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Hengchang Shaofang·Hurun China Rich List 2020

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The Hurun Research Institute today released the Hengchang Shaofang·Hurun China Rich List 2020 a ranking of the richest individuals in China.


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(20 October 2020, Shanghai) The Hurun Research Institute today released the Hengchang Shaofang·Hurun China Rich List 2020 a ranking of the richest individuals in China, with a wealth cut-off of CNY 2 billion, equivalent to US$290 million. Wealth calculations are from 28 August. This is the 22nd year of the list.

 

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said: “This year has seen the biggest wealth increase in the 22 years of the Hurun China Rich List. Stock markets boom and a flurry of new listings have minted five new dollar billionaires in China a week for the past year. The world has never seen this much wealth created in just one year. China’s entrepreneurs have done much better than expected. Despite Covid-19 they have risen to record levels.”

 

“China’s rich listers added US$1.5tn, the equivalent of half the UK’s annual GDP, to take them to US$4 trillion, more than the GDP of Germany, the fourth biggest economy in the world.”

 

“The Hurun China Rich List recorded more wealth created this year than the previous five years combined, suggesting that the structure of the economy has evolved, moving away from traditional sectors like manufacturing and real estate, towards the new economy.”

 

“Zhong Shanshan is one of the few entrepreneurs in the world to build not one, but two US$10bn companies. The other in this rarified club from China is Liu Qiangdong, whilst Jack Ma stands alone as the only person in the world to have founded two companies each with a valuation of over US$100bn.”

 

“Half the list live in the Big Six cities of Beijing, Shenzhen, Shanghai, Hangzhou, Guangzhou and Suzhou, which is creating a booming entrepreneur ecosystems. This entrepreneurship is infectious.”

 

“Ten companies have generated 137 individuals on this year’s Hurun list, a remarkable 6% of the list, led by Haitian and Alibaba.”

 

“At this rate, expect to see ten or more Chinese entrepreneurs break through the US$100bn mark within five years.”

 

“The first two months of the outbreak wiped out massive amounts of wealth, the second two months saw a V-shaped recovery and since June the new economy, led by digital, has boomed to record heights.”

 

“The Hurun China Rich List tells the story of the Chinese economy through the stories of China’s most successful entrepreneurs”.

 

Hengchang Shaofang official spokesman said, “Premium baijiu has become a must-have for business and private entertaining in China. With almost 100 years of history, Hengchang Shaofang has grown to become a leading jiangxiang baijiu brand, especially in these past three years. Hengchang Shaofang is proud to present the Hurun China Rich List 2020, especially at a time when the Chinese economy is going through so many changes. Premium baijiu brand Moutai has been a great role model, growing to become China’s largest company, and leading the growth of jiangxiang baijiu to make up 30% of the profits of the whole industry, whilst only producing 5% of volume. Hengchang Shaofang is from the Maotai region, and is positioning itself as the premium baijiu of choice after Moutai.

 

Jack Ma, 56, for the third year running retained top spot with US$58.8bn, up 45% on the back of the impending IPO of fintech platform Ant and a strong performance by ecommerce platform Alibaba. “Despite giving away over US$10bn, Jack Ma is still Number One,” said Hoogewerf.  Pony Ma, 49, was second, with his wealth up 50% to US$57.4bn on the back of Tencent’s gaming business doing better than expected, its Wechat service expanding and good returns on some of its investments, led by Tesla, Meituan, Pinduoduo and JD. Low-key Zhong Shanshan, 66, of YST, best-known for bottled water brand Nongfu, shot straight into the Top 3 with US$53.7bn “The Top 3 are neck and neck, all making it to Number One this year. Pony Ma started the year as Number One, Zhong Shanshan was Number One for an hour on the day of his IPO in September, but Jack Ma took the official prize on the China Rich List,” said Hoogewerf.

 

743 new faces, a new record. 5 jumped straight into the Top 100, led by Zhong Shanshan. Others included Shenzhen-based Chen Zhiping, 44, of e-cigarette maker Smoore with US$9.4bn; Forrest Li Xiaodong of Singapore-based mobile game platform Sea best-known for Free Fire; and brothers Ruan Liping, 56, and Ruan Xueping, 48, of Wenzhou-based Bull, best-known for its adapters and plugs. “A flurry of IPOs has created many new faces,” said Hoogewerf. “All eyes are now on Ant’s IPO, expected to create many new rich listers after what is being billed as the world’s biggest IPO.”

 

878 billionaires, up 257 from last year. “If you add in the 100+ billionaires from HK, Macau and Taiwan, Greater China today has the best part of 1000 ‘known’ dollar billionaires, way more than the almost 700 ‘known’ billionaires in the US,” said Hoogewerf.

 

E-commerce has had a good year. The star performer of the year was ‘Food Delivery King’ Wang Xing, 41, of Meituan, up 52 places to 13th and quadrupling his wealth to US$25bn, on the back of winning market share in the food delivery sector from Alibaba. Colin Huang Zheng of Pinduoduo, was up 63% to US$32.4bn, at 40yrs the youngest self-made entrepreneur in the Top 10. “Huang this year created a world’s first, giving away more than US$10bn worth of Pinduoduo shares to his team and to charity, and then handing over the role of CEO,” said Hoogewerf. Liu Qiangdong, 47, of JD doubled his wealth to US$23.5bn. ‘Express Delivery King’ Wang Wei, 50, of SF Express also had an outstanding year, more than doubling his wealth to US$35.3bn and breaking into the Top 10.

