Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#248 Wu Shaoxun $6.52B

Random fact: Advised the government to pay tuition for college students.

Overview

Wu is chairman of Hubei Jing Brand, China's largest producer of herbal spirits. The closely held Daye-based company was founded as a state-owned liquor manufacturer in 1953, and Wu bought it from the local government in 1998. The company reported revenue of 9.2 billion yuan ($1.3 billion) in 2016.

As of July 21, 2017:
Last change +$88.1M (+1.4%)
YTD change +$1.17B (+21.8%)
Industry Food & Beverage
Biggest asset Hubei Jing Brand
Citizenship China
Age 60
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Wu Shaoxun's net worth of $6.52B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The bulk of Wu's fortune is derived from Hubei Jing Brand, largest Chinese herbal liquor maker, according to its website in April 2017. He owns 99 percent of the company, according to filings with the Hubei government. 

The company had a revenue of 9.2 billion yuan ($1.3 billion) in 2016, according to the company's website. It's valued using the average enterprise value-to-sales and price-to-earnings multiples of three publicly traded peer companies: Anhui Gujing Distillery, Xinjiang Yilite Industry and Jiangsu Yanghe Brewery.

The company didn't reply to e-mails and telephone calls seeking comment on the billionaire's net worth.

Biography

Birthdate: 1956
Family: Unknown, No children

Wu Shaoxun was born in China's central province of Hubei in 1956. At the age of 18, he joined the Chinese army and served for six years. After being discharged, Wu joined a state-owned spinning mill in his hometown of Daye and later became responsible for running the company.

A two-year stint studying at a local Communist Party school led to Wu being made chief of a heavily indebted state-owned spirit maker in 1987, despite knowing nothing about liquor manufacturing. Still, under his management the business became profitable. After introducing Chinese herbal medicines into its liquor, the company's signature product, Jing Liquor, became a popular drink among Chinese consumers.

When China started to reform its state-owned companies, Wu borrowed money to buy the business from Hubei's local government, accumulating a 99 percent stake, according to a government website.

Today the company has the largest market share in China's herbal liquor sector, selling more than 800 million bottles of spirits every year with revenue of 9.2 billion yuan ($1.3 billion) in 2016, according to its website.

Milestones
  • 1956 Born in China's central province of Hubei.
  • 1974 Joins the Chinese army.
  • 1980 Leaves the army and works at a state-owned spinning mill.
  • 1987 Becomes head of the state-owned predecessor to Jing Brand.
  • 1989 Jing Liquor, its signature brand, is introduced.
  • 1998 Acquires the liquor maker from the local government.
  • 2001 Changes the company's name to Hubei Jing Brand Co.
  • 2002 Becomes member of National People's Congress in China.