The Hurun Research Institute releases Hurun China Rich List 2022, in association with premium baijiu brand Hengchang Shaofang

l    Hurun Research found 1,305 individuals with more than CNY 5 billion (equivalent to US$710 million), down 11% (160 individuals) from last year. Their total wealth dropped 18% from last year to US$3.5tn. The number of individuals with US$10bn dropped by 29 to 56 this year. The number of dollar billionaires dropped 239 to 946 this year.

l    ‘Bottled Water King’ Zhong Shanshan, 68, topped the Hurun China Rich List for the second time with US$65bn, up 17%.

l    The drop in ByteDance's valuation pushed 39-year-old TikTok founder Zhang Yiming's wealth down 28% to US$35bn, keeping him at second place. ‘Battery King’ Robin Zeng Yuqun, 54, also saw his wealth down 28% to US$32.9bn, albeit keeping him in the Top 3.

l    Return to Top 10: William Ding Lei, 51, up 8 places to 6^th with US$27.9bn, an increase of 14% from last year. Pork producers Qin Yinglin & Qian Ying were up 9% to return them to the Top 10 with US$26.4bn, even surpassing Jack Ma Yun for the first time.

l    Only 411 entrepreneurs saw their wealth increase, of which 133 were new faces. 1,187 saw their wealth decrease or remain unchanged and 293 dropped off the list.

l    As the real estate sector crisis continued, Country Garden's 41-year-old Elizabeth Yang Huiyan saw her wealth down US$15.7bn, the biggest drop on this year's list. The second biggest drop was Pony Ma Huateng, 51, down US$14.6bn, as Tencent and other platforms all saw their share prices drop significantly; Rounding out the Top 3 biggest drops was Forrest Li Xiaodong, 44, of Singapore-based ecommerce and gaming platform SEA, down US$13.7bn, mainly due to continued losses in its e-commerce business and slowing growth in its gaming business.

l    293 dropped off this year, led by the real estate industry, accounting for 14%, followed by the healthcare industry, accounting for 12%. The city with the largest number of dropped off was Shanghai, with 15%, followed by Beijing, with 11%.

l    Industrial Products have the largest number of entrants, accounting for 12.9% of the total, up 1.8% from last year. Real estate followed with 9.9%, down 1.6% from last year. Healthcare ranked third with 9.2%, down 1% from last year. In terms of wealth, the total wealth of the real estate industry is still the highest, accounting for 10.8%; followed by Industrial Products (8.9%) and Healthcare (8.6%).

l    94 were 40 or under, down 16, include 36 self-made (7 less than last year). Zhang Yiming is far and away the richest self-made person under 40 with US$35bn.

l    17 were born after 1990s, 3 more than last year, of which 3 are self-made.

l    The average age is 58, two years older than last year.

l    The cities with the highest concentration of entrepreneurs on the list were Beijing, Shenzhen and Shanghai, followed by Hong Kong and Hangzhou. Chengdu was the only city in the Top 20 to see an increase in the number of entrepreneurs on the list. Shenzhen and Shanghai are narrowing the gap with Beijing.

l    The number of entrepreneurs from Hong Kong, Macao and Taiwan were 140, 14 fewer than last year. Of those, 79 were from Taiwan, 5 fewer than last year; 61 in Hong Kong, 7 fewer than last year. There are only 9 in the top 100, led by Li Ka-shing.

l    The proportion of women was basically the same as last year, at 26.7%, compared with 26% last year. 60% of them are self-made. Yang Huiyan is still the richest woman.

l    95 inherited their wealth, four more than last year, accounting for 7% of the list. The inheritors come mainly from real estate and traditional manufacturing. Taiwan and Hong Kong accounted for 60% of the total, with 31 from Taiwan and 26 from Hong Kong, followed by 7 from Guangdong, 6 from Shanghai and 5 from Zhejiang.

l    Only one entrepreneur from the Hurun China Rich List passed away in the past year: Fong Yun Wah of Hip Shing Hong, passed away in January 2022 at the age of 98. His son David Fong Man-hung succeeded him with US$2bn.

l    Those born in the Year of the Rabbit continue to be the best performers, for an unprecedented 11^th year. Dragons and Snakes stayed in second and third place. Rats were still the worst performers.

