Name: Pan Zhengmin
Date of birth: 1969
Education: Jiangsu Province Wujin Teacher School
Type of business: Shenzhen AAC technologies
Main achievements: Pan has been listed among the world’s wealthiest people once. His net worth is around US $3.1 billion.
Smth interesting about the person: He started Shenzhen AAC technologies with his wife, Ingrid Chunyuan Wu, in the year 1993.
Pan Zhengmin was born in Jiangsu province in the year 1969. For his education, he went to Jiangsu province, Wujin School and graduated from there in the year 1987. He was a math teacher for some time. Pan is married to Ingrid Wu. She was working as a nurse in a hospital at that time. Pan’s father was running a small business on his own, which made speakers for electronic devices as well as alarm clocks.
Although, he got trained for teaching, Pan realized that he was not made for teaching. At this time, electronic gadgets were gaining currency around the world, and the competition was increasing. Having a business mind, Pan observed that he could have success in this kind of business. Pan founded Shenzhen AAC technologies in the year 1993 with his wife, Ingrid Chunyuan Wu. They first started their business by creating small auditory gadgets. In 1998, AAC technologies made its first contract with Motorola, which is now a huge worldwide known company.
For the next five years, AAC mostly focused on the mobile phone industry, and because of that, their customer base grew in no time. AAC technologies inc. It provides solutions to give users the best mobile phone experiences, not only in China but internationally as well. The organization works through mechanical components of mobile phones, dynamic and electromagnetic drives, etc. It examines, creates, and sells auditory items, electronic parts, and other products related to mobile phones and other gadgets. The organization’s items incorporate scaled-down collectors, speakers, and optics, RF radio wires, conventional amplifiers, and headsets.
AAC technologies started getting a lot of attention from the big companies in the world, including Sony Ericson and Apple. At the time, ten phones were sold, in which 4 of them had AAC’s speakers. Even though they had a high position in the market at that time, but most people still did not know about it as they were making their product for other companies. In 2005, AAC technologies went public in Hong Kong, and its net worth was US $386 billion.
It has never bothered Pan much if people knew about him or his company. His main goal has always been to provide the best technology to his customers. Pan has been listed 680th on Forbes world’s richest people list in 2020. He is the 83rd richest Chinese and 32nd richest in technology.
AAC technologies have over 200 franchises, which is the most number for any speaker company. That is somewhat an aftereffect of putting resources into its own innovative work, yet additionally in view of the organization’s association with funding firms, which have helped it to recognize other small businesses with new advancements. For now, AAC’s fairly estimated worth currently remains at HK$46 billion. Joe Kuen Mok is the highest-paid employee of AAC technologies, which is $7,994,000.
Today, Pan is the CEO and executive director of his company AAC technologies. He oversees most part of his company, including the HR department, the finances of his company, and quality assurance. In addition to that, he is a great leader for his company and provides strategic opportunities and plans for his business. Starting this business with his wife was the best decision he ever took. The success he got from this business, he could have never gotten it from teaching. Pan went out of his comfort zone and started a small scale business, which is now one of the leading businesses in the world.