Fan is the chairman and general manager of Hengli Petrochemical Co., the largest chemical fibers maker in China. The Dalian-based business had revenue of 198 billion yuan ($30.7 billion) in 2021. The company produces a range of polyester chips and filaments for use in packaging, electronic and pharmaceutical industries.
Fan Hongwei's net worth of $11.3B can buy ...
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Fan is the chairman and general manager of Hengli Petrochemical Co., a maker of polyester chips and filament.
She owns a 45% stake directly and through five holding companies, according to the company's 2022 first-quarter report and disclosures in May and June of the same year.
Fan also owns a 4.2% stake in Hengli Group, the holding company of publicly traded Hengli Petrochemical. The group reported revenue of 178 billion yuan ($27 billion) in 2020, according to its annual report. The value of the stake is calculated based on the average price-to-earnings multiple of publicly traded peers Hengyi Petrochemical Co. and Tongkun Group Co.
Gu, a spokeswoman for the company, declined to comment on the net worth calculation.
Born in 1967, Fan Hongwei worked as an accountant before she took a loan of 3 million yuan with her husband to acquire a bankrupted state-owned textile factory in Wujiang, Jiangsu province in China. Fan's husband, Chen Jianhua, had already been successful in business by trading silk.
Fan became the general manager of Wujiang chemical fibre textile factory, the predecessor of Hengli Group in May 1994, according to a biography in the company's 2018 annual report. Six years later, she became a director of Hengli Group.
Hengli Petrochemical, the main unit of Hengli Group, became publicly traded on the Shanghai stock exchange in November 2016 through a backdoor listing, according to a company filing.