(8 November 2022, Chengdu) The Hurun Research Institute today released, in association with premium baijiu brand Hengchang Shaofang, the Hurun China Rich List 2022, a ranking of the richest individuals in China. The cut-off was CNY 5 billion (equivalent to US$710 million), and wealth calculations are from 15 September. This is the 24^th year of the list.

This is a brief translation from the original Chinese-language press release, which can be found on www.hurun.net.

Hurun Research found 1,305 individuals with more than CNY 5 billion (equivalent to US$710 million), down 11% (160 individuals) from last year. The total wealth of the listed entrepreneurs dropped 18% from last year to US$3.5tn. Only 411 entrepreneurs saw their wealth increase, of which 133 were new faces. 1,187 saw their wealth decrease or remain unchanged, of which 293 dropped off the list this year. The Top 3 cities with the highest concentration of entrepreneurs on the list were Beijing, Shenzhen and Shanghai, followed by Hong Kong and Hangzhou. The average age is 58, two years older than last year.

Over the past year, global stock markets have tumbled amid a combination of shocks, including the Russia-Ukraine war, the Federal Reserve's interest rate hikes and repeated Covid-19 outbreaks across China. As of 15 September 2022, both the Nasdaq and Hang Seng indices were down 24% from the same period last year, the Shenzhen Component Index was down 21%, and the Shanghai Composite Index was down 12 %. The renminbi fell 8% against the dollar.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said:

“This year has seen the biggest fall in the Hurun China Rich List of the last 24 years with the overall number of individuals down more than 10% and their wealth down by nearly 20%, driven largely by the drop in real estate and healthcare entrepreneurs.  Part of the reason has been a global economy downturn, led by the fallout from the Russia-Ukraine war, a sharp drop in tech prices and the generally slow post-Covid economic recovery, but also at the national level, the continued disruptions to the economy from localised Covid outbreaks. The result? China's stock market has fallen sharply, with the Hang Seng Index and Shenzhen Component Index falling by more than 20% compared with the same period last year, and the Shanghai Composite Index also falling by more than 10%. However, it is worth noting that although the number of individuals has decreased so much, it is still nearly 50% more than five years ago, four times that of ten years ago, and more than 400 times that of twenty years ago.”

“Where was growth coming from? More than 400 entrepreneurs saw their wealth increase over the past year, mainly in the sectors of Industrial Products, F&B and Energy.”

“The post-pandemic economy has seen a number of pandemic ‘winners’, such as California-based Eric Yuan Zheng of video conference platform Zoom, and Jiang Rensheng of vaccine maker Zhifei, drop in value, with both Yuan and Jiang losing US$10bn in the past year.”

“The number of entrepreneurs who made their fortunes from real estate continues to drop, from making up 50% of the Hurun China Rich List twenty years ago to 20% ten years ago, 15% five years ago, and 10% this year. Healthcare is on the rise, up from 6% a decade ago to 9% this year, the third largest source of wealth on the list. Industrial Products still makes up the largest source of wealth, accounting for 13% of the list.”

“Overall, the proportion of 'hidden heroes', entrepreneurs that sell to businesses directly rather than to consumers, has increased significantly in the past two years, with 58% of the list this year 'hidden heroes', such as battery maker Robin Zeng Yuqun of CATL, which serves the new energy vehicle industry. 42% sell directly to consumers, such as Zhong Shanshan of Nongfu Spring and Pony Ma of Wechat, part of the Tencent Group.”

“The average Hurun Rich Lister is 58 years old, which means they were born on average in 1964, started out with their first business in 1993 (aged 29) and made the Hurun China Rich List for the first time in 2011 (aged 47).”

“Entrepreneurs born in the 1990s are good at serving young consumer groups. This year, 3 self-made individuals from the 1990s generation made the list, two of which are from the new consumer sector.”

