Bloomberg Billionaires Index

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# 219 Lu Zhongfang $7.48B

Random fact: The company started trading on the stock exchange through a reverse merger.

Overview

Lu is the largest shareholder of Offcn Education Technology, an education company that services more than 1.4 million students each year. The Beijing-based business provides training to civil servants, teachers and others across more than 300 cities in China. It reported revenue of 6.2 billion yuan ($940 million) in 2018.

As of :
Last change -$19.1M ( -0.3%)
YTD change +$4.77B ( +176.1%)
Industry Services
Biggest asset 002607 CH Equity
Citizenship China
Age 76
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Lu Zhongfang's net worth of $7.48B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Lu's fortune is derived from her 42 percent stake in Offcn Education Technology, a tutoring service firm publicly traded in Shenzhen. The Beijing-based company trains more than 25,000 people in over 310 cities across China, according to its website.

Lu owns her shares directly and through holding company Zhonggong L.P., according to the company's 2019 first quarter report.

The company didn't respond to Bloomberg's request for comment on the valuation.

Biography

Birthdate: 12/1/1942
Family: Married, 1 child

Lu was born in 1942. She worked in a factory that produces farm chemicals for most of her working life. She retired from the factory in 1993.

Five years later, Lu invested 6 million yuan of her own savings to help his son Li Yongxin set up an education business, the predecessor of Offcn Education Technology. Since then, she became the largest shareholder in the business. The company was renamed Offcn Education in 2015.

It began trading publicly on the Shenzhen Stock Exchange through a backdoor listing, or reverse merger, in February 2019.

Milestones
  • 1999 Offcn Education's predecessor was founded.
  • 2015 Had more than 470 branches across China.
  • 2015 Business is renamed Offcn Education.
  • 2019 Begins trading on the Shenzhen Stock Exchange.