Rupert Hoogewerf, Forbes Global, 11.27.00
There has probably never been a better time for capitalists in
modern China. Her long-awaited admission soon to the World Trade Organization (WTO)
will galvanize the economy more comprehensively than anything undertaken by the
Beijing government since the late Deng Xiaoping launched his open-door policy in 1978.
Economic liberalization has profoundly changed China for the
better. Living standards and life expectancy have improved greatly. The state still
occupies the commanding heights of the economy, but beneath the clouds, it is
the private sector that makes China's economy tick.
The clouds are about to clear. If China is to compete in the
world economy under WTO rules, the only way it can do so is to rely on the millions of
entrepreneurs that have emerged in the past 20 years-and the millions more to
come. China's 300,000 state-owned enterprises were unable to compete when China
was outside the official trading system. When China steps inside, most of these
enterprises will wither away or be absorbed into healthier, privately owned
companies.This puts China's capitalists in the driver's seat of the economy. The
Communist Party's survival depends on China's successful economic integration
into the world trading system, and it can't achieve this without
entrepreneurship on a large scale. Hence the Party's pragmatic philosophy: to
allow a few individuals to get rich in the belief that they will play a
significant part in developing the rest of the country.
Compared with their counterparts in the U.S., Europe and the
more capitalist-oriented countries in Asia, China's business leaders try to keep low
profiles and attract little publicity. In the words of a senior government
official, the Chinese should see these individuals as "part of the overall
process, not just in terms of their personal charisma."
But FORBES GLOBAL believes that these 47 men and three women are
worth spotlighting, for the lessons they demonstrate and for the way they
illuminate the rapid economic progress China is making. Last year we published
for the first time a list of China's 50 richest entrepreneurs. It has now been
revised and updated, with the help of Rupert Hoogewerf, 30, a Chinese-speaking
accountant from Britain, who lived in China for two years through September
1999. Hoogewerf compiled the original list last year.
His methodology has been refined but remains basically unchanged
(see "How The List Was Compiled"). Yet the results are quite
different. One big difference: Last year the 50 were classed in four categories
of wealth; this year the list ranks the estimated net holdings of individual
entrepreneurs. The combined estimated wealth of the top 50 this year is $10 billion, an average of $200 million.
There are 30 new names on the list this year, but the same
person, Rong Yiren (and his family) of China International Trust & Investment, tops the
list with an estimated net worth of $1.9 billion. The lowest rung of the list
has risen significantly. The No. 50 this year, Yin Mingshan, is worth $42
million. Last year, the cutoff point was $6 million. Based on per capita income
differentials, $42 million in China would be the equivalent of roughly $500
million in the U.S.
Five of the 50 have based their businesses in agriculture and 29
in manufacturing; 14 have made their money from the Internet or other high-tech
fields. The average age of the people on the list is 43. The youngest (William
Ding) is 29, and the oldest (Rong Yiren) is 84. Twenty-one did not go to college, primarily because their
education was cut short by the Cultural Revolution. Six of the entrepreneurs
studied abroad. Seven have companies that are listed outside China. Twelve are delegates to China's
parliament, the National People's Congress, indicating the pragmatism of the
Communist Party.
Beijing will increasingly place its faith in dynamic
entrepreneurs to help China compete.
Ministers may wish that state-owned companies could lead the
way, but they cannot. China has no other choice than to let these 50
entrepreneurs-and, it is to be hoped, many more like them-bloom.
How The List Was Compiled
Led by Rupert Hoogewerf, a team of Chinese researchers, four
based in Shanghai and a fifth in Hong Kong, carried out the research over
several months. The key sources for the list are Chinese-language magazines and newspapers; disclosure
requirements for the stock markets in Shanghai, Shenzhen, Hong Kong and the
U.S.; China national awards; the Who's Who of China; listings of delegates to
the People's Congress; brokerages and investment banks; and interviews with
several of the individuals themselves. The rate of exchange used is RMB8.3 to
the dollar; the stock prices for the holdings of the China Top 50 are as of mid-September.
If you have comments or fresh information for our list, please
contact the compiler at rupert@hoogewerf.com.
1. Rong Yiren and family
Age: 84.
Birthplace: Wuxi, Jiangsu Province.
Education: Shanghai St John's University, before 1949.
Main company: CITIC Group.
Main industry: Investment company.
Wealth: $1.9 billion, based on 18% of the Hong Kong-listed CITIC
Pacific as of mid-September, owned by Rong's son Larry Yung (the value of shares
has dropped by a tenth since then).