 

5G is providing big opportunities. Lei Jun, 51, saw his wealth more than double to US$25bn, Xiaomi’s share price surged, driven in part by the US sanctions on Huawei. Huawei founder Ren Zhengfei, 76, was down 10% and 100+ places to US$2.8bn, on the back of biting US government sanctions. ‘Touchscreen Queen’ Zhou Qunfei, 50, of Lens saw her wealth more than triple to propel her back into the Top 3 self-made women in the world with US$16.9bn. Wang Laisheng, 56, and sister Wang Laichun, 53, of Apple parts supplier Luxshare Precision more than tripled their wealth to US$13.4bn each. Zeng Fangqin, 55, of Apple and Huawei parts supplier LY doubled to US$7.6bn.

 

Healthcare overtook real estate to become the second most popular industry with 10.9% of the list. Manufacturing led with 23.8%, whilst real estate dropped to 10.6%, down from 14.8%, the biggest drop since records began in 1999.

 

Jiang Rensheng, 67, of Chongqing-based flu and meningitis vaccine producer Zhifei, saw his wealth almost triple to US$19.9bn, on the back of China’s drug regulator announcing it had approved clinical human testing of a Covid-19 vaccine. Li Jianquan, 63, was the fastest riser of the year, growing his wealth 11-fold to US$5.6bn, on the back of the IPO of PPE and facemask maker Winner. An Kang, 71, of antibody drug maker Hualan more than doubled his wealth to US$7.6bn. Li Ge, 53, & Zhao Ning, 54, of drug R&D platforms WuXi PharmaTech and WuXi AppTech saw their wealth almost double to US$7.2bn. ‘Healthcare Power Couple’ Sun Piaoyang, 62, of Hengrui & Zhong Huijuan, 59, of Hansoh saw their combined wealth up US$10bn to shoot them both individually into the Top 30. “Sun Piaoyang and Zhong Huijuan set a world record for a husband and wife team, in that they run separate pharma companies that have generated them each with over US$10bn of wealth,” said Hoogewerf.

 

EVs are booming on the back of the surge in the price of Elon Musk’s Tesla.  Zeng Yuqun, 52, saw his wealth triple to US$17.6bn, on the back of a surge in demand for lithium battery maker CATL.  He Xiaopeng, 43, saw his wealth rise 80% to US$6.6bn, after listing of Xpeng Motors in New York this summer. Li Xiang, 39, of Li Auto, jumped straight into the Top 300 with US$3.5bn. Li Bin of Nio, up four-fold to US$3.45bn. Lou Tiancheng and Peng Jun of autonomous driving company Pony.ai, made the list for the first time with US$440mn and US$380mn.

 

Some traditional sectors have continued to flourish. Led by the unlikely star of the year Zhong Shanshan, others include pork producer Qin Yinglin, 55, & wife Qian Ying, 54, of Muyuan, who continued their unlikely rise, doubling their wealth to US$29.4bn and breaking into the Top 10 for the first time, meaning they have now seen their wealth grow six-fold in the last two years. ‘Soya Sauce King’ Pang Kang, 64, of Haitian, whose wealth more than doubled to take him to 11th place with US$28.7bn. Interestingly, 27 individuals from Haitian made this year’s list. ‘Hotpot King’ Zhang Yong, 49, & wife Shu Ping, 50, of HaiDilao, grew their wealth by over US$10bn to US$28.7bn, although that was not enough to keep them in the Top 10, dropping them down two places to 11th. Deng Wen, 52, & Tang Lu, 50, of Chengdu-based hotpot ingredients Teway Food, whose wealth more than doubled to US$5.1bn.

 

Real estate had a bad year. “For the first time since records began in 1999, there is no real estate developer in the Top 4,” said Hoogewerf. Xu Jiayin, 62, of Evergrande and Yang Huiyan, 39, of Country Garden led the way with fortunes of US$34.6bn and US$33.1bn. All eyes have been on Zuo Hui, 49, of Beijing-based KE Holdings, best-known for its housing transaction platform Beike and real estate brokerage Lianjia, who saw his wealth up well over US$10bn to US$15.4bn, on the back of a listing in New York in August. Interestingly, KE Holdings is now worth about the same as Evergrande and Country Garden combined, making Zuo richer than all but five developers. “The big trend this year is the listing of big property developers’ property management companies, led by Country Garden, whose property management company is worth US$20bn,” said Hoogewerf.

 

Covid winners. Li Yongxin, 44, saw his wealth more than double to US$20.6bn and a Top 20 place, on the back of training platform Offcn’s better than expected profits. Offcn made its name by providing training for the Chinese civil service exam, and has since expanded to providing training for other professions. Chen Xiangdong, 49, of home tutoring platform Genshuixue saw his wealth rise eight-fold to US$11.8bn to break him into the Top 50, one of the fastest risers on this year’s list.

 

“Despite the impact of Covid-19, stockmarkets have risen dramatically. The Shenzhen ChiNext had a barnstorming year, up 70% year on year, Nasdaq was up 48% and the Shenzhen main board up 45%, which, combined with a flurry of new IPOs, was the main drive behind the record wealth creation on this year’s Hurun China Rich List,” said Hoogewerf.

 


 

Summary

l  2398 individuals made the cut of CNY 2 billion, up 32% or 579 individuals on last year.

l  1921 individuals saw their wealth grow, up from 949 last year, of which 743 were new entrants, up from 192. 641 saw their wealth shrink or stay the same, down from 1136 last year, of which 164 dropped out of the list, down from 266. “The world has never seen wealth created at this speed before,” said Hoogewerf.

l  Total wealth was up 54% or US$1.5 trillion to US$4.0 trillion.

l  55 individuals have US$10 billion or more, up 23 or 70% and the cut-off to make the Top 10 was up 70% to US$29.4 billion. “The Chinese economy has been more resilient to the outbreak than many might have expected, making it a bumper year for China’s entrepreneurs.”

l  256 people under 40 made the list, 100 more than last year. 76 of them are self-made, 22 more than last year, led by Pinduoduo’s Colin Huang Zheng and Zhang Yiming of video-sharing and news aggregation platform Bytedance.

