Xu is the founder and chairman of Laopu Gold, a chain of jewelry stores and the maker of pendants, bracelets and other gold ornaments. The Beijing-based company reported revenue of 3.5 billion yuan ($489 million) in 2024. Laopu, which translates to 'old shop', began trading on the Hong Kong stock exchange in the same year.
The majority of Xu's fortune is derived from his stake in Laopu Gold, a jewelry store operator. The Beijing-based company reported revenue of 3.5 billion yuan ($489 million) in 2024.
Xu owns a 61% stake in the firm directly, with his son Xu Dongbo and through vehicle Hongqiao Jinji, according to the company's 2025 semi-annual report. The calculation includes Hong Kong stock exchange-traded H shares and unlisted shares. His son's stake is credited to Xu to reflect his status as the founder and chairman of the company.
Xu's two nephews owns a combined stake of less than 1%, and their shares aren't credited to Xu in this analysis.
A liability is included based on an analysis of dividends, stock transactions, taxes and market performance.
A company spokesperson confirmed the stake held by Xu without commenting further on the net worth calculation.
Xu was born in 1964 in Yueyang, a city in the Hunan province. He graduated with an associate degree in freshwater fisheries from Huazhong Agricultural University in 1988.
He was a civil servant at the livestock and aquatic products bureau of his hometown from 1984 to 1991. He became a manager in the bureau in 1992 and remained in that role for about two years.
In 1995, he joined a Yueyang-based travel investment company and served as its general manager until 2017.
Meanwhile in 2004, Xu founded Golden Treasury, a firm selling gold jewelry and ornaments. In 2012, he also began selling antiques and tools for Chinese calligraphy.
In 2016, Xu separated the heritage gold business from Golden Treasury and established Laopu Gold. Laopu began trading on the Hong Kong stock exchange in 2024.