# 221 Xu Shihui $8.50B

The majority of Xu's fortune is derived from his stake in Dali Foods Group, a publicly traded food and beverage maker. Xu and his family trust own 85% of the company, according to the company's 2019 semi-annual report. Dalian Foods has 18 subsidiaries in 16 provinces and 30 food and production bases across mainland China, according to its website.

Xu holds 42% of Dali through British Virgin Islands-based holding company Divine Foods 1, and the other 43% owned by Xu's Family Trust. Xu is credited with the entire 85% stake to reflect his status as founder of the company and his strategic and operational control of the business.

The value of his cash investments is based on an analysis of these proceeds, as well as taxes and market performance.

Andrew Fan, spokesman of Daili Foods, declined to comment on the billionaire's net worth.

Xu Shihui was born in China's Fujian province in 1958. He did not attend college. Xu worked as head of the Hui'an Succade Factory from 1987 to 1989, according to the Dali Foods Group 2015 annual report.

Xu started his food company Hui'an Meili Minzheng Food Factory in 1989, and three years later was elected to be the legal representative of Meili Food, which he and family members bought in 2000. Xu expanded the business to cover six categories, including pastries, herbal teas and energy drinks. Dali is the largest producer of breads, cakes and pastries in China, according to its IPO prospectus. The company began trading on the Hong Kong stock exchange in November 2015.

Xu's daughter, Xu Yangyang, is a vice president and executive director at Dali Foods Group. His son, Xu Liangliang, died in a car accident in 2012 at age 27.