l  27 people born in the 90s made the list, 16 more than last year. Shenzhen-based Nie Yunchen, 29, of popular tea brand Heytea was the only self-made individual under 30.

l  The average age was 55. “Born just before the Cultural Revolution, the average Hurun rich lister went to university in the early eighties and started their business in the mid to late nineties,” said Hoogewerf.

l  Where they live. Shenzhen was the fastest-riser, adding 84 individuals, whilst Suzhou overtook HK to sixth place. Beijing has the highest concentration of richlisters, with 325 or 14% of the list, followed by Shenzhen on 275. Shanghai, Hangzhou, Guangzhou and Suzhou followed.

l  By industry. Whilst 64% made their money from traditional sectors, there are now 34% that are from the new economy. Electronic components, new energy and new materials made up 63% of advanced manufacturing.

l  Women made up 24.9%, down 2% on last year, of which 60% are self-made. Yang Huiyan, 39, scion of property developer Country Garden, is the richest woman with US$33bn, up 29%.

l  Divorce. Du Weimin, 57, of biotech platform Kangtai divorced from Yuan Liping, 49, with a settlement of US$4.9bn. Du still has US$5.7bn.

l  Down and out. Luckin Coffee’s main shareholders Lu Zhengyao, 51, and Jenny Qian Zhiya, 43, both dropped off the list after the share price collapsed on the back of a fraud.

l  26 individuals born outside of mainland China made the list, of which 4 are of non-Chinese origin: Americans John Oyler, 52, of Beijing-based cancer treatment developer BeiGene with US$2.5bn and Keith Kepler, 53, of EV battery producer Farasis with US$440 million; Dane Dan Friis, 51, of fashion brands Bestseller China with US$1bn; and Bangladeshi Arif Chowdhury, 40, of mobile phone brand Transsion with US$510 million.

l  The proportion of political appointments dropped to 5.8% from 7.6% last year. 140 were delegates to the NPC or CPPCC, 2 more on last year. NPC delegates were up 2 to 74, whilst CPPCC delegates remained 66. Six are standing committee members of the CPPCC, 7 are vice chairmen of the All-China Federation of Industry and Commerce.

l  17 are in trouble with the law, of which 15 are under investigation and 2 in prison.

l  In June, former richest man in China Huang Guangyu of Gome was released on parole after 12 years in prison. Huang’s wealth was up 24% to US$4.1bn, keeping him in the Top 200.

l  Chinese star signs. Dogs and Monkeys had a good year, whilst those born in the Year of the Rabbit topped the list for the ninth consecutive year. This may be the Year of the Rat, but rats are still the worst performers.

l  Stockmarkets and currency. “Despite the impact of Covid-19, stockmarkets have risen dramatically. The Shenzhen ChiNext had a storming year, up 70% year on year, Nasdaq was up 48% the Shenzhen main board up 45%,” said Hoogewerf. In the same period Shanghai’s main board was up 18%, whilst the Hang Seng was flat and the Chinese Yuan depreciated by 4% against the US dollar.

 

This is a translation of the summary of the Chinese press release. Please refer to the Chinese language version for the full release.

 


 

Top 10

 

There were three new faces in the Top 10 this year, led by Zhong Shanshan, and followed by Wang Wei at Number 4 and Qin Yinglin at Number 10.

 

The cutoff to make the Top 10 was up 70% to US$29.4bn. “Curiously, two of the Top 3 are based in Hangzhou,” said Hoogewerf.

 

Half of the Top 10 made their wealth from emerging industries with the other half from traditional industries.

 


Name

Wealth US$bn

Change

Business

Key Source of Wealth

Age

1-

Ma Yun & family

58.8

45%

Alibaba

E-commerce, fintech

56

2-

Ma Huateng

57.4

50%

Tencent

Online games, fintech

49

3*

Zhong Shanshan

53.7

New

YST

Drinks, pharmaceuticals

66

4*

Wang Wei

35.3

118%

SF

Express delivery

50

5↓

Xu Jiayin

34.6

12%

Evergrande

Real estate

62

6↓

He Xiangjian & family

33.1

25%

Midea

Home appliances

78

6↓

Yang Huiyan & family

33.1

29%

Country Garden

Real estate

39

8-

Ding Lei

32.4

76%

Netease

Online games

49

8↓

Huang Zheng

32.4

63%

Pinduoduo

E-commerce

40

10*

Qin Yinglin & Qian Ying

29.4

100%

Muyuan

Pork production

55, 54

Source: HENGCHANGSHAOFANG·Hurun China Rich List 2020

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy  *New to top 10


1Ma Yun.jpg

 

Jack Ma Yun, 56, was up US$18bn to US$58.8bn to take the crown of Richest Man in China for the fourth overall and third time in a row. The big news this year for Ma is the impending IPO of Ant, expected to be the largest IPO of the year, with a valuation exceeding US$200bn. Alibaba this year listed in HK, becoming the first internet company to have a dual listing in New York and Hong Kong, and shooting its valuation up closing in on US$800bn. Ma is planning to donate 600 million shares in Ant to charity, which would bring his total donations to over US$10bn.


2Ma Huateng.jpg

 

Pony Ma Huateng was 2nd with US$57.4bn, up US$19bn, the biggest single increase by anyone from this year’s list. With a market cap also above US$700bn, Tencent's revenue in the first half of this year was US$22bn with profits of US$7.7bn, up 25%.


3Zhong Shanshan.jpg

 

Zhong Shanshan, 66, shot straight into the list to third place with US$53.7bn, on the back of the lPO of his bottled water company Nongfu and a vaccination company Wantai Biotechnology.


4Wang Wei.jpg

 

Wang Wei, 50, was 4th with US$35.3bn, up 8 places to break into the Top 10. SF Express’ value rose to US$60bn at its peak.


5Xu Jiayin.jpg

 

Xu Jiayin, 62, was 5th with US$34.6bn, down two places. In September, Evergrande, which has a market value of close to US$40bn, won approval to IPO its property management business.


