Bloomberg Billionaires Index

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#463 Li Shuirong $4.53B

Random fact: The group controls three pulicly traded companies in China.

Overview

Li is the chairman of Zhejiang Rongsheng Holding Group, a Chinese conglomerate that controls stakes in three publicly traded companies. The Hangzhou-based business's main subsidiary, Rongsheng Petro Chemical Company, started trading on the Shenzhen exchange in 2010 and reported revenue of 45.1 billion yuan ($6.8 billion) in 2016.

As of Jan. 22, 2018:
Last change -$78.1M (-1.7%)
YTD change +$169M (+3.9%)
Industry Energy
Biggest asset 002493 CH Equity
Citizenship China
Age 61
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Li Shuirong's net worth of $4.53B 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 majority of Li's net worth is derived from his 52 percent stake of publicly traded Rongsheng Petro Chemical Company, which reported revenue of 45.1 billion yuan ($6.8 billion) in 2016. Li holds the shares directly and through Rongsheng Holding Group, in which he owns a 64 percent stake, according to the company's third quarter report for 2017.

He also has an 18 percent stake in investment company Ningbo United Group, and 7 percent of Yibin Tianyuan Group.

The liabilities included in the calculation are based on an analysis of stock performance, transactions and taxes.

Biography

Birthdate: 7/1956
Family: Unmarried, No children
Education: Zhejiang Sci-Tech University, Graduated

Li was born in Hangzhou, a city in eastern China in 1956. 

In 1989, he was running a timber business when he noticed the price for fabrics soaring in China, and he decided to set up a cloth factory. With eight sewing machines, about 20 employees and 200,000 yuan from selling an early venture in the timber business, he shifted to the textiles, according to a report on the company's website.

The factory had 100 sewing machines by 1995, when competition in the industry sent him to Japan, Australia and New Zealand for ideas on how to manage growth at the company. He added polyester fiber products and petroleum chemicals, establishing the predecessor of his Rongsheng Holding Group.

The group acquired a 29 percent stake of Ningbo United, a Chinese investment company traded in Shanghai, in 2010 for 771 million yuan ($116 million). Its subsidiary Rongsheng Petro Chemical started publicly trading in Shenzhen the same year. The company was added to the MSCI Equity Index in 2017.

Milestones
  • 1989 Starts textile business.
  • 2001 Sales exceed 1 billion yuan.
  • 2007 Acquires stake in Yibin Tianyuan Group, a chemical product maker.
  • 2010 Acquires major stake in publicly traded Ningbo United Group for $116 million.
  • 2010 Rongsheng Petro Chemical starts trading in Shenzhen.
  • 2011 Group revenue exceeds 30 billion yuan ($4.5 billion).
  • 2013 Peltroleum business starts overseas expansion.
  • 2017 Rongsheng Petro Chemical is added to the MSCI Equity Index.