Former glue salesman becomes billionaire as chip-cooling material sales surge

58-year-old Sun, chairman of Shenzhen HFC, has amassed an estimated fortune of US$1.7 billion following the company's share listing on the Shenzhen Stock Exchange. Shares skyrocketed by up to 719% on their debut trading day. Sun's brother-in-law, Zhao, is also a founder and company director, with an estimated wealth of $1.3 billion based on his holdings.

Sun worked for nearly two decades selling plastics and adhesive products, including glue and tape, after high school. In 2003, he co-founded Shenzhen HFC with Zhao. The company raised 1.4 billion yuan ($214.4 million) during its initial public offering. Shenzhen HFC, backed by investors including Huawei's venture capital arm Hubble Investment, plans to primarily invest the funds in research centers within China.

The firm specializes in heat-management materials, such as thermal pads and thermally conductive gels, which are crucial for transferring and dissipating heat in AI chips, optical modules, and data center equipment. The materials also provide electromagnetic-interference shielding and wave-absorbing properties to protect electronic equipment from disruptive interference.

The company's revenue grew by 114% to 706.7 million yuan in 2025, and its net income nearly quadrupled from 2024 to 269 million yuan. About two-thirds of Shenzhen HFC's revenue comes from overseas sales, with major customers including Foxconn, also known as Hon Hai Precision Industry. The company has acknowledged that it may struggle to sustain its rapid growth pace.

Global economic uncertainty and customers' efforts to diversify their supply chains could potentially hinder Shenzhen HFC's expansion, as noted in the prospectus.