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 more than 200 eye hospitals across 30 cities in China. It's also active in the U.S. and European markets, and reported revenue of 8 billion yuan ($1.2 billion) in 2018.
Chen Bang's net worth of $7.01B can buy ...
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The majority of Chen's wealth is derived from a 47% stake in Aier Eye Hospital Group. He holds the shares directly and through Xizang Aier Medical Investment, according to the company's 2019 third-quarter report. About 20% of his stake is pledged and excluded from the net worth calculation based on a company disclosure dated Nov. 13, 2019.
Aier Eye Hospital Group has more than 200 eye hospitals across 30 cities in China and is the country's first medical institution to hold an initial public offering, according to its website.
The valuation was updated on Dec. 3, 2019 to reflect a lower pledged share count and this led to an increase in the net worth calculation of about $700 million.
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 U.S., Europe and Hong Kong. The company began trading publicly in Shenzhen in 2009.