Luo is the founder and chairman of Hoshine Silicon Industry, a Chinese manufacturer of silicon products. The Zhejiang-based company produces about 800,000 tons of industrial silicon annually. Hoshine Silicon Industry also has an energy division and reported revenue of 21.3 billion yuan ($3.3 billion) in 2021.
Luo Liguo's net worth of $12.8B can buy ...
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Luo's fortune is derived from his stake in Hoshine Silicon Industry. The Zhejiang-based company produces about 800,000 tons of industrial silicon annually, according to the company's website.
Luo owns about 76% of Hoshine Silicon through holding company Hoshine Group and his children, according to a June 2, 2022 filing. About one-quarter of his shares are pledged, according to the June 2022 filing, and are excluded from the net worth calculation.
The cash calculation is based on dividends, insider transaction, taxes and market performance.
Gong Liping, a company spokesperson, didn't respond to a request for comment on Luo's wealth.
Luo was born in Zhejiang, China in March 1956 and started his career as a supervisor at a state-owned factory in 1979 and later promoted to department head by 1989. He held various roles at different companies between 1989 and 2001, including a real estate group.
He founded Hoshine Group in 1989 and started the silicon business in 2005, according to company's website. It started trading publicly trading on the Shanghai Stock Exchange in 2017.
He has a daughter and son, who have served as vice chairman and assistant to Hoshine Silicon's chairman, respectively.