An increasing number of post-1980s entrepreneurs are emerging as new provincial billionaires. As of September 15, several provinces have seen changes in their wealthiest individuals, with nearly half of those replacing the former richest being post-80s rising stars.

For instance, Henan's richest person has shifted from Qin Yinglin and his wife, founders of Muyuan Foodstuff, to Wang Ning, founder of POP MART. Sichuan's wealthiest has changed from Liu Yongxing, founder of East Hope Group, to Zhu Yi, founder of Baili Tianhua. Shaanxi's richest has moved from Li Zhenguo, actual controller of LONGi Green Energy, to Fan Daidi of GIANT BIOGENE, known as "the first recombinant collagen stock." According to Forbes Real Time Billionaires List, Fan Daidi's wealth stands at $5.1 billion, while Li Zhenguo and his family's wealth is valued at $3.5 billion. Jiangxi's wealthiest has transitioned from Luo Yuhao, co-founder of Shanghai miHoYo Network Technology, to Chen Tianshi, founder of Cambricon...

The changing of the guard among provincial billionaires represents a significant marker, indicating the rise of certain enterprises and industries, and reflecting the broader trend of changing economic momentum engines in China. Their success stems from adapting to development trends and meeting the new needs of people, society, and national development.

Overall, these new billionaires are primarily associated with new consumption, new technology, and new energy sectors. From the industries where new billionaires have emerged this year, these enterprises span artificial intelligence, trendy toys, and biotechnology. The birth of these new billionaires may be a reflection of the transition between old and new economic momentum, resulting from global industrial innovation and transformation resonance.

Through innovation and intelligent manufacturing, these new billionaires' companies possess core competitiveness, distinctive business models, and core technologies. Compared to over a decade ago when real estate developers dominated the top of Forbes China Rich List, recent new billionaires span more diverse industries with more balanced distribution, which is far healthier and more dynamic for China's economy than wealth concentrated in real estate circles.

**Henan's Most Competitive Billionaire Race**

Among these new billionaires, POP MART founder Wang Ning has experienced the fastest wealth growth. According to POP MART's 2024 annual report, Wang Ning holds 48.73% of the company's shares. As of September 15 closing, POP MART's market value reached HK$347.8 billion, approximately RMB 318.3 billion at current exchange rates. Wang Ning's POP MART holdings alone are worth RMB 155.1 billion, equivalent to about $21.85 billion, surpassing Muyuan founders Qin Yinglin and his wife's $21.4 billion. Previously on September 11, Wang Ning's wealth reached $23 billion, ranking 96th globally, while Qin Yinglin ranked 107th.

However, POP MART has ended its previous streak of soaring stock prices, experiencing rare significant declines since August 26. From August 26 to September 15, over 14 trading days, POP MART's stock price fell from a high of HK$339.8 to HK$259, a decline of 24%. If calculated based on the August 26 peak stock price, his wealth exceeded RMB 200 billion (RMB 203.5 billion), approximately $28.7 billion, which would significantly lead among new billionaires.

With POP MART's stock price fluctuations, Wang Ning's position as the top new billionaire may not be stable. MIXUE GROUP founders Zhang Hongchao and Zhang Hongfu brothers have also accumulated wealth rapidly, once becoming Henan's new richest with RMB 117.9 billion in 2025. This wealth change mainly stems from MIXUE GROUP's stock performance after listing and rapid global store expansion.

The Zhang brothers hold approximately 95.6% of MIXUE GROUP shares (pre-listing data). After MIXUE GROUP listed on the Hong Kong Stock Exchange in March 2025, its market value exceeded HK$100 billion on the first day, pushing their total wealth to RMB 117.9 billion. Currently, MIXUE GROUP operates over 46,000 stores globally, surpassing Starbucks as the world's largest fresh beverage chain by store count.

As of September 15 closing, MIXUE GROUP's market value was HK$153.7 billion, approximately RMB 140.7 billion. Based on the Zhang brothers' shareholding, their combined wealth is approximately RMB 134.5 billion, not far from Wang Ning's wealth. On July 8, MIXUE GROUP's stock price once reached a high of HK$553, with market value reaching HK$209.9 billion, bringing the Zhang brothers' personal wealth to RMB 183.7 billion.