“The preferred cities to live in for Hurun Rich Listers are the ‘Big Three’ of Beijing, Shenzhen and Shanghai, plus 2 (HK and Hangzhou) plus 5 (Guangzhou, Suzhou, Ningbo, Foshan and Taipei).”

“Nothing grabbed world headlines quite like the story of HK-based Calvin Choi, 44, after the July flotation of AMTD Digital. Despite revenues of only US$20 million and with only 50 employees, AMTD Digital surged to an astronomic valuation of just under US$500bn, making it for a couple of days one of the Top 10 most valuable companies on the planet from an IPO price of only US$1.5bn. This in turn made Choi one of the three richest people in China, although in the past two months, AMTD Digital has dropped down to just under US$4bn and Choi’s wealth to just under US$1bn.”

“Shanghai-based Qi Zhenbo of MCN platform Mei One has had a rollercoaster of a year. Qi must have breathed a sigh of relief when his star influencer Austin Li Jiaqi returned to live-streaming after a three month break in the summer and with their main competitor Viya off air for tax evasion, Qi and Li have a big opportunity to take a bigger market share. Qi’s wealth is calculated at US$2.5bn.”

“Former Number One Xu Jiayin of Evergrande has continued to sell off assets to pay off a reported US$300bn of debt.  The latest sale is a house overlooking Hyde Park in London, listed for over US$200 million. Xu’s wealth is down a further 60% to US$4bn, more than 90% down from his peak in 2017 of US$43bn.”

“Think of the Hurun China Rich List as a snapshot of China's private sector, with this year’s ‘photo’ taken on 15 September. Whilst wealth is always changing, in the past fortnight, the changes were more extreme, driven by US interest rate hikes and the general outlook of the China economy. The HK Hang Seng index dropped a further 19%, whilst Shanghai and Nasdaq were down 6% and 9% respectively, with China stocks on the US stock markets taking an especial battering. Pony Ma Huateng and Ding Lei saw their wealth drop a further 30%, Jack Ma Yun and Colin Huang Zheng were down a further 20%. Robin Zeng Yuqun, He Xiangjian and Qin Yinglin were down about 10%. Some barely changed, including Number One Zhong Shanshan and Wang Chuanfu, who just by staying the same ought now to be in the Top 10.”

“Wealth creation in China has changed dramatically in recent years. Only 30% of this year’s list were on the list ten years ago, meaning that 70% of entrepreneurs are new faces from the past decade. In the Top 10 from 20yrs ago, nobody is still in the Top 10 today, only Pony Ma is still there from ten years ago and Pony Ma, Jack Ma, He Xiangjian and William Ding Lei are still there from five years ago. Overall there have been 3,900 new faces this decade.”

“Wealth creation and philanthropy, This past year, several Hurun rich listers gave to the Henan flood relief efforts, with the biggest donations given by He Xiangjian of Midea, Qin Yinglin of Muyuan and Wang Xing of Meituan. There has also been an increase in establishing their own foundations, such Fujian-based Ding Shizhong of Anta.”

“Inheritance is on the rise. 7% of those on this year's list inherited their wealth, compared with 6% last year. China will pass on the equivalent of US$7.2tn of wealth to the next generation over the next 20 years.”

“This year saw the largest number of individuals drop off the Hurun Rich List since records began 24 years ago.  A closer look at the data shows that the Hurun Rich List has dropped twice a decade, in 2002 and 2008, then again in 2012 and 2018, and with this year already down, perhaps the next drop will be in 2028 and then 2032 and 2038, etc…? When looking at the fast growths of the Hurun Rich List we spotted two trends: the first was 2000 and 2001, then 2010 and 2011, next up were 2020 and 2021, which suggests that 2030 and 2031 ought to be good growth years.  The second growth trend was 2005-07 and again 2015-17, suggesting that the next one is 2025-27!”

“Hurun Report has been promoting entrepreneurship through its lists and research since 1999. The rich list is annual snapshot of China's private sector. The stories of these entrepreneurs tell the story of China's economy. I would like to thank our title sponsor Hengchang Shaofang, a premium baijiu brand from the Maotai region, for partnering with us for the third year running.”

