Zhang is the chairman of Huali Industrial Group, a sports footwear manufacturer in China. The Zhongshan-based business reported revenue of 17.4 billion yuan ($2.7 billion) in 2021. Its clients include Nike, Converse, Puma and Columbia. It produces over 180 million pairs of shoes annually with more than 100,000 employees.
Zhang Congyuan's net worth of $8.82B can buy ...
... and is equivalent to ...
Zhang's fortune is derived from his 87% stake in Huali Industrial Group, a sports footwear manufacturer in China. The Zhongshan-based business reported revenue of 17.4 billion yuan ($2.7 billion) in 2021. Its clients include Nike, Converse, Puma and Columbia. It produces over 180 million pairs of footwear annually with more than 100,000 employees, according to the company's website.
Zhang owns the stake with his wife and children, through one onshore and one offshore holding company, according to the company's 2021 initial public offering prospectus and the company's annual report for the same year. The shares held by his wife and three children are credited to him to reflect his status as chairman of the group.
A liability is applied based on an analysis of stock performance, historical transactions and tax.
Li Rong, a representative of the company, didn't respond to Bloomberg's request on comment.
Zhang started his career in the sportswear business in the 1970s in Taiwan and China, and founded Liangxing Industrial with several partners in 1990, according to Huali's IPO prospectus.
Liangxing Group started public trading in Hong Kong in 1995 and was later renamed Symphony Holdings. Zhang served as a director of the company for about a decade until 2014.
Zhang and his family bought assets from Symphony for about HK$436 million ($56 million) in March 2014 and started to develop Huali. The business expanded quickly since and became the largest supplier to international brands including Converse, Vans and Puma.
Huali started trading publicly trading in Shenzhen in April 2021.