Forbes: the top 15 China Rich List members

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Last updated at: (Beijing Time) Friday, November 07, 2003

Forbes: the top 15 China Rich List members

Ding Lei (William Ding), founder of Beijing-based Netease, secured his position at the top of the "Forbes List of China Rich" published Oct 30 in Beijing.

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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.

Source: Forbes Magazine

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