Xu Jingren

Xu Jingren
Born 徐镜人 (Xu Jingren)
1944 (age 73–74)
Jiangsu, China
Residence Taizhou, Jiangsu
Nationality People's Republic of China
Education B.A.
Occupation Pharmaceutical executive, philanthropist
Net worth Decrease USD$4.6 billion (October 2018)[1]
Children 2

Xu Jingren (Chinese: 徐镜人) born 1944, is the chairman and president of Yangtze River Pharmaceutical Group,[2] National People's Congress delegate and honorary vice-minister in China's Ministry of Health,[3] and co-president of Beijing SL Pharmaceutical, which he founded with nephew Xu Mingbo.[4] Xu has been an outspoken research leader in China, where he has frequently called for labor reform and business regulation.[5] As of 2018, his estimated net worth is USD$3.5 billion,[6] one of four family members to be listed among the world's wealthiest. Co-investor Xu Mingbo was also recognized (USD$1.1 billion).[7][8]

Family

The Xu family are prominent investors in diversified industries. In addition to controlling stakes in Yangtze River Pharmaceutical Group and Beijing SL Pharmaceuticals, Jingren chairs YRPG's 22 subsidiaries across Southeast Asia.[9] His son Xu Haoyu is the largest private shareholder of China Eastern Airlines, based in Shanghai, China.[10]

Xu's daughter, a pharmaceutical investor in the United States, negotiated the sale of majority ownership in research subsidiary ShangPharma,[11] and holds board partnerships in China Telecom[12] as well as Fosun Pharmaceutical. Her son Aaron Shang resides in Zürich and is currently a postgraduate student in the United States. He retains a minority stake in re-branded ShangPharma/ChemPartner,[13] and in 2015 introduced the group's new research centers in Shanghai and San Francisco alongside CEO Michael Hui.[14][15] Shang also acquired an undisclosed percentage of French resort operator Club Med after funding a portion of the reportedly 80% premium that incoming owner Fosun International paid following a protracted bidding war.[16][17][18]

The family were noted victims of the 2015 Chinese stock market crash, during which they lost approximately 40% of their previously estimated USD$8 billion combined net worth.[19] Despite this, Xu Jingren and his relatives continue to be mentioned as one of China's top "vampire billionaire" families with majority investments abroad.[20][21][22]

References

  1. ↑ "Xu Jingren". Forbes.com. Retrieved 5 October 2018.
  2. ↑ "Company Overview of Jiangsu Yangtze River Pharmaceutical Group Company Ltd". Bloomberg.com/. Bloomberg Business.
  3. ↑ "YRPG's Chairman Xu Jingren was elected deputy of the 12th National People's Congress". Yangzijiangcom. Yangtze River Pharmaceutical Group. Archived from the original on October 8, 2015.
  4. ↑ "Company Profile". cphi-online.com/. UBM. Retrieved 22 October 2015.
  5. ↑ "Deputy: cost cutting affects public health". Npc.gov.cn. NPC.
  6. ↑ "Xu Jingren Net Worth". Forbes.com. Forbes Magazine.
  7. ↑ "Xu Jingren and Family". billionaires-data-base.silk.co. Billionaires Database International.
  8. ↑ Chen, Maggie. "Beijing SL Pharmaceutical Chairman Xu Mingbo Joins Ranks Of World's Billionaires". Forbes.com. Forbes Magazine.
  9. ↑ "About YRPG". Web.archive.org. Yangtze River Pharmaceutical Group. Archived from the original on October 8, 2015. Retrieved 4 February 2015.
  10. ↑ "China Eastern Airlines Co. Ltd. - Company Profile, Information, Business Description, History, Background Information on China Eastern Airlines Co. Ltd". Reference for Business. Advameg Inc.
  11. ↑ "ShangPharma CEO offers to take co private". Reuters.com. Reuters.
  12. ↑ "Corporate Governance". Chinamobileltd.com/. China Mobile. Retrieved 22 October 2015.
  13. ↑ "About Us". Shangpharma.com/. AAAALAC International. Retrieved 22 October 2015.
  14. ↑ "ChemPartner Announces Opening of San Francisco Research Facility". Prnewswire.com/. UBM, plc. Retrieved 22 October 2015.
  15. ↑ "ShangPharma and Qidong Biopharma Industrial Zone sign an agreement for a 60 million USD investment in China". Shangpharma.com. AAALAC International. Retrieved 22 October 2015.
  16. ↑ "How the Club Med Bidding War Was Waged". Wsj.com. The Wall Street Journal. Retrieved 22 October 2015.
  17. ↑ "Italian Businessman Backs Down in Bidding War for Club Med". Wsj.com. The Wall Street Journal. Retrieved 22 October 2015.
  18. ↑ "Chinese Group Raises Stakes in Club Med Bidding War". Nytimes.com. The New York Times. Retrieved 22 October 2015.
  19. ↑ "China's Richest Billionaires Lost $195 Billion In One Month Amid Stock Market Rout". Forbes.com. Forbes Investing. Retrieved 22 October 2015.
  20. ↑ Lu Stout, Kristie. "Meet China's 1%: The billionaires in Beijing's halls of power". edition.cnn.com/. CNN. Retrieved 22 October 2015.
  21. ↑ Hoogewerf, Richard. "Who are China's 'vampire' billionaires?". money.cnn.com/. CNN. Retrieved 22 October 2015.
  22. ↑ Branigan, Tania. "Politburo, army, casinos: China's corruption crackdown spreads". Theguardian.com. The Guardian UK. Retrieved 22 October 2015.
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