He Xiangjian Biography
He Xiangjian is a Chinese businessman and co-founder of Midea, one of China’s leading appliance manufacturers. During his tenure as CEO, Midea Group grew to become one of the world’s largest appliance manufacturers.
He Xiangjian Age
He is 80 years old as of 5 October 2022. He was born in 1942 in Shunde District, Foshan, China.
He Xiangjian Wife – Son- Daughter
He is married with three children and resides in Foshan’s Junlan International Golf Life Village, a Midea Real Estate Group-developed villa neighborhood. Jianfeng, his son, managed to flee and alerted the authorities, who rescued him. Five suspects were apprehended by local police.
He Xiangjian Midea Group
The majority of He’s fortune comes from his 30 percent interest in Midea Group, a household products manufacturer based in Fosun, China, that trades on the Shenzhen Stock Exchange. According to its website, Midea is China’s largest air conditioner exporter. In September 2013, the company went public after merging with GD Midea, a publicly traded subsidiary. According to the company’s 2021 third-quarter report, he owns the shares both directly and through the closely held Midea Holding. Midea Holding does not report financial performance and is not evaluated separately; the wealth is based on the value of publicly listed holdings.
According to the third-quarter report, Midea Holding owns the majority of its stock. On Dec. 3, 2019, the valuation was modified to reflect a decrease in pledged shares, resulting in a $2.5 billion rise in the net worth calculation. According to the filing, about 8% of his stock is still committed after the reduction. He also owns a 79 percent share in Midea Real Estate Holding, a Hong Kong-based property management company that has been publicly traded since October 2018. According to the company’s semi-annual 2021 report, he owns the interest through his daughter-in-law Lu Deyan, who owns the shares through three holding companies. To represent his status as the company’s creator, the stake is credited to him.
Dividends, insider trades, market performance, and taxes determine the value of his cash investments. The company’s spokeswoman, Jiang Peng, declined to comment on He’s net worth. Midea developed a more diverse product line throughout the next decade, including refrigerators and microwave ovens, which were popular among Chinese homes. In 2009, he stepped down as chairman of GD Midea and sold a portion of his stock to institutional investors, clearing the path for his retirement the following year. After He Xiangjian retired in August 2012, Fang Hongbo, a Midea veteran, was named chairman of the group. He Jianfeng, the company’s son, is a director.
Since then, the demand for appliances has surged. According to papers with the Shenzhen stock exchange, Midea Group, whose businesses range from selling appliances to providing logistical services, took its unit private as part of plans to list the company. On September 18, 2013, the Midea Group went public in Shenzhen. He communicates in Cantonese, a Guangdong dialect. Because he is not fluent in Mandarin, the official national language, he rarely talks publicly or accepts interviews.
He Xiangjian Net Worth
He has an estimated net worth of 25.9 billion. His net worth was assessed to be $28.8 billion by the Bloomberg Billionaires Index.