Before 1949 the Rong family was the wealthiest in Shanghai,
based on the textile and flour industries. He decided to stay in China after the
revolution and in 1956 handed his business over to the government. In 1978 Deng
Xiaoping asked him to help develop industries. That same year, Rong set up CITIC,
which has since become China's largest window company for foreign financing.
Rong is No. 1 on the list because the wealth amassed by his son reflects Rong's
influence in China. Rong was vice president of China in 1993-98.
2. Liu Yongxing & three brothers
Age: 52.
Birthplace: Xinjin, Sichuan Province.
Education: University.
Main company: Hope Group.
Main industry: Animal feed.
Wealth: $1 billion, based on the value of the group in 1999.
One of China's largest private companies, the group was founded
in 1982 to breed quails for their eggs, a Chinese delicacy. Started by four
brothers, Liu Yonghao (currently a delegate to the National People's Congress),
Liu Yongxing, Liu Yongmei and Liu Yongyan. Having watched Thailand's giant
Charoen Pokphand Group expand in China by selling pig feed in Sichuan Province,
the brothers formulated their own brand of animal feed. Today the Hope Group has
annual revenues of over $1 billion. It has acquired many state-owned
enterprises?0 of them this year.
3. Ren Zhengfei
Age: 56.
Birthplace: Not known.
Education: University.
Main company: Huawei Technologies.
Main industry: Telecom equipment.
Wealth: $500 million, based on his estimated stake of at least
5% in Shenzhen Huawei, whose value is reckoned to be $10 billion.
A former People's Liberation Army officer, Ren started Shenzhen
Huawei in 1988 and has overseen strong growth in the group, which today has $
1.5 billion in revenues. It has become a leading supplier of equipment for GSM
cell phones, switching products and access networks in China. Ren declines to
provide details of his holdings.
4. Zhang Xingmin
Age: 42.
Birthplace: Jiutai, Jiling Province.
Education: College of Further Studies.
Main company: Hainan Xingbao Group.
Main industry: Trade and real estate.
Wealth: Estimated at $480 million.
After turning around several lossmaking state-owned companies in
the Northeast China, Zhang decided to head south to try his luck. In 1991 he
pulled off a major deal, selling low-grade sugar to Russia, earning $24 million
and the right to trade internationally. He subsequently bartered Chinese color
televisions for steel and cement. In 1993 Zhang moved into real estate,
developing an island off Hainan and a commercial site in Zhejiang.
5. Wu Yijian
Age: 40.
Birthplace: Xian, Shaanxi Province.
Education: B.A. at Xian Ligong University; Master's at Huazhong
Normal University.
Main company: Shaanxi Jinhua Qiye Group.
Main industry: Pharmaceuticals.
Wealth: $422 million, based on assets in 2000.
His grandfather, a local landlord, was killed and his father was
imprisoned during the Cultural Revolution. Wu started out in real estate in Xian,
later moving into pharmaceuticals and retailing. He has listed a subsidiary of
the group on the Shanghai Stock Exchange. He is a delegate to the National
People's Congress.
6. Lu Guanqiu
Age: 55.
Birthplace: Xiaoshan, Zhejiang Province.
Education: Left school at 15.
Main company: Zhejiang Wanxiang Group.
Main industry: Automotive parts.
Wealth: $360 million, based on ownership of the group's entire
assets.
Lu's break came in 1980 when he decided to change the local
village enterprise from making parts for agricultural equipment to automobile
parts. For six months he was unable to pay salaries, and sales dropped
significantly, but he persevered. In 1988 Lu bought the local government's 50%
share of the company. He listed his core business on the Shanghai Stock Exchange
in 1994 and in 1995 became the first Mainland China enterprise to supply a U.S.
Car manufacturer (GM). George W. Bush's uncle, Prescott, is on the company's
board of advisers.
7. Zhang Hongwei
Age: 46.
Birthplace: Harbin, Heilongjiang. Province.
Early years: Peasant.
Education: Master's degree interrupted by the Cultural
Revolution.
Main company: Heilongjiang Dongfang Group (Orient Group).
Main industry: Construction and trade.
Wealth: $350 million, based on the group's 1999 net assets.
In 1983 Zhang and several other peasants formed a construction
company, offering customers speedy completion and high quality. The People's
Daily dubbed the company "seven days one floor." In 1988 Zhang's
construction company was registered as the first private group in Heilongjiang
Province. In 1993 the renamed Orient Group became the first private company to
gain a stock market listing. Since then Zhang has invested in a bank,
manufacturing and transportation. Zhang is a delegate to the National People's
Congress.
