Yu Yong Biography & Net Worth

Yu Yong Biography & Net Worth

Yu Yong is a billionaire businessman and entrepreneur from the people’s republic of china. He is best recognized for being the founder and leader of Cathay Fortune Corp, a known investor and financier of the Chinese mining company China Molybdenum. Yong appeared on Forbes 2016 list of world billionaires as the 688th richest person alive. His business acumen and wise ways of doing his business can be mentioned as the key properties that helped him attain this level of financial stability and fame. He is undoubtedly one of the richest and most powerful men in China, and this article is dedicated to shedding some light on his life, the nature of his works, and his success story which we have found to be truly remarkable.

Early Life: Childhood, Education

Mr. Yu Yong was born in the People’s Republic of China in the year 1062. His parents were poor Chinese workers who were mainly into sustenance farming and never made enough to cater for Yong and his siblings.

Yong experienced harsh poverty and a lack of anything good in his life during his childhood days and sometimes was only able to feed by picking things on the streets. However, one thing he always had on his mind was to survive through the struggles, survive, and help his family. He never attended any school. He could not make it to college because of funds scarcity. Instead, he channeled his energy into trading petty things and doing the things he could find profits in.

Professional Life: Business Career

Yu Yong started very low in life. With no external support, he managed to surround himself with as much positive energy as he could and found himself doing several menial jobs which were only enough to either put food on his table or be capable of adding little amounts to his savings.

After several years of laboring and saving, Yong founded his first-ever business, Cathay Fortune Corp. The company is focused on a couple of things but is mainly recognized as the major investor and financier of the Hong Kong mining company China Molybdenum Co.

The China Molybdenum company’s mine in Sandaozhuang is said to have one of the largest reserves of molybdenum in the world. It is also said to have the second-largest reserve of tungsten in the world. The company has branches around the world, including in New York and Beijing. It also operates as a subsidiary of the China-Africa Development Fund.

About the Company

Cathay Fortune Corp is a Shanghai-based establishment that was founded by Yu Yong in China. Best described as a domestic private equity firm, the company has 30 offices in Shanghai and 10 in Beijing, with a portfolio that is currently valued in excess of $3 billion. Cathay Fortune invests in middle market businesses in second and third tier cities in China, and focuses on opportunities in both “upstream” and “downstream” of the manufacturing sector.

Cathay Fortune was founded on July 7, 2003, and has its headquarters in Century Boulevard, Pudong, Shanghai. The private company mainly operates in the investment services and portfolio management industries, and equally renders accounting and financial services.

The company describes itself as a private equity establishment that offers investment consulting, asset management, investment management, industrial investment, corporate image planning (except advertising), and technical services.

Personal Life: Wife, Children, Private Interests

Yu Yong is a married man and father. He lives in Shanghai, China, with his wife and their children.

His business life aside, Yong enjoys playing golf and ping pong. He is also an avid football supporter and even dreams of acquiring his own football team in the nearest future.

Because he is somebody that recognizes exactly what it means and feels like to live in abject poverty, Yong tries to take care of poor people to the best of his might. He never hesitates to contribute to charitable causes and also supports philanthropic groups associated with education and health.

Yu Yong Net Worth: Income Sources, Salary, Assets

Yu Yong’s net worth is pegged at $3.1 billion. The Chinese businessman and entrepreneur rose from the bottom and made it to the top after many years of struggling hard to make ends meet. Luck smiled his way when, using the sums he had saved for many years, he founded the Cathay Fortune Corporation, which he currently leads as its administrator. The company is an investor in China Molybdenum, a mining company that can even pass as one of the most successful in the entirety of Asia.