He Xiangjian Net Worth $9 Billion
Midea co-founder He Xiangjian comes with an estimated net worth of $9 billion as of February 2015, in accordance with Bloomberg’s list of billionaires. In the China Rich List, he is ranked 18th and the 437th in the listing of World Billionaires. Mr. He Xiangjian has gathered his estimated net worth of $6.2 billion when he co-founded Midea, one of China’s biggest privately held makers of electric appliances based in Shunde, Guangdong. It started as a workshop for the creation of bottle lids in 1968. Since that time, he’s turned Midea into one of the most successful private companies in China. It features a declared sales revenue of $22.2 billion in 2011. Xiangjian left the business when it badly wanted an active direction. Trading of its shares in its main business, GD Midea, was suspended since August 27 due to a “vital matter” at Midea Group. It is reported that a problem has occurred with the merger of the unlisted companies with Shenzhen-listed GD Midea. This is followed with a tough time in the business where the listed operation has fought to improve its gains. Though the net income for the first nine months of 2012 was up by 4.2% to $484 million, the revenue has dropped by 34% to $8.7 billion. Sales of its traditional things like the refrigerator had dropped by 65%. Its profits’ machine business was down by 50%. On January 28, GD Midea said that its shares will resume trading by the end of March. Midea Group controls the Hong Kong-listed Welling Holding. As stated by the business’s site, its Midea Real Estate has development jobs in seven domestic cities. The company’s website’s foreign business associates include Carrier, a component of United Technologies.