6He Xiangjian.jpg

 

He Xiangjian & family were 6th with US$33.1bn, down two places. Media, the world’s largest electrical appliance company, best-known for its air conditioners, last year posted revenues of US$41bn.


6Yang Huiyan.jpg

 

Yang Huiyan, 39, and family tied for 6th with US$33.1bn, down 1 place. In the first half of this year, Country Garden had a total revenue of US$27bn and has been adding hundreds of patents for its robotics business.


8Ding Lei.jpg

 

Ding Lei, 49, was 8th with US$32.4bn, up US$14bn. In June, Netease was one of the first batch of Chinese internet companies to dual list in Hong Kong. Netease has a market value of over US$60bn.


8Huang Zheng.jpg

 

Huang Zheng, 40, tied for 8th with US$32.4bn, up 63%, but nonetheless down 1 place. Pinduoduo joined the club of businesses worth US$100bn in August. “By giving away 14% of Pinduoduo, Huang narrowly missed out on becoming China's richest man in April,” said Hoogewerf.


image.png

Qin Yinglin, 55, & Qian Ying, 54, of pork producer Muyuan, saw their wealth double to US$29.4bn, propelling them into the Top 10 for the first time. Muyuan has a market value of over US$50bn, on the back of sales of over US$3bn and profits of US$1.5bn.

 

Industry Analysis

36% of the list are in emerging industries, while 64% are in traditional industries. “There is a clear trend towards emerging industries, as would be expected, but the speed of evolution away from traditional industries is faster than many might have expected,” said Hoogewerf.

 

Manufacturing, healthcare and real estate were the Big Three sources of wealth, for 23.8%, 10.9% and 10.6%.

 

Within manufacturing, 60% is now advanced manufacturing, led by the likes of electronic components (eg Zhou Qunfei and Zheng Junlong from Lens), new energy (eg Zeng Yuqun of CATL ) and new materials accounted for 63% of the list, led by; the representative of new energy is Zeng Yuqun of CATL; the representatives of New Materials (eg Yu Xiaoning and Han Limei of Dawn).

 

With retail, half is now e-commerce. 

 

Within healthcare, 60% is now non-traditional healthcare.

 

Industry Analysis



Industry

%

Richest Individual

Company

1

Manufacturing

23.8%

Lei Jun

Xiaomi

2

Healthcare

10.9%

Jiang   Rensheng, Zhong Huijuan

Zhifei, Hansoh

3

Real   estate

10.6%

Xu   Jiayin

Evergrande

4

Investments

6.1%

Lin Li

Liye

5

Chemicals

5.5%

Chen Jianhua   & Fan Hongwei

Hengli

6

F&B

5.0%

Zhong Shanshan

YST

7

Retail

4.6%

Ma Yun

Alibaba

8

Application   software

3.7%

Wang Wenjing

Yonyou

9

Media & Entertainment

2.8%

Ma   Huateng

Tencent

10

Apparel

2.5%

Ma Jianrong   & family

Shenzhou

11

Construction

2.3%

Yan Hao

China   Pacific Construction

12

Non-ferrous   metals

1.9%

Liu Yongxing   & Liu Xiangyu

East Hope

Source: HENGCHANGSHAOFANG·Hurun China Rich List 2020

 

Residences



Residences

No.   of indiv. (change yoy)



Residences

No.   of indiv. (change yoy)

1 -

Beijing

325 (+39)


26 -

Zhengzhou

17 (+3)

2 -

Shenzhen

275 (+84)


28↑

Zhongshan

16 (+8)

3 -

Shanghai

216 (+49)


28↑

Zhuhai

16 (+5)

4 -

Hangzhou

155 (+34)


30↑

Huzhou

15 (+5)

5 -

Guangzhou

117 (+27)


31↓

Shantou

14 (+2)

6↑

Suzhou

70 (+31)


31↓

Quanzhou

14 (+2)

7↓

Hong Kong

62 (+9)


33↓

Qingdao

13 (-1)

8↑

Foshan

59 (+23)


34↑

Xi'an

12 (+4)

9↓

Chengdu

54 (+17)


35↓

Shenyang

11 (+2)

10 -

Ningbo

50 (+21)


35↑

Shijiazhuang

11 (+3)

11↑

Xiamen

45 (+18)


35↑

Suqian

11 (+8)

12↑

Wuxi

42 (+16)


35↑

Zibo

11 (+8)

13↓

Dongguan

37 (+9)


39↓

Ordos

10 (0)

14↑

Changsha

34 (+14)


39↑

Jinhua

10 (+3)

14↓

Shaoxing

34 (+6)


39↓

Nantong

10 (+1)

16↓

Nanjing

31 (+6)


39↑

Singapore

10 (+4)

16 -

Chongqing

31 (+7)


43↓

Langfang

9 (+1)

18↑

Changzhou

27 (+10)


43↓

Yunfu

9 (0)

18↓

Fuzhou

27 (+5)


45

Hohhot

8 (+4)

20↑

Jiaxing

23 (+6)


45

Kunming

8 (+2)

20↓

Tianjin

23 (+1)


45

Lianyungang

8 (0)

22↓

Wenzhou

22 (+5)


45

Ningde

8 (+1)

22↓

Wuhan

22 (+5)


45

Taiyuan

8 (-1)

22↓

Yantai

22 (+4)


45

Taizhou

8 (+3)

25 -

Taizhou

19 (+3)


45

Weihai

8 (+3)

26↑

Hefei

17 (+4)


45

Weifang

8 (+5)

Source: HENGCHANGSHAOFANG·Hurun China Rich List 2020

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy

 

 

Points of Interest

 

The proportion of political appointments down to 5.8% from 7.6% last year. 140 of the entrepreneurs on the list are delegates of National People's Congress (74, up 2) or members of the CPPCC (66), two more than last year.

