Forbes Asia - November 2016

97. Wu Liangding
    $2.3 BILLION Ì
    SOURCE: REAL ESTATE
    AGE: 43. MARRIED, 2 CHILDREN
    RESIDENCE: WUHAN
    His Wanfeng Auto Holdings Group controls
    Zhejiang Wanfeng Auto Wheel, Asia’s largest
    aluminum-alloy wheel manufacturer, whose
    shares have soared 40% in the past year. Its
    Meridian Lightweight Technology unit is a
    supplier to Tesla, Ford and others. Wu’s Rifa
    Holding Group controls Shenzhen-listed Rifa
    Precision Machinery.


98. Shen Guojun
    $2.3 BILLION T
    SOURCE: RETAIL
    AGE: 54. MARRIED
    RESIDENCE: BEIJING
    Investor Shen owns a stake in retailer Intime,
    as well as stakes in Yintai Resources, a mining
    company, and Metro Land, a real estate business.


99. Xue Xiangdong
    $2.28 BILLION S
    SOURCE: SOFTWARE
    AGE: 57. MARRIED
    RESIDENCE: BEIJING
    Xue chairs Shenzhen-listed DHC Software,
    which makes software for industrial applications.
    Xue worked at a state-owned company after
    graduation but quit in 1992 to become a
    representative in China for a Canadian software
    firm.

C

hina is often imagined as an

endless market for secu-

rity equipment, given its

economic expansion, huge popula-

tion and the nature of its one-party

government. Yet competition in

the industry is ferocious. Zhejiang

Dahua Technology, China’s second-

largest supplier of surveillance

ware, is holding up well in 2016,

with a 15%TK increase in its stock

price this year resulting from 40%-

plus gains in profits and sales in

the first half and healthy expecta-

tions. Chairman Fu Liquan (No. 68)

has an estimated net worth of $2.9

billion, up from $2.8 billion just a

year ago.

Fu graduated from Zhejiang

Shuren University with a degree

in radio engineering in 1989. He

worked at a small equipment plant

and, in the spirit of that entrepre-

neurial province, started his own factory in 1993. Fu and

his wife, Chen Ailing, founded the predecessor company

of Dahua in 2001 with $60,000, according to the com-

pany. They sold their house and borrowed to start the

business. Chen now serves as a

board member, while Fu works as

the chairman and president of the

company..

Dahua has benefited from

orders from government agen-

cies at home; that helped to fuel

revenues of $742 million in the six

months to June. Yet overseas sales

increased by 33% in the first half of

the year to $278 million. Dahua’s

top seller is a high-end-camera

and video-product line that ac-

counts for half of sales. Demand

comes from the growing market

for hardware that brings the

Internet of Things to life: security

cameras are part of remotely-

accessible baby monitors, home

protection devices and more.

Fu isn’t the only listee to earn

a fortune in surveillance: Gong

Hongjia (No. 28), vice chairman of

China’s No. 1 supplier Hikvision Digital Technologies, is

worth an estimated $5.4 billion, up $200 million from last

year. Dahua thus has been an outperformer in the past 12

months. —R.F.

RISING FACES

The Wages of Snooping

Fu Liquan

AS THE LEADING SWISS PRIVATE BANKING GROUP WE ARE

PRESENT IN MORE THAN 2 COUNTRIES AND SOME 0

LOCATIONS WORLDWIDE.