Chen is the chairman of Aier Eye Hospital Group, the first Chinese medical institution to hold an initial public offering. The Changsha-based company has about 720 eye hospitals across 30 cities in China. It's also active in the US and European markets, and reported revenue of 11.9 billion yuan ($1.7 billion) in 2020.
Chen Bang's net worth of $13.3B can buy ...
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The majority of Chen's wealth is derived from a 44% stake in Aier Eye Hospital Group. He holds the shares directly and through Xizang Aier Medical Investment, according to the company's 2021 third-quarter report. Of these, about 8% are pledged, according to a March 30, 2022 company filing, and are removed from the net worth calculation.
Aier Eye Hospital Group has about 720 eye hospitals across China and is the country's first medical institution to hold an initial public offering, according to its website.
The valuation was updated on Aug. 13, 2021 to reflect a higher pledged share count cited in the company's quarterly report and this led to a decrease in the net worth calculation of about $1.2 billion.
The value of his cash holdings is based on an analysis of dividends, insider transactions, taxes and market performance.
Huang Qiang, a spokesperson for the company, declined to comment on the billionaire's net worth.
Chen was in 1965 in Changsha, China. His father encouraged him to join the army when he graduated from high school. Chen spent two years in the military before joining a state-owned company.
In 1986, he quit his job and became a salesperson for a drinks company. He would later sell properties in Hainan province in southern China. Chen's property company went bankrupt when the real estate bubble burst in 1994, and he fell ill because of the pressure.
Chen got the idea to start an ophthalmology hospital from his neighbor who had made a similar investment in Shanghai. Chen's early eye clinics rented space in state-owned hospitals.
He set up his first private hospital in Shenyang in 2000 and the business gradually expanded to more than 30 cities in China. It also operates more than 80 ophthalmic branches in US, Europe and Hong Kong. The company began trading publicly in Shenzhen in 2009.