Wang is the founder and chairman of ENN Group, a closely held energy company in China. The Langfang-based group has three publicly-traded subsidiaries and provides natural gas to more than 150 Chinese cities. Its main subsidiary ENN Energy Holding reported revenue of 93 billion yuan ($14.4 billion) in 2021.
Wang Yusuo's net worth of $6.73B can buy ...
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The majority of Wang's fortune is derived from his 33% stake in ENN Energy Holdings, a Chinese natural gas distributor. He controls the shares through ENN Group International Investment, which is owned by Wang and his wife respectively, according to a February 2022 Hong Kong stock exchange filing. Wang is attributed all shares held by his wife in this analysis to reflect his status as chairman and founder.
Wang owns a 70% stake in publicly traded ENN Natural Gas, according to a June 20, 2022 filing. He also has a 41% stake in ENN Digital Technology, according to the company's 2022 first-quarter report. The shares are held through a series of holding companies with his wife and pledged shares in both subsidiaries are removed from the calculation.
He also controls all of Excellence Award Holding Company through ENN Group International Investment. He has agreed to sell his family's stake in the company to publicly traded company ENN Energy Holdings in exchange for shares, according to a 2018 filing. The company is valued at $385 million, based on the transaction price.
A liability is included based on an analysis of insider transactions, market performance and taxes.
The company didn't respond to emails seeking comments on the billionaire's net worth.
Born in 1964 in Langfang, China, Wang failed his national examination for university three times before selling cooking oil and beer in his early twenties. He also started a cab business before quitting three years later.
Wang saw an opportunity in the liquefied gas sector when the Chinese government opened the door for private companies to invest in the industry in 1986. He established ENN in 1992, and helped Langfang to construct gas pipelines. The company acquired the exclusive rights for urban natural gas pipelines in 1995, and expanded the business in other cities in the following years, according to the company's website.
The group operates the largest private liquefied natural gas networks in China, and it acquired a $750 million stake in Australian gas producer Santos in 2016.