Cheng is the vice chairman of Foshan Haitian Flavouring & Food, China’s largest soy sauce maker. The Foshan-based company reported revenue of 25 billion yuan ($3.9 billion) in 2021. The food producer makes more than 300 different condiments including oyster sauce, vinegar, chicken stock and oil.
Cheng Xue's net worth of $5.09B can buy ...
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The majority of Cheng's wealth is derived from her stake in Foshan Haitian Flavouring & Food, China’s largest soy sauce maker. She owns about 13% of the company, according to the company's 2022 third-quarter report. Foshan Haitan makes more than 300 products, according to its website.
Cheng holds the shares directly and through privately-held Guangdong Haitian Holding. The billionaire holds 16% of this Foshan-based holding company, according to its 2021 annual report on China's AIC website. 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 the net worth calculation.
Cheng was born in 1970.
Foshan Sauce Shop was restructured as a limited company and renamed as Foshan Haitian Flavouring & Food in 1995.
Cheng served as Haitian's advertising head in 1997 and became a board director in November 2010, according to company's 2018 annual report.
The company began trading publicly in Shanghai through an initial publicly offering in 2014. The Foshan-based business produces over 300 kinds of sauces and flavoring products annually, according to the company's website.