Xu Jingren

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This is a Chinese name; the family name is Xu.
Xu Jingren
Born 徐镜人 (Xu Jingren)
1944 (age 71–72)
Jiangsu, China
Residence Taizhou, Jiangsu
Nationality People's Republic of China
Education B.A.
Occupation Pharmaceutical executive, philanthropist
Net worth Decrease US$ 1.9 billion (October 2015)
Children 2
Website http://www.yangzijiang.com

Xu Jingren (Chinese: 徐镜人) born 1944, is the chairman and president of Yangtze River Pharmaceutical Group,[1] National People's Congress delegate and honorary vice-minister in China's Ministry of Health,[2] and co-president of Beijing SL Pharmaceutical, which he founded with nephew Xu Mingbo.[3] Xu has been an outspoken research leader in China, where he has frequently called for labor reform and business regulation.[4] As of 2015, his estimated net worth is USD$1.9 billion,[5] one of four family members to be listed among the world's wealthiest. Co-investor Xu Mingbo was also recognized (USD$1.1 billion).[6][7]

Family[edit]

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.[8] His son Xu Haoyu is the largest private shareholder of China Eastern Airlines, based in Shanghai, China.[9]

Xu's daughter, a biotechnological researcher and practicing physician in the United States, negotiated the sale of majority ownership in research subsidiary ShangPharma,[10] and holds board partnerships in China Telecom[11] as well as the pharmaceutical division of Fosun International Holdings. Her son, Aaron, is currently an undergraduate student in the United States. He retains a minority stake in re-branded ShangPharma/ChemPartner,[12] and in 2015 introduced the group's new research centers in Shanghai and San Francisco alongside CEO Michael Hui.[13][14] Shang also acquired an undisclosed percentage of French resort operator Club Med after funding a portion of the reportedly 80% premium that new owner Fosun International Holdings paid following a protracted bidding war.[15][16][17]

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.[18] Despite this, Xu Jingren and his relatives continue to be mentioned as one of China's top "vampire billionaire" families, with significantly concealed investments designed to keep a low profile in the face of intensive government business and financial regulation.[19][20][21] Unofficial estimates have tabbed their wealth as high as USD$13 billion.

References[edit]

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