8. Xu Wenrong
Age: 65.
Birthplace: Hengdian, Zhejiang Province.
Education: Left school at 13.
Main company: Zhejiang Hengdian Qiye Group
Main industry: Makes magnetic materials.
Wealth: $325 million, based on Xu's ownership of the group's
1998 net assets.
Xu's first break came when he persuaded locals to lend him
$6,000 to set up a village enterprise to produce silk, with the promise that he
would double their money within three years. He started the company that
produces magnetic materials in 1990 and has since diversified into making
chemicals. He started a film studio in 1996.
9. Zhang Simin
Age: 37.
Birthplace: Changchun, Jiling Province.
Education: Harbin Industrial University.
Main company: Haiwang Shengwu Gongchan Group (Neptunus
Bioengineering).
Main industry: Pharmaceuticals.
Wealth: $313 million, based on the 1999 net assets of the group.
Zhang left CITIC in Beijing to set up his own pharmaceutical
company in Shenzhen in 1989. He later diversified into real estate and floated
the company on the Shenzhen Stock Exchange.
10. Song Chaodi
Age: 39.
Birthplace: Harbin, Heilongjiang. Province.
Education: China Science & Technology University in Hefei
for a B.Sc. In Physics, then Qinghua University for an M.Sc. In Laser Physics.
Main company: Kelihua (Clever) Software Group.
Main industry: Software.
Wealth: $ 270 million, based on the market value of the group's
28% stake in the Shanghai-listed Kelihua Co.
Song started Kelihua with less than $100 in 1991; the company is
now the market leader with its CSC education software. Song listed Kelihua in
May last year and has since set up a B2B site for cargo transportation, an
online Chinese bookstore and a distance-learning site.
11. Li Xiaohua
Age: 49.
Birthplace: Beijing.
Education: Left school at 15.
Main company: Hong Kong Huada Investment Group.
Main industry: Real estate.
Wealth: $250 million, based on the 1996 assets of the group.
Li started out in 1981 on the beaches of Beidaihe with an $800
fresh-juice machine. Four years later he won a license to be the sole
distributor of Zhao Zhangguang's 101 Hair Restorer in Japan. In 1991 he invested
$38 million in Malaysian real estate, doubling his money within half a year. Li
is renowned for being the first person in China to own a Ferrari and even has a
star named after him. He is a delegate to the National People's Congress.
12. Chen Jinfei
Age: 38.
Birthplace: Beijing.
Education: University.
Main company: Beijing Tongchan Investment Group.
Main industry: Investments.
Wealth: $226 million, based on the net assets of the group in
1998.
After resigning from the Ministry of Post &
Telecommunications in 1987, Chen formed a company printing T shirts. His first
break came at the time of the real estate explosion in Hainan in 1992, where he
invested shrewdly. In the early 1990s Chen partnered with Beijing municipalities
willing to trade land in return for a stake in the development. Tongchan has
since erected 1 million square meters of commercial and residential property in
Beijing. Chen has diversified into building materials, telecommunications and
finance, including the setting-up of a bank on Wall Street, America TCC
International Investment Group. Chen is a delegate to the National People's
Congress.
13. Wu Bingxin
Age: 63.
Birthplace: Shandong Province.
Education: Left school at 15.
Main company: Shandong Sanzhu Yaoye Group.
Main industry: Pharmaceuticals.
Wealth: $210 million, based on 100% ownership of the group's
1999 net assets.
Cancer of the liver forced Wu into early retirement from
accountancy at 50. He cured himself with the use of Chinese medicine, inspiring
him to establish a vitamin drinks factory. Sales are $60 million, having fallen
sharply in the past three years.
14. Edward Tian Shuoning
Age: 37.
Birthplace: Beijing.
Education: Ph.D. from Texas Technical University and a master's
from Chinese Academy of Sciences Graduate School in Beijing.
Main company: China Netcom.
Main industry: Telecom infrastructure.
Wealth: $198 million, based on 16% stake in the Nasdaq-listed
AsiaInfo as of Aug. 31.
In 1993 Tian and James Ding Jian (No. 16) founded AsiaInfo, a
software and systems-integration company. When the government asked him to build
a broadband IP network, Tian agreed and became the first senior executive from
the private sector to transfer to a state-owned company in China. Tian has
overseen the building of a 9,000-kilometer fiber-optic pipeline, covering 17
cities in China. China Netcom also creates and maintains intranets and Internet
applications for businesses.
15. Tao Xinkang
Age: 48.
Birthplace: Nanhui, Shanghai.
