Wu Li-gann, founder of printed circuit board manufacturer WUS Printed Circuit, died last week at the age of 83.
PHOTO FROM UDN.COM
Wu Li-gann, founder of circuit board maker WUS Printed Circuit, died last week at the age of 83, according to his company.
The billionaire died on April 4 of undisclosed causes, the Shenzhen-listed company said in a statement. Second stock market filing markets after opening after a holiday. The tycoon, who had a $1.8 billion fortune based mostly on a stake in WUS, cited age as reasons for stepping down as chairman at the end of March, according to a separate stock market deposit.
Wu started 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 from Shanghai. In 2010, WUS Printed Circuit went public, raising 1.3 billion yuan ($190 million).
As the stock rose, Wu debuted on Taiwan’s rich list in 2015, when he had a net worth of $1.1 billion, according to Forbes estimates. His wealth has risen recently as WUS Printed Circuit is up 20% from 12 months ago, even as the broader market tumbled amid China’s slowing economy and a protracted property crisis.
Until a new chairman is elected, the company is run by Wu’s wife, Chen Mei-fang, who is vice chairman. It benefits from the use of artificial intelligence technologies. Shortly before Wu’s resignation, WUS Printed Circuit said in a stock market filing that it expected profits in the first three months of 2024 to more than double from the same period a year ago to 520 million yuan.
The company is also building a new manufacturing facility in Thailand to diversify its supply chain. In addition to Vice Chairman Chen, Wu’s two sons are in senior management. Eldest son Wu Chuan-bin is the company’s chief executive while his brother Wu Chuan-lin sits on the board.