Wang Ning's and the Zhang brothers' wealth are significantly affected by POP MART and MIXUE GROUP stock prices. However, for a considerable time in the future, Henan's richest position may rotate among them plus Muyuan's Qin Yinglin couple. Muyuan's stock price has also surged recently, rising 38% from June 25 to September 15.

POP MART and MIXUE GROUP, as representatives of new consumption, have caught the trend, while Muyuan, established in 1992 and listed on Shenzhen Stock Exchange in 2014, operates with a core model of "self-breeding, full chain, intelligent," covering the entire industrial chain from feed processing, breeding pig breeding, to pig farming and slaughter processing. With 2024 revenue reaching RMB 137.947 billion and approximately 150,000 employees, it remains a strong contender for Henan's richest.

**62-Year-Old Sichuan's New Billionaire**

62-year-old Zhu Yi is also the oldest among the many new billionaires. Born in Nanchong, Sichuan in 1963, Zhu Yi graduated from Sichuan University's Radio major in 1984, later switched to biology, worked at West China University of Medical Sciences, then started Baili Tianhua and transformed into innovative drug development.

Baili Tianhua currently has clinical development capabilities, world-leading ADC and GNC R&D platforms, excellent pipelines, and global First-in-class drugs, making it highly favored by capital markets. From the 2023 STAR Market IPO price of RMB 24.7, it rose to RMB 384 in September 2025, a cumulative increase of over 14 times, with company market value once reaching RMB 166 billion. Its stock price surge speed matches or exceeds POP MART's.

In September this year, Baili Tianhua's actual controller Zhu Yi surpassed Liu Hanyuan, Liu Yonghao and other Sichuan business leaders with RMB 114.5 billion wealth, becoming Sichuan's new richest. From Baili Tianhua's stock price increase perspective, Zhu Yi's personal wealth has considerable growth potential, and Zhu Yi himself believes Baili Tianhua's market value is seriously underestimated.

Public information shows Zhu Yi is Baili Tianhua's largest shareholder, holding 74.35% of shares. According to the "2025 New Fortune 500 Wealth Creation List," based on the latest shareholding ratio, he has become Sichuan's new richest.

Compared to POP MART and MIXUE GROUP, Baili Tianhua has deeper moats and higher technology content. After investors frantically pursued POP MART pushing its stock price to new highs, Baili Tianhua's stock price accumulated 78.90% gains for the year, with the highest intraday price touching RMB 414.02 per share. However, this pullback also indicates capital is becoming more rational, and Zhu Yi's Baili Tianhua, as a biotechnology company, cannot truly reflect its real value due to early-stage new drug R&D investment and long clinical cycles.

Sichuan's richest competition is relatively clear. Previously, Sichuan's richest was almost always held by Liu Yonghao's New Hope Group family. In recent years, Tongwei's Liu Hanyuan family's wealth has grown rapidly, once occupying Sichuan's richest position. Among Sichuan-based billionaires, Liu Yongxing, Liu Hanyuan, and Liu Yonghao families rank closely behind Zhu Yi, with wealth values of $11.2 billion, $8.5 billion, and $6.6 billion respectively, ranking globally 254th, 399th, and 572nd. Liu Yongxing trails Zhu Yi by only about $300 million.

However, New Hope's stock price increase during the same period was only 7.74%. Traditional agriculture and animal husbandry face transformation pressure, making it quite difficult for Liu Yonghao's family to reclaim Sichuan's richest position. Liu Hanyuan's family, due to Tongwei's 2025 stock price increase of only 14.18%, has seen wealth growth gradually weaken after rapid increases.

Although Zhu Yi's wealth has grown rapidly, Baili Tianhua's 2024 revenue plummeted 96.92%, causing extreme volatility and raising market concerns about valuation bubbles in innovative pharmaceutical companies. Additionally, the case of former Yibin richest Luo Zhengda nearly being sent to a psychiatric hospital due to family disputes reflects potential risks in wealth inheritance among Sichuan business groups.