 

5 are members of the Standing Committee of the CPPCC: Xu Jiayin, Xu Jiankang, Xu Rongmao, Nan Cunhui and Liu Changle.

 

7 are vice chairmen of the All-China Federation of Industry and Commerce: Li Shufu, Li Dongsheng, Zhang Jindong, Nan Cunhui, Liang Wengen, Lei Jun and Huang Li.

 

 


 

Social Media Impact

Wang Jianlin’s son Wang Sicong rose to have the largest social media following. Last year’s number one actress Zhao Wei dropped out of the list this year.

 

Social Media Impact


Name

Weibo   Followers million (change yoy)

1↑

Wang   Sicong

42   (-2.4)

2↑

Jack   Ma

26   (+1.5)

3↑

Lei   Jun

23   (+1.6)

4↑

Pan   Shiyi

20   (+0.49)

5↑

Yang   Yuanqing

17   (-0.15)

6↑

Yu   Minhong

16   (+0.6)

7↑

Jiang   Nanchun

13   (+0.01)

8↑

Zhou   Hongyi

12   (-0.01)

9↑

Xu   Xiaoping

11.6   (-0.08)

10↑

Zhang   Xin

10   (-0.05)

11↑

Li   Dongsheng

9.1   (-0.03)

12↑

Wang   Changtian

9   (-0.06)

13↑

Zhang   Ying

8.7   (+0.03)

14↑

Shi   Yuzhu

8.6   (-0.01)

15↑

Li   Yifei

7.3   (-0.02)

16↑

Jiang   Xipei

7   (-0.01)

17↑

Wang   Xing

6   (+0.01)

Source: Weibo as of 25 September 2020
↑ Rank increase yoy

 

 


 

Spreading the love

 

Soya sauce brand Haitian and the extended Alibaba Group led the way, creating 27 individuals each on this year’s list. Mobile phone brand Transsion was third with 10.

 

The companies with the largest number of rich listers


company

No.   of indiv. (change yoy)

1↑

Haitian

27   (+19)

1   -

Alibaba   & Ant

27   (+14)

3   *

Transsion

10   (+9)

4   *

Yanghe

9   (+7)

4↓

Xiaomi

9   (0)

4↓

Wens

9   (0)

4   *

SF

9   (+5)

8↑

CVTE

8   (+2)

8↓

CATL

8   (+1)

10↓

Sany

7   (0)

10↓

Meijing   Energy

7   (0)

10   *

Inovance   Technology

7   (+6)

Source: HENGCHANGSHAOFANG·Hurun China Rich List 2020

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy  *New to this

 

 

In trouble with the law

 

17 are in trouble with the law, of which 15 are under investigation and 2 are in prison.

 

In prison: Wang Zhenhua of Seazen; Guan Yanbin of Sunflower Pharmaceutical.

 

Under investigation: Xiao Jianhua of Tomorrow Holdings, Yan Jinggang of Zhong Ji, Liu Dequn of Morningstar Network Technology, Wang Wenliang of Dandong Harbour, Qiao Tianming of JianNanchun, Zhong Hangen of Huifeng Nonghua, Zhongyu of Kangde Xin,  Sun Yanchao of Bao Ta Petrochemical, Yang Zhuoshu of Zhuoda, Gao Junfang of Chang Sheng Bio, Tang Jun of Xiaohuanggou, Wang Yue of Kingnet, Feng Xin of Storm, Ma Xingtian of Kangmei and Yin Mingshan of Lifan.

 

Shares frozen: Some of seen their shares frozen including Zheng Yuewen of Creat Group, Lu Zhengyao of UCAR, Fu Jun of Macrolink, Zhou Zheng of SkyOcean, Huang Qisen of Tahoe and Xiao Yongming of Zangge.

 

 

Chinese Star Signs


Star Sign

2020%

2019%

2020 Richest Individual

Other Representatives

1 -

Rabbit

11.8%

12.4%

Liu Yonghao

Li Shufu, Zhang Jindong

2 -

Dragon

10.2%

9.8%

Ma Yun

Li Yongxin, Wu Yajun

3 -

Snake

8.7%

9.2%

Qin Yinglin

Jiang Rensheng, Chen Bang

4↑

Dog

8.6%

8.0%

Wang Wei

Xu Jiayin, Sun Piaoyang

4↑

Monkey

8.6%

8.4%

Huang Zheng

Pang Kang, Zeng Yuqun

6↓

Tiger

8.2%

8.9%

Yan Hao

Xu Rongmao, Xu Hang

7↑

Rooster

7.8%

7.4%

Yang Huiyan

Lei Jun, Zong Qinghou

8 -

Horse

7.7%

7.8%

Zhong Shanshan

He Xiangjian, Wang Jianlin

9↓

Ram

7.6%

8.0%

Wang Xing

Guo Guangchang, Shen Nanpeng

10↓

Pig

7.2%

7.6%

Ma Huateng

Ding Lei, Zhang Yiming

11 -

Ox

7.0%

6.5%

Liu Qiangdong

Zhong Huijuan, Chen Tianqiao

12 -

Rat

6.8%

6.0%

Zhang Zhidong

Zhang Lei, Jing Boxian

Source: HENGCHANGSHAOFANG·Hurun China Rich List 2020

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy

 

 


 

Cut-off


Top   10 Cut-off US$m

Top   50 Cut-off US$m

Top   100 Cut-off US$m

Top   500 Cut-off US$m

Top   1000 Cut-off US$m

1999

145

7

2000

319

51

2001

507

130

5

2002

435

174

7

2003

580

217

130

2004

652

275

181

2005

913

377

246

2006

1594

609

435

116

2007

5,217

1,739

1,087

232

2008

2,899

1,449

986

246

101

2009

4,058

2,101

1,087

320

145

2010

5,240

2,300

1,510

440

240

2011

5,710

2,700

1,750

590

320

2012

5,400

2,400

1,670

560

290

2013

6,100

3,000

1,970

660

325

2014

7,500

3,300

2,300

750

400

2015

10,200

4,700

3,200

1,090

610

2016

11,600

4,500

3.300

1,100

600

2017

16,000

6,000

4,000

1,190

670

2018

16,000

6,100

4,200

1,160

590

2019

17,000

7,400

4,300

1,200

600

2020

29,400

10,300

6,600

1,700

850

 

