Pang is the chairman of Foshan Haitian Flavouring & Food, China’s largest soy sauce maker. The Foshan-based business had revenue of 19.8 billion yuan ($2.9 billion) in 2019. The company employs about 4,500 people and produces more than 200 different condiments including oyster sauce, vinegar, chicken stock and oil.
Pang Kang's net worth of $23.7B can buy ...
... and is equivalent to ...
The majority of Pang's wealth is derived from his stake in Foshan Haitian Flavouring & Food, China’s largest soy sauce maker. He owns about 32% of the company, according to its 2020 first-quarter report.
Pang holds the shares directly and through privately-held Guangdong Haitian Holding. The billionaire holds 38% of this Foshan-based holding company, according to its 2019 annual report. The holding company isn't valued separately because it doesn't disclose financial results. The fortune is calculated using the value of the publicly traded stakes.
A liability is included based on an analysis of dividend income, insider transactions, taxes and market performance.
Guo Luojiang, a spokesman for Foshan Haitian, declined to comment on Pang's net worth.
Pang Kang was born in Foshan in southern China's Guangdong province in 1958. He studied at Guangzhou University where he earned a bachelor's degree in finance in 1980. Pang joined Foshan Sauce Shop right after graduation and quickly rose through the ranks to become vice chairman by 1982.
Foshan Sauce Shop was restructured as a limited company and renamed as Foshan Haitian Flavouring & Food in 1995. At the time, Pang invested 500,000 yuan and became its biggest shareholder, according to the company's IPO prospectus.
Foshan Haitian began trading on the Shanghai Stock Exchange in February 2014.