Businessman earned $ 1.9 billion on masks demand

US, WASHINGTON (ORDO NEWS) — The outbreak of coronavirus, which escalated into a pandemic, led to a shortage of surgical masks and sparked a surge in demand for polymer-based fabrics used to make masks.

This triggered a jump in shares of the company Dawn Polymer, producing such fabrics, writes the Financial Times.

With a 40% market share in specialty fabrics used to make masks in China, Dawn Polymer soared 417% within six weeks after January 20 when the country announced the spread of the virus.

The value of Yu Xiaoning, founder and chairman of the board of directors of Dawn Polymer Group, and his wife Han Limei in the company they control, rose by more than 13.5 billion yuan ($ 1.9 billion) by March 9 to 16.8 billion yuan.

The stock price has since declined since the spread of the virus in China has slowed, but Yu and his wife have become one of the world’s largest beneficiaries of unprecedented demand for masks.

Yu founded Dawn Polymer in 2002 and began to improve the production of mask fabrics during the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003.

But as the demand for masks grows around the world, his company is facing new strong competition. Some large groups, including the Chinese oil company Sinopec, have announced the start of production of materials.

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