 


 

Historical Stats

Year

No. of Dollar Billionaires

No.  of people on   list

Cut-off US$m

Number One

Age

Wealth US$bn

1999

0

50

6

Rong   Yiren

83

1

2000

2

50

42

Rong   Yiren

84

2

2001

1

100

60

Liu   Yongxing, Liu Yonghao & brothers

53,   50

1

2002

0

100

84

Larry   Rong Zhijian

60

0.85

2003

0

100

110

William   Ding Lei

32

0.9

2004

3

100

150

Huang   Guangyu

36

1

2005

7

400

60

Huang   Guangyu

37

2

2006

18

500

100

Zhang   Yin & family

49

3

2007

106

800

105

Yang   Huiyan

25

18

2008

101

1000

100

Huang   Guangyu

39

6

2009

129

1000

150

Wang   Chuanfu

43

5

2010

189

1363

150

Zong   Qinghou

65

12

2011

254

1000

320

Liang   Wen’gen

55

11

2012

251

1000

290

Zong   Qinghou

67

12.6

2013

315

1000

325

Wang   Jianlin

59

22

2014

354

1271

330

Jack   Ma Yun

50

25.8

2015

596

1877

310

Wang   Jianlin

61

34.4

2016

594

2056

300

Wang   Jianlin

62

32.1

2017

647

2130

300

Xu   Jiayin

59

43

2018

620

1893

290

Jack   Ma Yun & family

54

39

2019

621

1819

290

Jack   Ma Yun & family

55

39

2020

878

2398

290

Jack   Ma Yun & family

56

58.8

 

 

Methodology

The Hurun China Rich List is a snapshot of wealth as of August 28, the same month as that used for each of the last few years. The exchange rate used for the US dollar was CNY 6.8, for the Hong Kong dollar was CNY 0.88.

 

The list relates to Mainland Chinese, defined as someone born and brought up in Mainland China, no matter what passport they might hold today, as well as individuals born outside of Mainland China, but who made it here and reside here today.

 

Valuing the wealth of China’s richest is as much an art as it is a science. We have missed some people, many of whom go to extraordinary lengths to hide their wealth, but we believe the Hurun Rich List to be the most serious attempt to identify China’s top entrepreneurs and to measure their holdings. There are shareholders missing from the likes of Alibaba, Tencent, Huawei, Ping An and other big companies, where as little as 1/1000th ownership of the company is enough to make our cut. Our team of researchers has - for the twenty second year running - traveled the length and breadth of the country cross-checking information with entrepreneurs, local government, industry experts, journalists, bankers and regulators, as well as previous years’ databases. For non-listed companies our valuation was based on a comparison with their listed equivalents using prevailing industry Price/Earnings ratios.

 

People that ought perhaps to be on the list, but where we cannot find reliable date include the likes of Haier's Zhang Ruimin, PingAn's Ma Mingzhe, and Huawei's Sun Yafang, because they are hidden behind employee stock meetings.

 


 

HENGCHANGSHAOFANG ·Hurun China Rich List 2020 Top 100

For the full list, please see www.hurun.net

 


 
 

