Electric Vehicle Boom Mints New Korean Billionaire

Riding on growing excitement for electric vehicles, shares of Korea-listed chemicals company Chunbo have surged almost 40% since the beginning of the year, making its founder and co-CEO, Lee Sang-ryul, a billionaire.

Lee, who turns 60 next month, is the largest shareholder of Chunbo, with a nearly 34% stake in his own name. His wife, Seo Ja-won, who is the other co-CEO, holds around 10%, while their two daughters—Lee Seul-ji and Lee Hyun-ji—each hold about 5%. Forbes estimates Lee, his wife and two daughters’ net worth at $1.2 billion.

Based in the central Korean city of Chungju, Chunbo makes chemicals for lithium-ion batteries that power electric vehicles. The

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