Education: Left school at 18.
Main company: Shanghai Xingaochao Group.
Main industry: Maker of woodboards.
Wealth: $190 million, based on the group's 1999 net assets.
Starting out with $1,000 in the late 1970s, Tao set up a
furniture workshop. By 1985 he had saved $60,000 and estimated that he had 10%
of the Shanghai furniture market. Unlike his state-owned competitors, Tao
offered his customers free design, delivery and efficient after-sales service.
In 1999 group sales reached $500 million with net profits of $31 million.
16. James Ding Jian
Age: 35.
Birthplace: Beijing.
Education: Masters in Information Science from UCLA.
Main company: AsiaInfo Holdings.
Main industry: Internet infrastructure.
Wealth: $186 million, based on his 15% share of the Nasdaq-listed
AsiaInfo as of Aug.
31 In May 1999 Ding took over as CEO of AsiaInfo, a company
he founded with Edward Tian Shuoning (No. 14), who left to start China Netcom.
They met in 1991 after Ding became the first person to subscribe to a website on
Chinese environmental issues that Tian set up. AsiaInfo was launched in 1993 to
sell information about China to U.S. investors. In 1995 it moved to China to
build the first national Internet backbone for China Telecom. The company now
has a virtual monopoly in building Internet infrastructure for Chinese telecom
companies.
17. Rong Hai
Age: 43.
Birthplace: Xian, Shaanxi Province.
Education: B.A. from Xian Jiaotong University; master's from
Fudan University.
Main company: Xian Haixing Technology Group.
Main industry: Manufacture of computers.
Wealth: $170 million, based on the group's 30% holding on Aug.
31 in the listed Xian Haixing Technology.
A lecturer at Xian Jiaotong University, Rong set up a technology
research company in his garage, with a loan of $4,000. In 1990 he split from his
partners, leaving him with only ten employees. In that same year, Rong won a
contract to distribute Compaq computers in China. Today the group has
diversified into real estate, beverages and supermarkets, with sales of $580
million in 1999 and profits of $50 million. Rong is a delegate to the National
People's Congress.
18. Lu Zhiqiang
Age: 49.
Birthplace: Shandong Province.
Education: Master's.
Main company: Shandong Fanhai Group.
Main industry: Real estate management and construction
materials.
Wealth: $146 million, based on the group's 1998 net assets.
Lu's subsidiary, Guangcai Construction, was listed on the
Shenzhen Stock Exchange in 1994. Market cap was $330 million on Aug. 31.
19. Wu Ying
Age: 40.
Birthplace: Beijing.
Education: New Jersey Institute of Technology, after first
studying wireless electronics at Beijing Industrial University.
Main company: UT Starcom.
Main industry: Telecommunications.
Wealth: $137 million, based on stake in the Nasdaq-listed UT
Starcom as of Aug. 31.
After graduation from New Jersey Tech in 1987, Wu worked with
AT&T's Bell Labs and Bellcore Laboratories until he founded Starcom Network
Systems in 1991. Today, UT Starcom provides communications equipment for service
providers that operate wireless and wireline networks. It also offers
telebanking and voice-mail services. Listed on Nasdaq in March 2000. UT
Starcom's main investor is Mayasashi Son's Softbank.
20. William Ding Lei
Age: 29.
Birthplace: Ningbo, Zhejiang Province.
Education: Chengdu University of Electronic Science &
Technology.
Main company: Netease.com.
Main industry: Internet portal.
Wealth: $134 million, based on 58.5% stake in the company as of
Aug. 31.
After graduation in 1993 Ding worked briefly in China for
Sybase, a U.S. software company, and then for China Telecom. Netease was founded
by Ding with $60,000 in June 1997 and is among the three most-popular websites
in China. It was listed on Nasdaq in July. The first phase of Netease involved
the development of the first free web-based e-mail server, 163.com. After this
initial success, Ding expanded to provide Internet services, including
personalized home pages, virtual communities, chat rooms, games and
entertainment channels. In July, Ding resigned as CEO to devote himself to
technical development.
21. Liu Hanyuan
Age: 36.
Birthplace: Meishan, Sichuan Province.
Education: Sichuan University part-time course after Sichuan
Provincial Aquatic Products School.
Main company: Sichuan Tongwei Group.
Main industry: Fish feed.
Wealth: $126 million, based on the group's 1999 net assets.
Coming from the same province as the animal feedmakers Hope
Group (No. 2), Liu started out in the fishing industry in 1984, launching his
company with $100, raised by his parents from the sale of pigs. Liu's company is
now the largest fish-feed producer in China with sales of $385 million in 1999.
