Chinese billionaire Bai Houshan targets the U.S. battery market via a South Korean IPO

Chinese billionaire Bai Houshan is reportedly in talks to list a portion of his business operations in South Korea, FT reported. This strategic move could potentially benefit his company in terms of investment opportunities and sales in the US, despite the current administration’s efforts to reduce dependence on China.

Houshan’s company, Ronbay Technology (Ningbo Ronbay New Energy Technology Co Ltd.), is listed on the Shanghai stock exchange and holds a significant share of the global market for high-nickel cathode electrodes. Additionally, the company is rapidly expanding its presence in South Korea.

Chinese firms are investing in South Korea’s battery industry to gain exposure to the U.S. market, leveraging Korea’s free-trade agreement with the U.S. and potential tax breaks under Biden’s Inflation Reduction Act.

Who is Bai Houshan?

Bai Houshan is the co-founder and chairman of Ronbay Technology (Ningbo Ronbay New Energy Technology Co Ltd.), a global leading cathode material company. Ronbay was co-founded by Bai Houshan and Liu Xianglie in September 2014. The company was listed on the Shanghai Stock Exchange in July 2019.

Net Worth: $1.2 billion

With the advantage of being based in China and South Korea, the global powerhouses of power batteries, the company has rapidly developed into one of the largest leading cathode material manufacturers in the world.

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