Deng Hong, chairman of Global Premium Wines and Spirits Group, said: “Quality, brand, scale and planning for the long-term lie at the core of Hengchang Shaofang's hundred-year history. This, coupled with the operational strength of Global Premium Wines and Spirits Group, has won plaudits from the market.”

“Hengchang Shaofang is delighted to join with leading rich list producer Hurun Report to release the Hengchang Shaofang • Hurun China Rich List 2022 and celebrate entrepreneurship and responsible wealth creation. Hengchang Shaofang is continuously improving the quality of our product. We are meeting demand by expanding our production in the Maotai region, by expanding our sorghum plantations and by responding to the national call to revitalize the rural economy. For us, it is about making a bottle of baijiu ‘with heart’ and the spirit of craftsmanship. We have a strong duty of care to the century old brand of Hengchang Shaofang.”

Top 10

2 new faces made the Top 10: Netease’s William Ding Lei and Muyuan’s Qin Yinglin & Qian Ying, at the expense of Wang Wei, who dropped down to 14^th, and Wei Jianjun & Han Xuejuan of Great Wall Motors, who dropped down to 21^st. The threshold for the Top 10 was US$24.3bn, down from US$30bn last year.

‘Bottled Water King’ Zhong Shanshan, 68, topped the Hurun China Rich List for the second time with US$65bn, an increase of 17%. His two listed companies, Wantai Biological Pharmacy and Nongfu Spring, have both shown strong growth, with Wantai’s revenues and net profit more than tripling in the first half of this year compared with the same period last year. Nongfu Spring's revenues rose 30% last year, while net profit rose 36%. As of Sept. 15, Nongfu Spring's shares were up 20% from a year earlier. Nongfu Spring ranked 18^th in the Hurun China 500 Most Valuable Private Companies 2021, and five shareholders made the rich list this year.

The drop in ByteDance's valuation pushed 39-year-old Zhang Yiming's wealth down 28% to US$35bn and second place again. ByteDance’s revenue grew 80% year on year last year. Revenue rose nearly 54% in the first three months of the year from a year earlier. Bytedance ranked 4^th in the Hurun China 500 Most Valuable Private Companies 2021, with seven shareholders on the rich list this year.

Robin Zeng Yuqun, 54, saw his wealth down 28% to US$32.9bn, but enough to keep him in the Top 3. Batter maker CATL's shares have fallen more than 20% in the past year, but it remains the only company on the China Growth Enterprise Market to reach a CNY1tn market value and has become the world's leading new energy technology company. Revenue in the first half of this year more than doubled and net profit was up more than 80% year on year. In August this year, it announced its plan to invest in the construction of a new energy battery industrial base project in Hungary. In October, it announced plans to build photovoltaic energy storage projects in the US. CATL ranked 5^th in the Hurun China 500 Most Valuable Private Companies 2021, with seven shareholders on the rich list this year.

Li Ka-shing & family, ranked 4th with US$31.4bn, up 4 places. Li’s two main listed companies, CK Hutchison and CK Asset, have expanded their portfolio to include property, retail, telecommunications, infrastructure, ports and energy. In January, CK Hutchison and Indonesian telecom operator Ooredoo Group completed a merger of their Indonesian operations. In addition, with the listing of FWD, the wealth of his second son, Richard Li Tzar Kai, increased significantly to US$8.8bn and entered the Top 100.

Pony Ma Huateng, 51, ranked 5th with US$30.7bn, down 32% and 1 place, the lowest Ma has been this decade. As of the list’s cut-off, Tencent's shares were down a third from a year earlier, as revenues dropped 1% in the first half of the year and net profits were down 53%.  This came about as a result of restrictions on licensing of gaming and fewer users in their overseas markets, as well as a drop in advertising revenues. Tencent topped the Hurun China 500 Most Valuable Private Companies 2021, with six shareholders on the rich list this year.