Earlier this year, Liu established a state-of-the-art fish feed center in
Shenzhen. Liu is a delegate to the National People's Congress.
22. Lin Zhuohui and Fang Xiaowen (husband and wife)
Age: 53 and 44, respectively.
Birthplace: Guangzhou, Guangdong Province.
Education: High school.
Main company: Guangzhou Yingjili Co. (Enlucky).
Main industry: Farming.
Wealth: $120 million, based on the of the company's 1999 assets.
Borrowed $500 to farm pigeons, a sought-after food in China.
Added peacocks in 1988 and ostriches and emus more recently.
23. Yan Junjie and Zhang Can (husband and wife)
Age: 35 and 33, respectively.
Birthplace: Beijing.
Education: Beijing University.
Main company: Dayin Group (Dyne Group).
Main industry: Distribution.
Wealth: $120 million, based on the group's net assets.
In 1986 they were buying computer parts on behalf of a
state-owned company; they set up their own business six years later. They won a
contract to distribute Compaq computers and by 1994 became the largest
distributor for Compaq in Asia. Have diversified into real estate and cosmetics.
Sales totaled $240 million in 1999.
24. Zhang Guoxi
Age: 48.
Birthplace: Yujiang, Jiangxi Province.
Education: Left school at 18.
Main company: Jiangxi Guoxi Industrial Group.
Main industry: Wood carving.
Wealth: $120 million, based on the group's 1999 net assets.
In 1979 Zhang learned his trade in the wood-carving business,
setting up the first private enterprise in Jiangxi Province. Since then he has
diversified into real estate and the manufacture of automobile parts. He is
reported to have donated $2 million of his private wealth to charity. Zhang is a
delegate to the National People's Congress and has a star named after him.
25. Guo Guangchang
Age: 33.
Birthplace: Dongyang, Zhejiang Province.
Education: Fudan University.
Main company: Fuxing Gaokeji Group (Fortune Group).
Main industry: Biotech products and Chinese medicine.
Wealth: $116 million, based on the estimate that Guo holds 25%
of the group (valued as equal to the $465 million market cap of its
Shanghai-listed subsidiary).
Born into a peasant family, Guo studied hard to earn a place at
the prestigious Fudan University, where he studied biology. In 1992 with four
friends he visited many Shanghai hospitals to research what products they
needed, deciding on a pharmaceutical product that tests for hepatitis. He
started what is now the group with seed capital of $4,500, raised primarily from
his lecturers at Fudan. In August 1999 Guo listed the group on the Shanghai
Stock Exchange. Since then Guo has started an investment company that provides
funding and managerial support for new scientific companies.
26. Wu Zhijian
Age: 40.
Birthplace: Changde, Hunan Province.
Education: Left school at 15.
Main company: Shenzhen Zhenghua Group.
Main industry: Trading.
Wealth: $115 million, based on the group's 1998 assets.
Wu moved to Shenzhen in 1985, where he took over the lease of a
bankrupt department store. Early successes caused the local government to ask
him to run a printing company, which Wu sold three months later for $360,000.
Since then Wu has diversified into real estate and other activities.
27. Zhang Jian and Zhang Yue (brothers)
Age: 36 and 38, respectively.
Birthplace: Hunan Province.
Education: Harbin Industrial University.
Main company: Yuanda (Broad) Air conditioner.
Main industry: Maker of air conditioners.
Wealth: $115 million, based on their ownership of the group's
1999 net assets.
Their first break came in 1989 after Zhang Jian won awards for
an invention, selling it to several factories in China. With the profits, in
1992 they set up Broad, based in Changsha, Hunan Province. In 1999 Broad's
revenues totaled more than $170 million.
28. Luo Zhongfu
Age: 49.
Birthplace: Zunyi, Guizhou Province.
Education: Left school at 15.
Main company: Zhuhai Fuhai Group.
Main industry: Real estate.
Wealth: $100 million, based on the group's 1998 net assets
discounted by a third to reflect subsequent drop in property prices.
The head of one of China's largest private real estate
companies, Luo started out running a pawnshop in Shenzhen and used the profits
to invest in real estate in neighboring Zhuhai. Since then he has diversified
into building materials.
29. Sun Guangxin
Age: 38.
Birthplace: Xinjiang.
Education: Anhui Military College.
Main company: Xinjiang Guanghui Industrial Group.
Main industry: Building materials and real estate.
Wealth: $98 million, based on the group's 1999 net assets.
