Source of Wealth:Manufacturing
Occupation:Co-Founder of Sany
Education:Central South University
Chinese businessman Tang Xiuguo is the co-founder of Sany and he has an estimated net worth of $1.1 billion as of March 2013 according to Forbes. Along with Liang Wengen, Mao Zhongwu and Yuan Jinhua, he founded Lianyuan Welding Material Ltd. with a capital of sixty thousand yuans in the town of Moatang, the county-level city of Linyuan. It was officially renamed Sany Group Co. Ltd. in 1991, and its headquarters were officially moved to Changsha.
With his estimated net worth of $1.1 billion, Mr. Tang is the 92nd richest person in China and is ranked 1268th in the World Billionaires list. He is one of the four executives (Wengen, Zhongwu and Xiang Wenbo) of the equipment manufacturing company who made it to the list in 2013. A year ago, his fortune was down due to a drop in the stock prices of domestically traded flagship, Sany Heavy Industry, and its Hong Kong-listed coal equipment maker Sany Heavy Equipment International.
In September, the company suffered a setback after the U.S. rejected a Sany-backed application to build a wind farm next to a US military base in Oregon. With the trade barriers in the US, it transferred to Germany, where it successfully teamed up with CITIC Private Equity Advisors of China. Together, they purchased Putzmeister, one of the largest concrete pump manufacturers in the world, in a deal worth $475 million. In December, Sany moved its headquarters from Changsa to Beijing, a step to facilitate its international growth.
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