William Ding Lei, 51, up 8 places ranked 6^th with US$27.9bn, an increase of 14%. Net revenues at NetEase rose nearly 20% year on year. Its NetEase Cloud Music unit went public in Hong Kong late last year. In terms of core technologies, NetEase's annual R&D investment accounts for up to 16%. It has reached the global leading level in key industrial technologies such as 3D engine, and actively strengthens cross-industry technology empowerment and promotes digital-real integration. NetEase ranked 13^rd in the Hurun China 500 Most Valuable Private Companies 2021.

He Xiangjian & family, ranked 7^th, up 2 places, despite wealth down 11% to US$27.1bn. Midea's total first-half revenues rose 5% from a year earlier, despite the ongoing COVID-19 pandemic, tight upstream supply chains and still-high raw material prices. Midea has three shareholders on the list this year. Midea ranked 16^th in the Hurun China 500 Most Valuable Private Companies 2021.

‘World’s Richest Farmer’ Qin Yinglin & Qian Ying saw their wealth up 9% breaking them back into the Top 10 with US$26.4bn, up 7 places and even surpassing Jack Ma Yun for the first time. Muyuan's first-half revenues rose 6.6% year on year. Muyuan ranked 31^st in the Hurun China 500 Most Valuable Private Companies 2021.

Jack Ma Yun, 58, down 4 places ranked 9^th with US$25.7bn, down 29% from last year. Alibaba’s share price has taken a hammering, dipping below its IPO price in the last couple of weeks. His other main business, Ant Group, has also seen its valuation down as fintech continues to be reorganized. In the Hurun China 500 Most Valuable Private Companies 2021, Alibaba ranked 3^rd and Ant Group ranked 7^th. Alibaba has 18 shareholders on the list this year.

The wealth of Colin Huang Zheng, 42, dropped 26% to US$24.3bn, sending Huang down four places to 10^th. Pinduoduo's revenues grew 58% year on year last year. In September this year, Pinduoduo's cross-border e-commerce platform Temu officially launched for overseas markets, creating 100 overseas brands in the first phase, and supporting 10,000 manufacturing enterprises to directly connect to overseas markets. Pinduoduo is ranked 12^th in the Hurun China 500 Most Valuable Private Companies 2021.

The Top 10 of five, ten and twenty years ago

None of the Top 10 two decades ago is still in the Top 10 this year. Only 1 entrepreneur (Pony Ma Huateng) who was in the Top 10 a decade ago is still in the Top 10 this year. 4 of the Top 10 from five years ago (Pony Ma Huateng, Jack Ma Yun, He Xiangjian and Ding Lei) are still in the Top 10 this year.

Fastest risers

Shanghai-based hard tech entrepreneur Xue Min saw his wealth surge almost fourfold to US$5bn after the IPO of Shanghai United Imaging Healthcare, best-known for producing scanners and X-ray machines.

By absolute wealth

By Percentage

Biggest drops

In the past fortnight, since the cut-off of the Hurun Rich List, HK’s stock market has dropped 19%, further dropping many of this year’s rich list. Pony Ma, for example, saw his wealth down a further 30%. Robin Zeng was down a further 10%.

Down & Out

293 dropped off this year, mostly from real estate, accounting for 14%, followed by healthcare 12%. The city with the largest number of drop offs was Shanghai, with 15%, followed by Beijing, with 11%. Casualties included Xiao Jianhua of Tomorrow Group, who was imprisoned for 13 years and fined US$8bn in August.

Residences

Beijing: 148 entrepreneurs living in Beijing made the list, accounting for 11% of the total. Their total wealth reached US$404bn, accounting for 12% of the total wealth. The Top three Beijing-based entrepreneurs are ByteDance's Zhang Yiming (US$35bn), Meituan's Wang Xing (US$16.4bn), JD's Richard Liu Qiangdong & Zhang Zetian and Reignwood's Yan Bin ((US$15bn each). Software Services contributed the most, with 25, followed by Healthcare with 15, and Media & Entertainment and Real Estate with 13 each.