Sun spent nine years in the army and fought in China's 1979 war
against Vietnam, then used $400 in demobilization pay to open the first seafood
restaurant in Urumqi (capital of Xinjiang). From 1990 to 1992, during the oil
exploration boom in Xinjiang, he turned his hand to trading. He invested the
profits in real estate and took out a $50,000 loan to set up the present group.
Guanghui's revenues in 1999 amounted to $170 million. Sun listed a subsidiary on
the Shanghai Stock Exchange in May.
30. Xia Chaojia
Age: 51.
Birthplace: Chengdu, Sichuan Province.
Education: University.
Main company: Hejia Group.
Main industry: Agribusiness.
Wealth: $96 million, based on the group's ownership of its
subsidiary listed in Shanghai in August
Xia started in business in 1979, investing $800 in a local
enterprise. Today, his core business is seed production. The group has
diversified into the airline industry in a joint venture with China Eastern
Airlines; it is also in real estate and the manufacture of agricultural
machinery.
31. Gao Feng
Age: 60.
Birthplace: Inner Mongolia.
Education: University.
Main company: Inner Mongolia Luwang Yangrong (King Deer) Group.
Main industry: Textiles.
Wealth: $94 million, based on the group's 1999 assets; he owns
49%.
Gao has been in the textile industry all his working life,
working with the provincial government to set up a textile group. It produces 2
million cashmere sweaters a year and 1 million meters of cashmere.
32. Li Shufu
Age: 37.
Birthplace: Taizhou, Zhejiang Province.
Education: Hubei Economic Management University.
Main company: Zhejiang Jili Group (Geely Group).
Main industry: Maker of motorcycles.
Wealth: $94 million, based on the group's 1999 net assets.
In 1992 three Li brothers started their own business in Taizhou;
within eight years the group's sales totaled $350 million in 1999. Their main
activity is the manufacture of the group's brand of motorcycles, but they have
diversified into car production; the group is the only substantial private car
manufacturer in China.
33. He Boquan
Age: 40.
Birthplace: Guangdong Province.
Education: Part-time university course, after leaving school at
15.
Main company: Guangdong Lebaishe Group (Robust Group).
Main industry: Soft drinks.
Wealth: $85 million, based on his ownership of the net assets of
the group.
Spent his early career developing Robust, the leading yogurt
brand in China. He held the ten-year Robust distribution license, but he did not
own the brand, so he set out to establish a rival brand, which failed. Allying
himself with the soft-drink maker Wahaha, he drove the yogurt price down to the
point where he was able in 1996 to buy the ownership of Robust. In mid-2000
Danone purchased 51% of the group.
34. Lou Zhongfu
Age: 46.
Birthplace: Dongyang, Zhejiang Province.
Education: Part-time university course after leaving school at
15.
Main company: China Guangsha Jianshe Group.
Main industry: Construction and real estate.
Wealth: $83 million, based on the group's 1999 net assets.
In 1997 Lou listed a subsidiary, Zhejiang Guangsha, on the
Shanghai Stock Exchange. Since then Lou has acquired several companies,
including Number One Construction Co. in Chongqing. Group sales totaled $370
million in 1999.
35. Chen Jinyi
Age: 39.
Birthplace: Tonglu, Zhejiang Province.
Education: Left school at 18.
Main company: Zhejiang Jinyi Group.
Main industry: Food and beverages.
Wealth: $80 million based on the net assets of the group in
1999.
Born in a poor mountain village, Chen built up a substantial
honey business in Hangzhou, Zhejiang Province. He then won a license to buy and
sell stock options on the Shanghai Stock Exchange, investing the profit in six
state-owned retail stores, where he sold his own food and beverages. He has
since diversified into infrastructure projects.
36. Nan Cunhui
Age: 37.
Birthplace: Wenzhou, Zhejiang Province.
Education: Master's degree, after leaving school at 15.
Main company: Zhejiang Wenzhou Zhengtai Group (Chint Group).
Main industry: Manufacture of low-voltage electrical equipment.
Wealth: $72 million, based on Nan's estimated 75% of the group's
1999 net assets.
Nan started out in his father's shoe repair business before
striking out on his own in 1984 to produce light switches. Ten years later he
founded the Zhengtai Group, which in 1999 had sales of $310 million. Before Nan
made a name for himself, Wenzhou had the reputation of producing low-quality
products. Nan is proud of building up the image of good products from Wenzhou
and is a delegate to the National People's Congress.
37. Charles Zhang Chaoyang
Age: 37.
Birthplace: Xian, Shaanxi Province.
