Tang Xiuguo Net Worth $1.1 Billion
Chinese businessman Tang Xiuguo is the co-founder of Sany and he’s an estimated net worth of $1.1 billion as of March 2013 according to Forbes. Along with Liang Wengen, Mao Zhongwu and Yuan Jinhua, he founded Lianyuan Welding Material Ltd. with a capital of sixty thousand yuans in the town of Moatang, the county-level city of Linyuan. It was formally renamed Sany Group Co. Ltd. in 1991, and its headquarters were formally moved to Changsha. With his estimated net worth of $1.1 billion, Mr. Tang is the 92nd most affluent person in China and is ranked 1268th in the World Billionaires list. He’s one among the four executives (Wengen, Zhongwu and Xiang Wenbo) of the equipment manufacturing company who made it to the list in 2013. A year ago, his bundle was down due to a drop in the stock prices of domestically traded main, Sany Heavy Industry, and its Hong Kong-listed coal equipment manufacturer Sany Heavy Equipment International. In September, the company suffered a setback following the U.S. rejected a Sany-backed application to build a wind farm next to a US military base in Oregon. Together, they purchased Putzmeister, certainly one of the greatest concrete pump makers in the world, in a deal worth $475 million. In December, Sany moved its headquarters from Changsa to Beijing, a measure to facilitate its international increase.