufacturer WUS Printed Circuit, died last week at the age of 83, according to his company.
The billionaire died on April 4th due to unspecified causes, the Shenzhen-listed company announced in a Monday stock exchange filing after markets reopened following a public holiday. The mogul, who had wealth of $1.8 billion that was mostly based on a WUS stake, cited age reasons for stepping down as chairman at the end of March, according to a separate stock exchange filing.
Wu launched his business in 1972 in Taipei. Twenty years later he moved it to the city of Kunshan, an electronics manufacturing hub about an hour’s drive away from Shanghai. In 2010, WUS Printed Circuit went public, raising 1.3 billion yuan ($190 million).
As the stock surged, Wu made his debut on the Taiwan Rich List in 2015, when he had a net worth of $1.1 billion, according to Forbes estimates. His wealth increased lately as WUS Printed Circuit rose 20% from 12 months ago, even as the broader market slumped amid China’s softening economy and a prolonged real estate crisis.
Until the election of a new chairperson, the company is being led by Wu’s wife Chen Mei-fang, who is a vice chairman. It is benefiting from the use of artificial intelligence technologies. Shortly before Wu’s resignation, WUS Printed Circuit said in a stock exchange filing that it expected profit in the first three months of 2024 to more than double from the same period a year ago to as much as 520 million yuan.
The company is also building a new production site in Thailand to diversify its supply chain. Aside from vice chairman Chen, Wu’s two sons are in senior management. Elder son Wu Chuan-bin is the company’s chief executive while his brother Wu Chuan-lin sits on the board.
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