- 2 Jun, 23
Liu Yongxing 101: A Famous Chinese Businessman
In our article titled “Liu Yongxing 101: Who is the Famous Chinese Businessman?” on Zatrun.com, we will provide a detailed overview of everything you need to know about Liu Yongxing, the renowned Chinese businessman, which our readers have been curious about.
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Who is Liu Yongxing?
Yongxing, born in June 1948, is a Chinese businessman. He is the founder, chairman, and CEO of East Hope Group, a Chinese company that operates in agricultural enterprises, chemical and non-ferrous metal industries. Additionally, he serves as the honorary chairman of the Shanghai Chamber of Commerce in Sichuan, a part-time professor at China Agricultural University, an MBA teacher, and a member of the CPPCC Standing Committee.
Liu Yongxing was born in Sichuan, China and has three brothers named Liu Yongyan (刘永言), Chen Yuxin (陈育新), and Liu Yonghao (刘永好), and a sister named Liu Yonghong (刘永红). His family started as low-status agricultural workers before the Cultural Revolution, as their family owned wealthy land. He graduated from Xihua University in 1968. Liu’s wife is a psychologist and they have a child. Liu resides in Shanghai.
In the late 1970s, Liu Yongxing and his brothers founded an electronics company that had to shut down shortly after because they were seen as “too capitalist”. In 1982, Liu Yongxing and his three brothers saved up 1,000 RMB and founded a company called “Hope Group” in Sichuan Province, which specialized in quail breeding and chicken farming. They also established the Hope Research Center for animal feed in 1986.
In 1995, the Hope Group split into four separate companies among the brothers: West Hope Group (Chen Yuxin), New Hope Group (Liu Yonghai), and Continental Hope Group (Liu Yongyan). Liu Yongxing retained some of the agricultural business and eventually got involved in the heavy chemicals and aluminum industry, leading to the establishment of today’s East Hope Group, one of the largest aluminum producers worldwide. In 1999, Liu Yongxing moved East Hope’s headquarters to Shanghai, China. In 2002, he started his business in the aluminum industry.
In August 2016, Chinese news site Sohu published a profile on Liu Yongxing discussing his approach and methods to business. In response to criticisms of environmental pollution caused by East Hope factories, the article quotes Liu as saying, “In the heavy chemical industry, environmental issues are a common risk, so I do everything according to the strictest standards.” However, East Hope Group was penalized in 2014, 2015, and 2016 for exceeding SO2, NOx, and dust emission limits at its facilities in Shandong, Xinjiang, Henan, and Inner Mongolia. The penalties included fines, production suspensions, and technical upgrades.
In 2015, East Hope’s Baotou plant received 4.2 billion yuan in funding to upgrade its environmental protection facilities. Additionally, the solid waste incinerator at one of the company’s cement plants was recognized as innovative by Chinese authorities, according to East Hope sources. On December 15, 2016, two people died when a red mud reservoir at East Hope’s Sanmenxia facility burst. Four months prior to the accident, another red mud leak occurred in the province, and local authorities had conducted safety inspections at East Hope facilities and confirmed full compliance. There have been no reports of any sanctions against the company as a result of the accident.
Liu Yongxing is one of China’s richest individuals. He ranks 18th on Forbes China Rich List with a net worth of $6.6 billion and is also considered the wealthiest resident of Shanghai. He is ranked 93rd worldwide on Bloomberg’s Billionaires Index with a net worth of $12.3 billion.
His brothers are also business owners and billionaires in their own right. In 2002, Liu Yongxing was awarded the “2001 CCTV Top 10 Chinese Economic Leaders” and also received the “Sohu 2001 Top 10 Financial Leaders” award.