Rank

Rank change

Name

Wealth US$m

Change in wealth

Business

Place of Residence

Key Source of Wealth

Age

1

0

Ma Yun & family

58,800

45%

Alibaba

Zhejiang

E-commerce, fintech

56

2

0

Ma Huateng

57,400

50%

Tencent

Guangdong

Internet services

49

3

New

Zhong Shanshan

53,700

New

YST

Zhejiang

Drinks, Pharmaceuticals

66

4

8

Wang Wei

35,300

118%

SF

Hong Kong

Express delivery

50

5

-2

Xu Jiayin

34,600

12%

Evergrande

Guangdong

Real estate,  investments

62

6

-2

He Xiangjian & family

33,100

25%

Midea

Guangdong

Home appliances, real estate

78

6

-1

Yang Huiyan & family

33,100

29%

Country Garden

Guangdong

Real estate, education

39

8

0

Ding Lei

32,400

76%

Netease

Zhejiang

Internet services

49

8

-1

Huang Zheng

32,400

63%

Pinduoduo

Shanghai

E-commerce

40

10

5

Qin Yinglin & Qian Ying

29,400

100%

Muyuan

Henan

Pig farming

55, 54

11

12

Pang Kang

28,700

129%

Haitian

Guangdong

Food flavorings

64

11

-2

Zhang Yong & Shu Ping

28,700

63%

HaiDiLao

Singapore

Restaurants

49, 50

13

16

Lei Jun

25,000

127%

Xiaomi

Beijing

IoT, Investments

51

13

52

Wang Xing

25,000

325%

Meituan

Beijing

Life Service

41

13

0

Zhang Zhidong

25,000

62%

Tencent

Guangdong

Internet services

48

16

12

Liu Qiangdong & Zhang   Zetian

23,500

111%

JD

Beijing

E-commerce, Financial Services

47, 27

16

10

Liu Yonghao & family

23,500

100%

New Hope

Sichuan

Agriculture, finance

69

18

-9

Yan Hao

21,300

21%

China Pacific Construction

Jiangsu

Roads

34

19

21

Lu Zhongfang & Li Yongxin

20,600

133%

Offcn

Beijing

Education

78, 44

20

-7

Chen Jianhua & Fan Hongwei

19,900

29%

Hengli

Jiangsu

Textiles, chemical fiber, real   estate

49, 53

20

30

Jiang Rensheng & family

19,900

160%

Zhifei

Chongqing

Vaccines

67

20

-15

Zhong Huijuan

19,900

61%

Hansoh

Jiangsu

Pharmaceuticals

59

23

-3

Xu Rongmao & family

19,100

37%

Shimao

Hong Kong

Real estate

70

24

33

Zeng Yuqun

17,600

167%

CATL

Fujian

Battery technology

52

24

-9

Li Shufu & family

17,600

20%

Geely

Zhejiang

Car manufacturing

57

24

6

Xu Hang

17,600

71%

Mindray, Parkland

Guangdong

Medical equipment,  real estate

58

27

13

Li Xiting

16,900

92%

Mindray

Guangdong

Pharmaceuticals

69

27

-22

Sun Piaoyang

16,900

26%

Hengrui

Jiangsu

Pharmaceuticals

62

27

58

Zhou Qunfei & Zheng   Junlong

16,900

233%

Lens

Hunan

Manufacturing

50, 48

30

0

Liu Yongxing & Liu Xiangyu

16,200

57%

East Hope

Shanghai

Aluminium, feed

72, 45

30

-21

Wang Jianlin & family

16,200

-8%

Wanda

Beijing

Real Estate

66

30

-7

Wu Yajun & family

16,200

29%

Longfor

Beijing

Real Estate

56

30

-4

Yan Bin

16,200

38%

Reignwood

Beijing

Red Bull, Real Estate

66

30

-10

Zhang Yiming

16,200

16%

ByteDance

Beijing

Social Meida

37

36

-21

Wang Wenyin & family

15,400

5%

Amer

Guangdong

Copper,  Mining

52

36

-21

Yao Zhenhua

15,400

5%

Baoneng

Guangdong

Investments,  real estate

50

36

-13

Zong Qinghou & family

15,400

24%

Wahaha

Zhejiang

Drinks

75

36

159

Zuo Hui

15,400

483%

KE

Beijing

Real Estate Service

49

40

-25

Zhang Jindong

15,000

2%

Suning

Jiangsu

Retail, real estate

57

41

6

Chen Bang

14,700

89%

Aier Ophthalmology

Hunan

Medical services

55

42

17

Zhang Bangxin

14,000

116%

TAL Education

Beijing

Education

39

43

3

Shi Yonghong & Li Haiyan

13,800

68%

Haidilao

Beijing

Restaurants

50, -

44

74

Wang Laichun

13,400

243%

Luxshare Precision

Guangdong

Consumer electronics

53

44

74

Wang Laisheng

13,400

243%

Luxshare Precision

Guangdong

Consumer electronics

56

46

-26

Lin Li

13,200

-5%

Liye

Guangdong

Financial,  investments

57

47

323

Chen Xiangdong

11,800

662%

Genshuixue

Beijing

Online Education

49

48

-14

Li Yanhong & Ma Dongmin

10,900

14%

Baidu

Beijing

Internet Information Services

52, 50

49

-16

Sun Hongbin

10,600

6%

Sunac

Tianjin

Real Estate

57

50

-6

Dang Yanbao & family

10,300

19%

Baofeng Energy

Ningxia

Coal Mining

47

50

-16

Gong Hongjia & Chen   Chunmei

10,300

8%

Hikvision

Hong Kong

Video surveillance products

55, 55

50

-10

Ma Jianrong & family

10,300

17%

Shenzhou

Zhejiang

Textiles, apparel

55

50

-13

Wang Yusuo & Zhao Baoju

10,300

9%

ENN

Hebei

Gas, Energy

56, 55

54

-15

Li Hua

10,100

13%

Excellence

Guangdong

Real estate

54

54

3

Zhu Baoguo & family

10,100

53%

Joint Care

Guangdong

Pharmaceuticals

58

56

-5

Ji Haipeng & family

9,900

34%

Logan Property

Guangdong

Real estate

53

57

37

Cheng Xue

9,600

103%

Haitian

Guangdong

Food flavorings

50

57

15

Li Shuirong

9,600

71%

RongSheng

Zhejiang

Chemical fibres

64

59

-8

Cai Kui & family

9,400

28%

Longfor

Hong Kong

Real Estate

59

59

New

Chen Zhiping

9,400

New

Smoore

Guangdong

E-cigarette

44

59

-21

Tse Ping & family

9,400

2%

Sino Biopharmaceutical

Hong Kong

Pharmaceuticals

68

59

-25

Zheng Shuliang & family

9,400

-2%

Weiqiao Pioneering

Shandong

Aluminum, Textiles

74

63

-16

Chen Dongsheng & family

9,300

19%

Taikang

Beijing

Insurance

63

63

-4

Liu Hanyuan & Guan Yamei

9,300

43%

Tongwei

Sichuan

Agriculture, new energy

56, -

63

8

Wang Wenjing

9,300

62%

Yonyou

Beijing

Software and Information Services

56

66

-36

Lu Zhiqiang & family

9,100

-11%

Oceanwide

Beijing

Finance, Real Estate

68

66

125

Wang Liping & family

9,100

235%

Hengli Hydraulic

Jiangsu

Oil cylinder

54

68

New

Forrest Xiaodong Li

8,800

New

Sea

Singapore