Shenzhen: Shenzhen has 129 entrepreneurs on the list, accounting for 10% of the total, and overtaking Shanghai for second spot. The total wealth reached US$364.3bn, accounting for 11% of the total wealth. The Top 3 entrepreneurs living in Shenzhen are Tencent's Pony Ma Huateng (US$30.7bn), BYD's Wang Chuanfu (US$20.7bn), Amer's Wang Wenyin & family and Mindray's Xu Hang (US$15.7bn each). Industrial Products contributed the most, with 18, followed by Consumer Electronics with 17 and Healthcare with 16.

Shanghai: Shanghai has 125 entrepreneurs on the list, accounting for 10% of the total. The total wealth reached US$291bn, accounting for 11% of the total wealth. The Top 3 entrepreneurs living in Shanghai are Pinduoduo’s Huang Zheng (US$24.3bn), East Hope’s Liu Yongxing & Shawn Liu Xiangyu (US$21.4bn) and Eastmoney’s Qi Shi & family (US$9.9bn). Logistics contributed the most, with 16, followed by Media & Entertainment with 13 and Investments, with 12.

Which Industries are they doing?

The number of real estate entrepreneurs on the list fell from 50% two decades ago to 20% 10 years ago, 15% five years ago and 10% this year. The number of entrepreneurs in the healthcare sector on the list has risen, from 6% a decade ago to 9% this year.

Chinese Star Signs

In trouble

In prison: Wang Zhenhua of Seazen.

Under investigation: Chau Cheok Wa of LET Group.

Funding issues, share freezes: Some of seen their shares frozen including Wang Wenxue of China Fortune Land Development, Lu Zhiqiang of Oceanwide Holdings, Zhang Jindong of Suning, Lin Tengjiao of LET Group, Liu Xuejing of GMK, Zhang Jing of Cedar.

Shanghai-based Guo Guangchang of Fosun has had a difficult year after funding from borrowers dried up, giving him little choice but to sell his prized assets at discounted prices. With consolidated liabilities of US$90bn, Guo has been raising cash, selling assets including Lanvin, AmeriTrust and Tsingtao Brewery.

Entrepreneurs who passed away in the past year: Fong Yun Wah of Hip Shing Hong, passed away in January 2022 at the age of 98. His son David Fong Man-hung succeeded him with US$2bn.

Cut-off

Historical Stats

Methodology

The List is a snapshot of wealth as of September 15. The exchange rate used for the US dollar was CNY 7, for the Hong Kong dollar was CNY 0.89.

Valuing the wealth of China’s richest is as much an art as it is a science. We have missed some people, many of whom go to extraordinary lengths to hide their wealth, but we believe the Hurun Rich List to be the most serious attempt to identify China’s top entrepreneurs and to measure their holdings. There are shareholders missing from the likes of ByteDance, Alibaba, Tencent, and other big companies, where as little as 0.3% ownership of the company might be enough to make our cut. Our team of researchers has - for the 24^th year running - traveled the length and breadth of the country cross-checking information with entrepreneurs, local government, industry experts, journalists, bankers and regulators, as well as previous years’ databases. For non-listed companies our valuation was based on a comparison with their listed equivalents using prevailing industry Price/Earnings ratios.

People that ought perhaps to be on the list, but where we cannot find reliable date include the likes of Haier's Zhang Ruimin, PingAn's Peter Ma Mingzhe, and Huawei's Sun Yafang, because they are hidden behind employee stock holdings.

HENGCHANG SHAOFANG · Hurun China Rich List 2022 Top 100

About Global Premium Wines and Spirits Group (GPWS)

Global Premium Wines and Spirits Group (GPWS) was founded with huge investment by Mr. Deng Hong, an entrepreneur. He is also the founder of Jiuzhai Paradise International Convention & Holiday Center, Century New International Convention & Exhibition Center.

Today, he is engaged in Baijiu industry, integrating, building and cooperating with excellent liquor production and circulation enterprises worldwide.

In order to incubate influential and representative product brands among various kinds of liquors and sell them, and actively carry out diversified cooperation with domestic high-quality enterprises. It is committed to building an international liquor group based in China and distributed globally.

