Qiu Guanghe is the founder and chairman of Zhejiang Semir Garment Co., Ltd. who has an estimated net worth of $4 billion as of April 2016 according to Forbes. In the “China Rich List,” he is the 37th richest person. He is ranked 704th in the list of World Billionaires.

In the past year, Mr. Qiu has lost $2.1 billion of his net worth from the apparel retailer due to the slowing growth in the Chinese consumer spending. Zhejiang Semir Garment is currently working with the government-controlled China Resources Land on MIXC. It is an $800 million commercial and residential real estate project based in Wenzhou.

In June 2012, his son-in-law, Zhou Pingfan, took over as the president of Semir after replacing his son, Qiu Jiangjang who currently serves as the vice chairman. In the same month, the firm announced that it would set up a new firm called Shanghai Semir Investment. It will buy stakes in apparel companies with growth potential.

On December 18, 1996, Semir Group was founded. It now has two online branded services – Semir and Balabala. Semir was created in 1998 and was intended for casual clothing while Balabala was introduced in 2002 as China’s urbanites for children’s clothing.