Education: Massachusetts Institute of Technology with a Ph.D. in
physics after graduating from Qinghua University in Beijing.
Main company: Sohu.com.
Main industry: Internet portal.
Wealth: $67 million, based on his 28% stake in the company as of
Aug 31.
Sohu, Chinese for "search fox," is, with Netease.com
and Sina.com, one of the top three Internet portals in China. After college,
Zhang returned to China in 1995 to act as chief representative for an Internet
startup. In November 1996 he launched his own Internet portal with seed capital
from friends at MIT. Sohu's success grew out of his launching in February 1998
of the first Chinese-language search engine. Since then it has branched into
e-commerce and online auctions. Sohu listed on Nasdaq in July. In September
Zhang acquired the portal ChinaRen.com.
38. Yang Lan
Age: 31.
Birthplace: Beijing.
Education: M.A. from Columbia University after getting a B.A.
From Beijing Foreign Languages University.
Main company: Sun Television Cybernetworks.
Main industry: Media.
Wealth: $63 million, based on her and her husband's holdings of
the company, which is listed on the Hong Kong stock exchange (see "A Star
Is Born").
39. Chen Rong
Age: 41.
Birthplace: Nanhui, Shanghai.
Education: High school, then part-time M.A.
Main company: Shanghai Zhonglu Group.
Main industry: Manufacture of bowling equipment.
Wealth: $60 million, based upon the group's 2000 net assets.
Brought up in a peasant family and worked as a mechanic. Chen
owns the largest bowling-equipment manufacturer in China. Having saved $250 over
ten years, Chen in 1984 started a small clothing workshop in his hometown. Six
years later he invested in the newly established stock market, subsequently
turning $1.2 million into $12 million. Chen started Zhonglu in 1995 and
prospered from the growing popularity of bowling in China. He has since started
a film production company that he hopes will become the biggest film and
television company in China. When President Clinton came to Shanghai in 1998,
Chen was chosen as one of three entrepreneurs to represent the new private
economy.
40. Huang Hongsheng
Age: 46.
Birthplace: Hainan Province.
Education: University.
Main company: Hong Kong Chuanwei Group.
Main industry: Consumer electronics.
Wealth: $60 million, based on Huang's 36% share of the group,
valued at $178 million in July 1999.
Having moved to Hong Kong in 1987, Huang set up what is now the
Chuanwei Group and began manufacturing remote-control appliances. After a brush
with bankruptcy in 1990, he changed to making color TV sets. Earlier this year
he said he'd received orders in 2000 for 500,000 TVs and 100,000 DVD sets. Huang
is fond of a Chinese saying that there are two kinds of people in this world,
those who are carefree (a happy pig) and those that have to strive for success.
Huang says he falls into the latter category.
41. Wang Wenjing
Age: 36.
Birthplace: Shangrao, Jiangxi Province.
Education: Jiangxi Finance University.
Main company: Beijing Yongyou Software Group (Ufsoft Group).
Main industry: Software
Wealth: $60 million, based on 1999 sales.
A child prodigy, Wang went to college at 15, then worked for the
State Council in Beijing. In 1988 he and his partner raised $6,000 and moved to
China's Silicon Valley, Zhongguan Village in Beijing, setting up Yongyou,
Chinese for "user friendly." By 1996 Yongyou had built up a 40% share
of the accounting software market. Today, with revenues of $60 million in 1999,
Ussoft is the largest accounting and enterprise management software developer
and distributor in China. Wang is a delegate to the National People's Congress.
42. Wang Zhidong
Age: 33.
Birthplace: Dongguan, Guangdong Province.
Education: Beijing University, where he studied wireless
telecommunications.
Main company: Sina.com.
Main industry: Internet portal.
Wealth: $57 million, based on his 6.5% of the Nasdaq-listed
Company valued at $874 million as of Aug. 31.
Wang worked part-time on a duck farm in southern China before
being admitted to Beijing University. He is largely credited with leading
Sina.com to become one of the three most visited websites in China. After
graduation he worked as a software engineer in China's Silicon Valley in
Beijing. Wang started out with seed capital of $6.5 million and used this to
launch the first Chinese-language Internet software, which became the basis for
RichWin. This allows people to read and write Chinese characters on the
Internet. In 1998 Wang founded Sina.com, listing it on Nasdaq in April.
43. Han Wei
Age: 44.
Birthplace: Dalian, Liaoning Province.
Education: Part-time university degree recently completed; left
school at 15.
Main company: Dalian Hanwei Enterprise Group.
