Yao Zhenhua

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Name: Yao Zhenhua

Country: People’s Republic of China

Date of birth: 1970

Education: South China University of technology

Type of business: Chairman of Baoneng group

Main achievements: Yao Zhenhua founded the Baoneng group in 1992. This retailing company now has over 40 shopping malls only in China. It also works for healthcare, logistics, and insurance. His net worth is around the US $5.8 billion. 

Smth interesting about the person: He was the fourth richest man of China in 2017.

Biography:

Yao Zhenhua was born in Shantou, a city in the People’s Republic of China located on the eastern coast of Guangdong, in the year 1970. Yao got his early education from a local school in Shantou. For higher education, he went to South China University of technology and graduated in the year 1992. After graduating, he started working for Shenzhen state firm. Working under someone else’s supervision never really satisfied him, so he started his own trading business in the year 1992. In no time the company became one of the top retailers in Shenzhen’s vegetable market. 

The company was expanded into other business areas such as real estate, insurance, property, logistics, and healthcare, etc. in the year 2000 and was renamed as Baoneng group. Baoneng group’s headquarters are located in Shenzhen. Baoneng Group took a controlling stake in Shenzhen of a state-owned organization that was deep into monetary trouble. Yao Zhenhua got his hands on cheap land because of Baoneng’s investments, which allowed Yao to build profitable as well as private real estate projects. 

Baoneng group launched Shenzhen Taikoo city, a name inspired by a British trading company located in Hong Kong, in the year 2005. This firm was built into a very successful private business complex. 

The China insurance regulatory commission issued a license for Yao Zhenhua to build Foresea insurance in 2012. This insurance allowed the company to get more financial capital even though Yao wasn’t satisfied with his present rank as a Shenzhen producer.

By the mid of 2015, the Baoneng group started gobbling up shares in Vanke company, which is the most significant private property company in China. There was a time when Baoneng group had a share of more than twenty – five percent of Vanke Company’s stock and tried to take over that company, and it is still one of China’s most significant fights and is talked about the most by local media. CIRC, which is China’s financial regulator, suspended the sales of Foresee insurance, and Yao Zhenhua was banned from the insurance industry in the year 2017 for ten years.

Yao hasn’t depicted any profound respect for Li Ka-Shing in broad daylight; however, he shares a large number of the strategic policies of his companion Shantou local.

Baoneng investment group Co., Ltd. has over 1000 employees and the sales generated by the company are around the US $256.58 million. Baoneng group has thirty companies under its corporate family tree. 

Baoneng Company also has a 63% share in an automobile company known as Qoros, a 25% share in Cherry Autohas Company, and 12% shareholding with Kenon holdings. 

Currently, the Baoneng group is a significant shareholder of Baocheng share, and Shenzhen Zhenye shares with legal operations and company strength. The business is also spread to almost 28 cities across China.

Baoneng Group introduces its three major real estate projects in 2018, namely; Guiyang Baoneng Intelligent City, Baoneng Zhengzhou Center and Baoneng Danxia Cultural Tourism City. These projects were presented in New York Times square screens. 

Yao is ranked 274 on the Forbes list of billionaires in 2020. He has also been listed 52 in China’s most abundant list in the year 2019 by Forbes. Before Yao got banned from the investment industry, he was ranked the fourth most precious person in China, but because of the Vanke incident, his rank dropped. Yao currently lives in Shenzhen, China, with his family. 

Links:

https://www.forbes.com/profile/yao-zhenhua/#5934ec5c41e6
https://en.wikipedia.org/wiki/Baoneng_Group