Online games, E-commerce

42

68

85

Qi Shi & family

8,800

173%

Eastmoney

Shanghai

Data services

50

68

32

Zhang Gang & family

8,800

100%

Xinfalyudian

Shandong

Aluminum, alumina

39

71

29

Huang Chulong

8,500

93%

Galaxy

Guangdong

Real estate,  investments

61

72

-27

Guo Guangchang

8,400

0%

Fosun

Shanghai

Investment, steel,   pharmaceuticals

53

72

68

Lin Bin

8,400

143%

Xiaomi

Beijing

IoT

52

74

-23

Shen Guojun & family

8,200

12%

Yintai

Beijing

Retail, Real Estate

58

75

94

Huang Shilin

8,100

168%

CATL

Fujian

Battery technology

53

75

New

Leng Youbin

8,100

New

China Feihe

Beijing

Dairy

51

75

-35

Xu Shihui & family

8,100

-8%

Dali Foods

Fujian

Food

63

75

87

Yu Renrong

8,100

162%

Will

Shanghai

Semiconductor

54

78

3

Liang Wengen

7,900

54%

Sany

Hunan

Heavy Machinery

64

79

17

Chen Fashu

7,800

68%

Xinhuadu

Fujian

Retail, Pharmaceuticals,   investment

59

79

-30

Chen Lihua

7,800

1%

Fu Wah

Beijing

Real Estate, Red Sandalwood   Museum

79

81

65

An Kang & family

7,600

126%

Hualan Biological Engineering

Henan

Biopharmaceuticals

71

81

36

Zeng Fangqin

7,600

89%

LY

Guangdong

Consumer electronic components

55

83

13

Wang Chuanfu

7,500

62%

BYD

Guangdong

Car manufacturing,  batteries

54

84

-19

Du Shuanghua

7,400

25%

Rizhao Iron and Steel

Shandong

Steel

55

84

7

Lai Meisong

7,400

52%

ZTO

Shanghai

Logistics

50

84

2

Lyu Xiangyang & Zhang   Changhong

7,400

47%

Guangzhou Youngy

Guangdong

Investments

58, 59

87

13

Li Ge & Zhao Ning

7,200

63%

Wuxi Pharma Tech

Shanghai

Pharmaceuticals

53, 54

88

-33

Wang Wenxue

7,100

0%

Fortune Land

Hebei

Real Estate

53

89

1

Cen Junda

7,050

43%

Hengrui

Jiangsu

Investments

-

90

93

Li Zhengguo & Li Xiyan

7,000

150%

Longi

Shaanxi

Silicon materials

52, 52

91

-35

Wang Tao

6,900

0%

DJI

Guangdong

Drones

40

91

-29

Xu Jingren

6,900

9%

Yangtze River Pharmacy

Jiangsu

Pharmaceuticals

76

93

102

Jiang Bin & Hu Shuangmei

6,850

158%

GoerTek

Shandong

Acoustics and multimedia   products

54, 54

94

181

Zhao Yan & family

6,800

241%

Bloomage

Beijing

Biotech, Real Estate

54

95

17

Zhu Mengyi & family

6,700

54%

Hopson

Guangdong

Real estate,  investments

61

96

28

He Xiaopeng

6,600

80%

Xpeng Motors

Guangdong

E-cars

43

96

37

Li Xianyi & family

6,600

88%

Xinyi Glass

Hong Kong

Glass

68

96

New

Ruan Liping

6,600

New

Gong Niu Group

Zhejiang

Power Strip

56

96

New

Ruan Xueping

6,600

New

Gong Niu Group

Zhejiang

Power Strip

48

96

-10

Wei Jianjun & Han Xuejuan

6,600

32%

Great Wall Motor

Hebei

Automobile

56, 54

 

 

About HENGCHANG SHAOFANG

 

Hengchang Shaofang, a premium jiangxiang baijiu from the Maotai region.

 

According to the records of Renhuai county, Zhou Bingheng, a businessman from Guiyang, created a ‘Hengchang Distillery’ in Maotai village in 1929. Later, in 1941, Lai Yongchu took over the distillery, renaming it ‘Hengxing Distillery’. The product was first named ‘Hengchang Maotai’ and later named ‘LaiMao’. In July 1953, Zhang Xingzhong, manager of Moutai, took over ‘Hengxing Distillery’.

 

The site of the old distillery of Hengchang Shaofang is now a Maotai Ancient Cellar from Dpt No.2 of Moutai Distillery, an important part of the cultural heritage group of Moutai Distillery's brewing industry.

 

In 1986, Zhou's descendants inherited the traditional culture of their ancestors and resumed production in accordance with the traditional formula and brewing technology, producing Hengchang Shaofang.

 

In 2017, Global Gourmet Liquor Group acquired Hengchang Shaofang, operating the brand with a new marketing target and strategies, positioning itself as a premium jiangxiang baijiu.

 

The current distillery site of Hengchang Shaofang is located in the core production area of 7.5 square kilometers of Maotai Town. It strictly adheres to the production technology of jiangxiang baijiu and produces 300 tons of high-quality product a year.

 

Today the annual sales of Hengchang Shaofang exceeded CNY 500 million, one of the fastest growing high-end jiangxiang baijiu.

 

Hengchang Shaofang continues to upgrade its liquor distillery, which makes it become the most luxurious liquor distillery in China, integrating brewing, sightseeing, accommodation, catering and experiencing, and becoming a new landmark of Maotai Town.

 

Honors:

1. In 2017, won the Sensory Quality Award of the National Liquor Judges of China.

2. In 2019, won the Tax Contribution Award of the Fourth Red Sorghum Award in Zunyi city.

3. In 2020, won the Golden Award and the 2020 High-end Maotai-flavor Liquor Award.

4. In 2020, won the China Liquor Qingyun Award for Year’s High-end Product.


 


About Hurun Inc.

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Established in the UK in 1999, Hurun is a research, media and investments group, widely regarded as an influential opinion-leader in the world of business on the back of generating 4 billion views on the Hurun brand last year.

 

Best-known today for the Hurun Rich List series, ranking the most successful entrepreneurs in China, India and the world, Hurun’s other key properties include the Hurun Global Unicorn Index, the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, the Hurun 500, a ranking of the world’s most valuable companies, the Hurun Philanthropy List and the Hurun Art List, ranking the world’s most successful artists alive today.

 

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Keywords:Hurun China Rich List
Editor:Porsha Pan