GPWS has carried out the industrial layout based on the enterprise strategy: in the Baijiu sector, it spent huge capital to acquire Baijiu brands such as "Hengchang Shaofang", "Sichuan Liquor", "National Essence" and "Kasasha" in Maotai Town, Chengdu and Luzhou. At the same time, the company has a strong professional and technical capability, including national level judges, provincial judges, liquor tasters, winemakers and other professional and technical personnel.

At present, GPWS is in a period of vigorous development, and mainly focuses on: "planting good sorghum" and "brewing good liquors". With the positioning of "incubating global liquors", it plans the future business direction: finding liquor producing areas with unique value in China, incubating and reviving a batch of historic and representative liquor brands through industry finance interaction, and developing high-quality Baijiu popular with consumers.

About Hengchang Shaofang

In 2017, Global Premium Wines and Spirits Group (GPWS) acquired Hengchang Shaofang brand in Maotai Town, creating a century old brand revival plan.

Hengchang Shaofang has been recognized by the market with its excellent quality and profound brand, and has always followed the brand development strategy of "quality, brand, scale and long-term". Inherit the authentic Kunsha brewing technology and the top 10 secrets of Mr. Da's family on the basis of strictly following the 12987 maotai-flavor baijiu brewing, and ensure that the quality of each bottle of Hengchang Shaofang liquor is the same.

In 2021, it achieved excellent sales performance. According to the embodiment of market changes and keeping pace with the times, it built a good foundation for the development model of breaking 10 billion yuan in the future. In addition, Hengchang Shaofang has worked with Zhongyu Holding Group, Hurun Report and other well-known enterprises to develop co-branded high-end products based on the core IP, further penetrating the brand image into high-end enterprises and high net worth circles, and continuously realizing the interaction between core consumers and brand image.

The plan is to mass produce more than 2000 tons of high-quality raw baijiu in 2022 and more than 10000 tons in 2023. It is also planned to build a brewing base in the 7.5 square kilometer core production area of Maotai Town in 2022. When the base is completed, it will become the second largest brewery in Maotai Town and the most luxurious Baijiu winery in China.

Honors:

1.In 2017,won the Sensory Quality Award of the National Liquor Judges of China

2. In 2019 won the Tax Contribution Award of the Fourth RedSorghum Award in Zunyi city.

3.In 2020,won the Golden Award and the 2020 High-end Maotai-flavor Liquor Award.

4. In 2020,won the China Liquor Qingyun Award for Year's High-end Product.

5. In 2021, won the Best Performance of High-end Maotai-flavor Baijiu of the 17th Hurun Best of the Best Award

6. In 2022, won the Best Performance of High-end Maotai-flavor Baijiu of the 18th Hurun Best of the Best Award

7. In 2022, won the Integrity Management Award of the sixth "Red Sorghum Award" in Zunyi region

8. In 2022, won the title of "Top Ten Famous Liquors" in the core production area (Renhuai) of Maotai-flavor Baijiu in China

9. In 2022, won the title of "Baijiu New National Standard Quality Demonstration Product" (Tianfuchuan Liquor · Sichuan Brand Baijiu)

10. In 2022, won China Golden Cup Award - Outstanding Maotai-flavor Liquor Brand

11. 2022 China Golden Cup Award - Chinese Liquor Star Product

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai, Sydney, Paris

Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 6 billion views on the Hurun brand last year, mainly in China and India.

Best-known today for the Hurun Rich Index series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.

The Hurun Start-up series begins with the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$300mn to US$500mn, most likely to go unicorn with five years.  Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index.

Other lists include the Hurun Philanthropy Index, ranking the biggest philanthropists, the Hurun Art Index, ranking the world’s most successful artists alive today, etc…

Hurun provides research reports co-branded with some of the world’s leading financial insitutions, real estate developers and regional governments.

Hurun hosted high-profile events in the last couple of years across China and India, as well as London, Paris, New York, LA, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

For media inquiries, please contact:

Hurun Report

Porsha Pan

Tel: +86-21-50105808*601

Mobile: +86-139 1838 7446

Email: porsha.pan@hurun.net

Grace Liu

Tel: +86-21-50105808

Mobile: +86 136 7195 4611

Email: grace.liu@hurun.net