Forbes: The Top 15 China Rich List Members ( 2003-11-07 14:53) (Forbes Magazine)
Ding Lei
$1 billion NetEase, Beijing 32
In mid-October Ding was a billionaire. But shares in his 50%-owned NetEase,
an Internet service provider, recently dropped to $50 from $70 after
third-quarter results did not meet analysts' estimates. Still, NetEase is quite
a rebound story: It traded as low as 53 cents in the company's darkest hour
after the Internet bubble. Two executives resigned after delays in issuing
financial reports, and trading of its Nasdaq-listed shares was suspended for
four months in 2001.
Larry Rong Zhijian & family
$934 million CITIC Pacific Group, Hong Kong 61
It's been a mixed year for Rong, who led our list last year and is a member
of one of China's most celebrated business families. Losses at Cathay Pacific
hurt first-half profits because of a drop in flights in and out of Hong Kong
during the SARS (news - web sites) outbreak. Property income fell, too. The
company is looking to boost future earnings through new investments in Shanghai
property and China power projects.
Xu Rongmao
$800 million Shimao Group, Shanghai and Hong Kong 53
A former stockbroker, Xu has built up a fortune through successful real
estate projects in major Chinese cities such as Shanghai and Beijing. His wealth
grew this year through brisk sales of a project overlooking the Bund. A
five-star hotel is taking form along the famous Nanjing East Road shopping
district in Shanghai, and Xu is also expanding into Nanjing.
Lu Guanqiu
$687 million Wanxiang Group, Zhejiang 58
Having set up one of China's largest home-grown auto parts manufacturing
services, Lu is looking to financial services for growth and continues to expand
Wanxiang's business in the U.S., where it is already one of China's largest
foreign investors. As a member of the National People's Congress, he is active
in public affairs.
Liu Yonghao
$550 million New Hope Group, Sichuan 52
Liu Yonghao, the most outgoing member of China's most celebrated entrepreneur
family, is having an uneven year. Shares in his feed company are way down, and
his bank investment hasn't offset that loss so far. Not slowing down, Liu is
actively involved in overseeing his businesses. One of his next new areas of
interest: malls. Four Liu brothers founded the New Hope Group in the 1970s and
collectively turned themselves into billionaires for the first time four years
ago.
Timothy Chan
$490 million Shanda Networking, Shanghai 30
Chan represents a new generation of Internet entrepreneurs. His company is
profiting from growing demand for online games, the leisure pursuit of choice
for a generation of young Chinese. Chan says he owns about 70% of Shanda and
counts Softbank as a significant shareholder. Based in Shanghai, Shanda hopes to
list its shares overseas soon.
Liu Yongxing
$480 million East Hope Group, Shanghai 55
The quieter member of the Liu clan, he is working harder to squeeze more
margins out of the increasingly competitive feed business. The solution:
Maximize sales at each facility. East Hope is also in the process of building up
its presence in the aluminum business.
Ye Lipei & family
$421 million Super Ocean Group, Shanghai 59
After an early career as a math teacher and trader, Ye brilliantly invested
in property in Shenzhen when the now-booming southern city was more agricultural
than urban. Today his investments are focused in Shanghai, and he is profiting
from the city's role as a booming commercial hub. A new tower in the center of
Shanghai's Lujiazui financial district will likely be completed next year, as
well as a mall that may be the test case for a national chain.
Guo Guangchang
$374 million Fosun Group, Shanghai 36
One of China's shrewdest investors, Guo has profited nicely this year from
one of his most canny diversifications in the past few years: the steel
business. This year he's turning his attention to the financial industry, with a
20% stake in a securities company. Among the best places to look for good
returns in China, he says, are inefficient industries where state-run companies
tend to dominate. If true, China's securities business is ripe for an overhaul.
Guo's business partner, Liang Xinjun, appears on the China Rich List for the
first time this year. Liang owns 22% of the group and is ranked 73. Guo holds
58%.
Chen Lihua
$361 million Fu Wah International Hong Kong Group 62
Chen's company holds choice commercial property in downtown Beijing and is
poised to profit from growth in Beijing property demand, especially in
connection with the 2008 Olympics. She also operates a sandalwood museum and a
factory that makes furniture reproductions.
Xu Ming
$360 million Shide Group, Liaoning 32
A customer of DuPont in China, Xu's Shide Group is a big maker of PVC window
frames and plastic doors. Xu has high hopes for the new government under
President Hu Jintao, expecting policies that will help his home area of
northeastern China catch up economically with the richer southern regions. Shide
owns a winning soccer club. Next on Xu's plate: locating partners for a
multibillion-dollar petrochemical complex that he hopes to build in the Dalian
area.
Liu Genshan
$343 million Maosheng International Group, Shanghai 46
Low-profile Liu has built a fortune by helping to meet China's burgeoning
need for road infrastructure. He also has interests in leisure and trade.
Wang Chuanfu
$338 million BYD, Guangdong 37
Wang shocked financial industry analysts and shareholders early in the year
with the announcement that BYD, one of the world's largest manufacturers of
batteries, planned to invest in an automaker in China. But critics have been
silenced by a big run-up in BYD's stock price. BYD's success has bred one other
China Rich List member: Lv Xiangyang appears at No. 52.
Zhang Yong
$337 million LinFeng Group, Beijing 37
Zhang's LinFeng Group made waves in the past year with the $50 million
purchase of a stake in a power plant owned by Enron in Sichuan province. The
move, which comes at a time when China is coping with energy shortages,
illustrates how the power business in the country is undergoing reform.
State-run giants used to dominate the business, but private firms are
increasingly being allowed in. Zhang is seeking to expand in the field.
Zhu Mengyi & family
$313 million Hopson Development, Guangdong 44
One of China's biggest property developers, Hopson is well regarded by
industry insiders. From his base in Guangdong just across from Hong Kong, his
business has moved north in recent years. One of his targets: the booming
Shanghai market.
