The founder of a chip-testing firm has become South Korea’s latest billionaire, capitalizing on the AI boom

Based in the bustling southern port city of Busan, Leeno is a company deeply embedded in the intricate world of semiconductor testing. Their core products, the IC Test Socket and Leeno Pin are pivotal in ensuring the functionality and quality of chips and printed circuit boards. With a global clientele boasting names like Samsung Electronics, SK Hynix, and Nvidia, Leeno is a critical player in the industry.

However, like many of its counterparts in the semiconductor realm, Leeno faced challenges in 2023 amidst a downturn in demand for smartphones and personal computers. Revenue took a hit, dropping by 27% year-over-year, while net income fell by 21.4%. These setbacks, while concerning, are not uncommon in the cyclical nature of the semiconductor market.

Yet, amidst the gloom, investors see a glimmer of hope fueled by the burgeoning AI revolution, primarily powered by Nvidia’s GPU chips. Similar optimism propelled Hanmi Semiconductor to astonishing heights, with its shares soaring by 600% despite a dip in earnings. This surge, driven by the belief that semiconductor manufacturing equipment will play a crucial role in AI chip production, transformed Hanmi’s CEO into a billionaire.

Analysts like Jessica Kwag of Hyundai Motor Securities share this optimism, citing the increasing demand for R&D in emerging technologies like AI, IoT, AR, VR, and autonomous driving. Moreover, Leeno’s conservative nature leaves ample room for growth, especially with plans to double production capacity through strategic investments, such as acquiring a sizable industrial facility in Busan.

Leeno’s journey traces back to its founder, Lee, who established the company in 1978, driven by a vision and determination nurtured since his days at Kwangsung Engineering High School. Over the years, Leeno evolved, culminating in listing on Korea’s Kosdaq stock exchange in 2001. Lee’s leadership extends beyond the boardroom, with his appointment as chairman of the regional innovation council in Busan underscoring his commitment to technological advancement and community development.

Lee’s success mirrors other Asian billionaires in the semiconductor sector, such as Morris Chang of TSMC and Tsai Ming-kai of MediaTek. In South Korea, giants like Samsung Electronics and SK Hynix dominate the memory chip market, contributing to the nation’s status as a global semiconductor powerhouse.

As Leeno navigates the ever-evolving landscape of the semiconductor industry, its story intertwines with the broader narrative of technological innovation and economic prosperity in the region. With its eyes set on the future, Leeno plays a vital role in shaping the world of semiconductors, one chip at a time.