The number of Chinese billionaires in the 2016 Forbes list has grown recently. The latest addition is also the youngest billionaire in the auto industry.
Wu Jianbin, 35 years old, is chairman of Ningbo Shuanglin Auto Parts since November 2004. His father, Wu Yonglin, started the company due to health concerns, left Jianbin in charge of the company in 2006. His father died in 2011.
Wu Jianbin became a billionaire recently after his shares in the auto manufacturing company doubled in the previous year, as sales continued to grow, Forbes reported. In the process, he also became the youngest Chinese billionaire among car and auto part makers.
Shuanglin is in the business of supplying plastic parts, lighting and other auto components, having partnered with some of the biggest names in the world like Toyota, General Motors and Ford. The company is also involved in worldwide exports and can still grow if the Chinese currency drops in the future. The parent company of Shuanglin Auto Parts, the Shuanglin Group, is also involved in education, leisure and tourism. The parent company plans to sell a 4% stake in Shuanglin Auto Parts in the middle of 2016 to fund other business investments.
In the past year, Shuanglin’s net profit increased by 85 percent to $38 million, after the company raked in sales that went up to 65 percent to $381 million. One of the main factors that contributed to the rise in sales was the company’s acquisition of a wheel hub maker from Hubei New Torch Science & Technology.
Hi Bloomberg profile reveals that in 1984, Wu joined China State Construction Engineering Corporation and then in China Overseas Land & Investment Ltd three years after. He was chairman of China Overseas Investment Developing Holdings Limited. Wu is also a senior accountant and an adjunct professor at the Shanghai University of International Business and Economics.
Jianbin Wu previously worked as the Financial Controller of China Overseas Land & Investment Ltd. from 2002 to 2009. From 2009 to 2012, Wu was Vice Chairman of China Overseas Land & Investment Ltd. He was Assistant President of China Overseas Limited since 2001 and subsequently became Chief Financial Officer two years later. He has served as Chief Financial Officer of Country Garden Holdings Company Limited since Apr. 30, 2014. He served as Vice President of China Overseas Holdings Ltd since 2013. The new billionaire has three decades of experience in accounting, corporate finance, information management and investment operations.
Throughout his career, Wu has received numerous awards for his achievements and leadership. More updates and details on Jianbin Wu are expected soon.
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
