Chen Qixing, chairman of Shenzhen Evenwin Precision Technology, has joined the ranks of the world’s billionaires following gains in the share price of his Shenzhen-listed electronics component manufacturer.

Chen owns 43% of Evenwin, a stake worth 7.1 billion yuan, or $1.1 billion at yesterday’s closing price of 30.71 yuan. Evenwin’s shares have nearly doubled in the past year amid growing sales.  Revenue last year expanded by 34% to $341 million, helping to lift net profit by 30% to $46.5 million.

Chen, 55, was a government official in Anhui Province before becoming an entrepreneur. He co-founded Shenzhen Everwin Investment in 2001.

China, one of the world’s fastest-growing sources of new billionaires in recent years, had a record 213 members of the 2015 Forbes Billionaires List, second only to the United States.

Chen ranked No. 303 on the 2014 Forbes China Rich List with wealth of $840 million.

-with Maggie Chen

–Follow me on Twitter @rflannerychina