Hong Kong’s Biggest Wealth Gain Goes To This Smartphone Supplier

Yeung Kin-man (right) and Lam Wai-ying (middle) accept a gift from City University of Hong Kong after their $26 million donation to the university in 2015.

This story is part of Forbes’ coverage of Hong Kong’s Richest 2021. See the full list here.

Husband and wife Yeung Kin-man and Lam Wai-ying of Biel Crystal had another red-hot year. The founders of the smartphone glass-cover maker saw their wealth rise 133% from a year ago after a 70% hike in 2020. This puts them at No. 4 with a net worth of $18.6 billion. Biel’s customers include some of the world’s major smartphone makers: Apple, Huawei and Samsung, all of whom need Biel’s glass covers. These covers, which are not costly to manufacture but have a high technical barrier to entry, have granted Biel both first-mover advantage and a field with few competitors, says Taiwan-based analyst Boyce Fan at research firm TrendForce. After scrapping plans to go public in 2018, Yeung is reportedly seeking to raise up to $2.5 billion in an IPO of Biel later this year.

I have been writing for Forbes Asia since 2010. As a freelancer I also worked with organizations such as The Economist Group, Ford Foundation and Crain Communications. I