He Xiangjian Biography & Net Worth

Here’s everything that there is to know about the life and biography of Midea Appliances Founder He Xiangjian, one of China’s biggest business tycoons. As already established as a fact over the last decade, the nation of China is one of the world’s biggest consumers of goods and utilizers of services and having a successful business in any sector in the country could prove to be one of the best decisions any businessperson would ever make. Just ask He Xiangjian, a successful entrepreneur who found fame as the owner of Midea Appliances, known to be one of the biggest China appliance centers, and due to his success, his venture has been transformed into one of the biggest companies in the world. Founded in the year 1968, Midea Appliances, a firm based in many countries apart from China, currently boasts of employing around 13500 people. More details follow below.

Early Life

He Xiangjian was born and brought up in Foshan, China. From his childhood days, he always had a great hunger for business. He was still young when he started out in the production of bottle lids and caps with a very limited budget. His date of birth is October 5, 1942.

Professional Life

With just an initial capital of 5000 Yuan, Mr. Xiangjian started his first business, which, from its humble beginning, transformed into a successful company that has grown into a billion dollars venture. He started his plastic bottle business at a young age with very little support, however, it succeeded, thanks to his passion for realizing his dream. Following the success of his first business, he moved into furnished goods and later branched into electrical appliances. Today, his company, Midea Appliances, is one of the biggest appliances makers in China.

Soon after he registered his name as a household name in the Chinese business industry, Mr. He decided to move his business concerns and investments abroad. He began searching for the stocks in different continents, in countries such as Brazil, Chile, Egypt, India, and Argentina. This allowed for another avenue of wealth accumulation, and it propelled Midea into one of the biggest appliances dealing business with companies in the world at the time of the 1990s.

Under the leadership of He Xiangjian, Midea Appliances has grown at a rapid rate, and today, he is regarded as the ninth-wealthiest individual man in all of China. He started out the company in 1968 with the help of villagers in Beijiao, but today, his life has changed, and his business is recognized and acclaimed globally. He stepped down from the business operations of Midea in 2012.

Mr. Xiangjian left the company when it was in dire need of active leadership. Trading of its shares in its main operation, GD Midea, was suspended a few years ago due to a “critical matter” at Midea Group. It was reported that a problem occurred with the merger of the unlisted companies with Shenzhen-listed GD Midea. This was followed by a rough time in the company where the listed company struggled to maximize its profits. Though the net income for the first 9 months of 2012 was up by 4.2 percent to $484 million, the revenue has plummeted by 34 percent to $8.7 billion. Sales of its traditional items like the refrigerator had dropped by 65 percent and its washing machine business went down by 50 percent. The Midea Group controls Hong Kong-listed company Welling Holding. According to the company’s website, its real estate investment arm, Midea Real Estate, has development projects in 10 domestic cities.

Personal Life

Mr. Xiangjian is married and has three children. He is now living in Foshan, the same town where he was born. His son, He Jianfeng, is the current director at the Midea Company.

He is a recognized art collector and the founder of the He Art Museum which is a privately funded non-profit museum developed by Pritzker Prize winner Tadao Ando.

He Xiangjian Net Worth

He Xiangjian has a net worth of $12 billion, earned from the home appliances business he orchestrated with Midea Appliances, a company he founded and led to international recognition and prominence. He is ranked as the 422nd richest person on the planet and has been listed as one of the 5 richest persons in China.

His Midea Appliances is one of China’s biggest privately held makers of electrical appliances headquartered in Shunde, Guangdong. It started as a small workshop for the production of bottle lids and corks in 1968. Since then, Midea has evolved into one of the most successful private companies on the planet. It declared sales revenue of $22.2 billion in 2011, and over $30 a decade later.