Shi Xu, Nanofilm’s executive chairman.
ILLUSTRATION BY FORBES ASIA
Nanofilm Technologies tumbled on Monday after posting underwhelming first-half results and the sudden resignation of chief operating officer Ricky Tan, wiping out more than $460 million from the net worth of company founder Shi Xu.
Shares of the maker of wear-resistant carbon coating used in products such as auto parts, optical lenses and smartphones sank 29% to close at S$4.25, the biggest decline since Nanofilm listed in October. Investors were disappointed after the company reported on Friday that its net profit slipped 3.1% to S$17.9 million ($13.2 million) from a year ago even as revenue increased 24% to S$96.6 million.
Since its market debut at an IPO price of S$2.59, Nanofilm shares more than doubled—touching a record high of S$6.53 on July 26—and then retreating. The rally boosted Shi’s net worth, catapulting him to the just published Singapore’s Rich List with a net…