Main industry: Farming.
Wealth: $56 million, based on the group's 1999 assets; Han owns
76%.
In 1984 Han bought fifty chickens with a loan of $400. Today his
farm has 2 million chickens, and Han has diversified into animal feed and animal
medicine. Han is a delegate to the National People's Congress.
44. Liu Shaoxi
Age: 37.
Birthplace: Shantou, Guangdong Province.
Education: Part-time university degree after leaving school at
15.
Main company: Yihua Enterprise Group.
Main industry: Manufacture of floorboards and wood furniture.
Wealth: $52 million, based on the group's 1998 net assets.
Liu came from a poor family and built his business from scratch,
having opened a small workshop in 1986. Nine years later he restructured the
company into the group and diversified into real estate. Revenues were $125
million in 1999.
45. Song Ruhua
Age: 38.
Birthplace: Chengdu, Sichuan Province.
Education: Sichuan Institute of Telecom Engineering.
Main company: Sichuan Tuopu Group (Top Group).
Main industry: Software.
Wealth: $50 million, based on Song's 26% of the Shenzhen-listed
subsidiary valued at $195 million as of Aug. 31.
After completing his M.Sc. In 1985, Song stayed on at his
university to teach for seven years. Song started the group in 1992, expanding
it by 1999 into a business with annual sales of $33 million.
46. Zhu Weisha
Age: 45.
Birthplace: Beijing.
Education: Beijing Industrial University.
Main company: Yuxing Infotech Holdings.
Main industry: Information appliances.
Wealth: $50 million, based on Zhu's 26% of the company, which
listed on the Hong Kong GEM exchange in January.
Zhu started Yuxing in 1991, manufacturing computers for use in
schools. In January he became the first private Mainland company to list on the
Hong Kong GEM exchange. Today Yuxing has 200 employees, 80% of whom own stock,
generating revenues of $70 million last year with pretax profits of $22 million.
47. Lu Hanzhen
Age: 46.
Birthplace: Cixi, Zhejiang Province.
Education: Left school at 12
Main company: Zhejiang Jinlun Group.
Main industry: Manufacture of fiber for motorcycle tires.
Wealth: $46 million, based on 32% of the group's 1998 net
assets.
Born into a poor family, which had to sell its last pig to pay
for his primary education, Lu started out selling popcorn; with a loan of $300
he set up his own business, making plastics. His break came in 1986 when he read
in a newspaper article that there was a big market for tire fiber, at which
point he invested $ 30,000 in what is now the group. In 1995 he diversified into
producing motorcycles. It is one of the first private companies to introduce SAP
ERP software in China and is the largest village enterprise in Zhejiang.
48. Han Zhaoshan
Age: 50.
Birthplace: Yingkou, Liaoning Province.
Education: University.
Main company: Panpan Group.
Main industry: Maker of security doors.
Wealth: $ 45 million, based on the group's 1999 assets.
Named after the official panda mascot of the 1990 Asian Games,
Panpan is Asia's largest manufacturer of security doors. Han founded what is now
the group back in 1982, taking over a township enterprise for $11,000. His first
break came when he contracted with the Shenyang army to supply first-aid kits.
Han established a reward scheme based on employees' performance, almost unheard
of in the early 1980s. From filing cabinets to security doors, Han anticipated
market demands and doors, Han anticipated market demands and started building
his brand. He purchased Panpan from the Shuiyuan township for $1 million and is
considering a listing in the near future.
49. Xue Yongxin
Age: 48.
Birthplace: Tongnan, Sichuan Province.
Education: Studied medicine at college.
Main company: Chengdu Enwei Shihen Pharmaceutical.
Main industry: Pharmaceuticals.
Wealth: $45 million, on the basis of the group's 1999 assets.
Xue started a small chemical factory in 1985. His break came in
1988 when he patented a Chinese drug for women. He set up the group in 1992,
becoming one of the largest traditional medicine manufacturers in China with
sales of $240 million in 1999. This year Xue survived an assassination attempt.
50. Yin Mingshan
Age: 62.
Birthplace: Chongqing.
Education: Left school at 20.
Main company: Chongqing Lifan Hongda Group.
Main industry: Motorcycles and engines.
Wealth: $42 million, based on the group's 1999 net assets.
In 1992 Yin started his own motorcycle business, going against
the advice of his friends, who said that he was too old. They had reason, since
Yin had spent more than two decades of his life in prisons, labor camps and on
farms as punishment for his capitalist tendencies. In August 2000 Yin purchased
a Chinese Premier league soccer team for $6.8 million.
