Early Life and Education
Liu Yongxing, born in June 1948 in Sichuan, China, grew up in a family of farm workers alongside his three brothers, Liu Yongyan, Chen Yuxin, and Liu Yonghao, and his sister, Liu Yonghong. The family faced social challenges due to their background as wealthy landlords prior to the Cultural Revolution. Despite these challenges, Liu pursued education and graduated from Xihua University in 1968.
Personal Life Liu Yongxing is married to a psychologist, and together they have one child. The family resides in Shanghai, China.
Career Beginnings
In the late 1970s, Liu and his brothers ventured into the electronics industry by founding a company that ultimately closed due to the political climate, which viewed such enterprises as overly capitalistic. Undeterred, the brothers pivoted to agribusiness in 1982, pooling their resources to start the Hope Group. The company initially focused on raising quail and hatching chickens in Sichuan Province and later expanded to establish the Hope Research Center for animal feeds in 1986.
Formation of East Hope Group
In 1995, the Hope Group split into four separate entities: West Hope Group, New Hope Group, Continental Hope Group, and East Hope Group. Liu Yongxing retained parts of the agricultural business and expanded into the heavy chemical and aluminum industries. This led to the foundation of East Hope Group, which has grown to become one of the largest aluminum producers in the world. By 1999, Liu had relocated the headquarters of East Hope to Shanghai.
Challenges and Achievements
Liu Yongxing has faced criticism regarding environmental pollution from East Hope’s factories. Despite his claims of adhering to stringent environmental standards, the company has been penalized multiple times for exceeding emission caps. In response to environmental concerns, significant funds have been allocated to upgrade environmental protection facilities, and innovative waste disposal technologies have been implemented.
Notable Incidents
In December 2016, a tragic accident occurred at East Hope’s Sanmenxia plant, where a red mud reservoir failure resulted in two fatalities. Earlier inspections had deemed the facilities compliant with safety standards, and as of yet, the company has not faced major repercussions for the incident.
Recognition and Wealth
Liu Yongxing’s contributions to China’s economy have earned him prestigious awards, including the “2001 CCTV Top 10 China’s Economic Leaders” and the “Sohu 2001 Top 10 Financial Leaders.” He is recognized as one of the richest individuals in China, with a net worth placing him high on Forbes’ China Rich List and Bloomberg’s Billionaires Index. His brothers also share similar success, each leading their own prosperous companies.
Positions and Influence
Liu Yongxing serves as the founder, chairman, and CEO of East Hope Group. He holds honorary and academic positions, including honorary president of the Shanghai Chamber of Commerce in Sichuan and part-time professor at China Agricultural University. He is also an MBA lecturer and a member of the Standing Committee of the Chinese People’s Political Consultative Conference (CPPCC).
Liu Yongxing’s journey from a challenging upbringing to becoming a prominent business magnate exemplifies resilience and strategic vision, marking significant contributions to China’s industrial and economic landscape.
