Source of Wealth:Steel
Birth Place:Zhangjiagang, Jiangsu Province
Full Name:Shen Wenrong
Date of Birth:1946
Occupation:Chairman and Chief Executive Officer of Shagang Group
About Shen Wenrong
Shen Wenrong is the Chairman and Chief Executive Officer of Shagang Group and he has an estimated net worth of $2.6 billion as of May 2015 according to Forbes. He is also the 80th richest person in China and 1088th in the World Billionaires list.
Born in 1946 in the city of Zhangjiagang, Jiangsu Province, Mr. Shen started earning his net worth of $1.35 billion when he took over a steel company in 1984. He was responsible in reducing the factory’s product lines to focus on steel sashes which resulted to its production reaching 130,000 tons and occupied 60 percent of the domestic market by 1988.
Today, Shagang is the biggest privately-owned steel maker in China. It is also diversifying into investment funds such as the government-backed private equity vehicle GP Capital of Shanghai. In January, the group has set up its headquarters in Singapore in order to promote its overseas business.
In 2012, Shen Wenrong’s wealth slipped as the sluggish steel industry sales in China hurt its profits. Its Shenzhen-listed steelmaking arm Jiangsu Shagang suffered around 95% dive in net profit according to the company’s provisional statement in January.
Mr. Shen’s son, Shen Bin, is the manager of Shagang Group. His brother, Shen Wenming, serves as the director and deputy general manager.