On October 28, the Hurun Research Institute unveiled the *2025 Hurun Rich List*, ranking China's wealthiest entrepreneurs. Zhong Shanshan of Nongfu Spring reclaimed the title of China's richest person with a fortune of 530 billion yuan, setting a new wealth record.

Henan province saw 15 entrepreneurs make the list. Qin Yinglin and Qian Ying, the couple behind Muyuan Foods, retained their position as Henan's wealthiest with 187 billion yuan, entering the national Top 20. Zhang Hongchao and Zhang Hongfu, the brothers behind Mixue Bingcheng, tied for second place in Henan, while Liu Weiping, founder of Weilong (known as the "Spicy Strip King"), ranked third.

This marks the 27th consecutive year of the Hurun Rich List, featuring 1,434 entrepreneurs with personal wealth exceeding 5 billion yuan. The cutoff date for wealth calculations was September 1, 2025.

**Henan’s Top Entrepreneurs** The combined wealth of Henan’s 15 listed entrepreneurs reached 438.3 billion yuan.

- **Qin Yinglin & Qian Ying (Muyuan Foods)**: Their wealth surged 39% to 187 billion yuan, ranking 16th nationally. As the world’s largest hog producer, Muyuan reported H1 revenue of 76.46 billion yuan (+34.46% YoY) and net profit of 10.53 billion yuan (+1,169.77% YoY). - **Zhang Hongchao & Zhang Hongfu (Mixue Bingcheng)**: The brothers’ wealth skyrocketed 167% to 60 billion yuan each, ranking 90th nationally (up 123 spots). Mixue’s affordable pricing and global expansion—with 53,014 stores across 12 countries—drove H1 revenue to 14.87 billion yuan (+39.3% YoY) and profit to 2.72 billion yuan (+44.1% YoY). - **Liu Weiping (Weilong)**: The spicy snack tycoon’s wealth rose 78% to 24 billion yuan (264th nationally), leveraging brand recognition and product upgrades.

Other Henan billionaires include: - An Kang family (Hualan Biological, 18.5 billion yuan, #346) - Xu Ran family (LB Group, 15 billion yuan, #443) - Wan Long & Wang Meixiang (Shuanghui, 14 billion yuan, #481) - Li Wei (Qianwei Central Kitchen, 12 billion yuan, #584)

Notably, Wang Ning, founder of Pop Mart (originally from Henan), saw his wealth surge 154.5 billion yuan to 182 billion yuan, trailing closely behind Qin Yinglin.

**National Highlights** The list expanded to 1,434 entrants (+340 YoY), with total wealth up 42% to nearly 30 trillion yuan. Forty-one individuals surpassed 100 billion yuan in wealth.

- **Zhong Shanshan (Nongfu Spring)**: Topped the list with 530 billion yuan. - **Zhang Yiming (ByteDance)**: Ranked second (470 billion yuan, +120 billion YoY). - **Ma Huateng (Tencent)**: Held third place (465 billion yuan), supported by growth in gaming, ads, and fintech.

**New Faces in Top 10** - **Lei Jun (Xiaomi)**: Wealth surged 196 billion yuan to 225 billion yuan, driven by Xiaomi’s EV success (157,200 H1 deliveries, 21.3 billion yuan revenue) and premium smartphone growth. - **Li Shufu (Geely)**: Joined the Top 10.

Other notable gainers: - **Wang Ning (Pop Mart)**: +154.5 billion yuan. - **Chen Tianshi (Cambricon)**: +148 billion yuan amid AI chip breakthroughs.

**Sector Trends** Industrial products, healthcare, and consumer goods dominated the 376 new entrants. Golden Old Shop’s Xu Gaoming & Xu Dongbo led newcomers (69.5 billion yuan), while Insta360’s Liu Jingkang & Pan Yao debuted at 38.5 billion yuan.

Bubble tea brands Gu Ming, Bawang Chaji, and Auntie Shanghai’s IPOs propelled founders Wang Yun’an (18.5 billion yuan), Zhang Junjie (13.5 billion yuan), and Shan Weijun (9.5 billion yuan) onto the list.

**Gender Representation** Female entrepreneurs accounted for 22.4% (-1.1 pp YoY). Zhong Huijuan (Hansoh Pharma, 141 billion yuan) replaced Zong Fuli (Wahaha, 87.5 billion yuan) as China’s richest woman.

Hurun Group Chairman Rupert Hoogewerf noted, 「The record-high list reflects a rebounding stock market, with tech and export growth fueling new wealth.」

*Disclaimer: This article is for informational purposes only and does not constitute investment advice.*