Currently, Zhu Yi's position as Sichuan's richest appears relatively stable in the short term.

**A-Share New Stock King Creates New Billionaire**

Chen Tianshi's wealth surge is directly related to China's chip industry boom, with Cambricon's stock price rising continuously. In August 2025, the stock price soared from RMB 1,243 to RMB 1,464, with market value once breaking RMB 600 billion. On August 28, Cambricon's market value reached a high of RMB 663.7 billion, once surpassing Moutai to become A-share's new stock king.

Due to Cambricon's stock price surge, founder Chen Tianshi's wealth could surpass Wang Ning, becoming Jiangxi's genuine richest. His wealth growth mainly stems from Cambricon's breakthrough performance in AI chip fields. The company's 2025 first-half revenue surged 4,347% year-over-year, with net profit reaching RMB 1.038 billion. As China's leading domestic AI chip company, Cambricon's technological breakthroughs are viewed as symbols of China's semiconductor industry rise, naturally attracting capital market pursuit.

Born in Nanchang, Jiangxi in 1985, Chen Tianshi showed exceptional talent from childhood, entering University of Science and Technology of China's juvenile class at 16, then working at Chinese Academy of Sciences Institute of Computing Technology. He co-founded Cambricon with his brother in 2016. Chen Tianshi's brother Chen Yunji, two years older, also graduated from USTC's juvenile class. Chen Tianshi focuses on artificial intelligence algorithm research, while Chen Yunji dedicates to computer chip fields.

Chen Tianshi directly holds 28.63% of Cambricon shares. Based on September 15 closing market value of RMB 602.5 billion, Chen Tianshi's wealth is approximately RMB 172.5 billion, about $24.3 billion, surpassing POP MART's Wang Ning at RMB 155.1 billion. On September 10, Chen Tianshi's wealth was approximately $21.5 billion, trailing Wang Ning's $23 billion by $1.5 billion. Just five days later on September 15, Chen Tianshi's wealth surpassed Wang Ning by nearly $2.5 billion.

Previously, Jiangxi's richest was Shanghai miHoYo co-founder Luo Yuhao. Forbes Real Time Billionaires data shows (September 10) Chen Tianshi ranked 106th, while Luo Yuhao's wealth was $4.3 billion, ranking 945th. Chen Tianshi's position as Jiangxi's richest is relatively stable, with the wealth gap between him and Luo Yuhao widening.

**Industries Behind New Billionaires**

From the wealth growth trajectories of these new provincial billionaires, their companies all experienced significant performance increases in 2024. Baili Tianhua's 2024 revenue surged over 9 times, Cambricon's 2024 revenue increased significantly over 60%, with first-half 2025 surging 4,347.82%; GIANT BIOGENE's revenue grew over 50% last year, POP MART's revenue increased over 106% year-over-year last year. The minimum revenue growth for these companies exceeded 60%.

Additionally, Xiaohongshu (Little Red Book) founders Mao Wenchao and Qu Fang may become Hubei's richest, with combined 2024 wealth reaching RMB 30 billion, becoming Hubei's new billionaire representatives. Xiaohongshu's latest valuation has exceeded $31 billion, approximately RMB 220.8 billion. The company behind Xiaohongshu is Xinyin Information Technology (Shanghai) Co., Ltd., with only two shareholders: Mao Wenchao holding 80% and Qu Fang holding 20%. Once Xiaohongshu successfully goes public, Mao Wenchao will firmly hold Hubei's richest position.

Investor Liu Bo states that billionaire succession is not simply personal or family wealth ranking changes, but an era's marker. "Many new billionaires are in new consumption fields, marking new productive forces and even China's industrial economic growth engines clearly shifting toward emerging industries, reflecting deep structural changes in China's economy and industries."

Financial analyst Xu Yi believes that among many new billionaires, none are related to real estate, indicating the era of real estate wealth creation has passed. "In the first 20 years of this century, China mainly focused on infrastructure construction, so economic growth engines concentrated in real estate, electricity, financial facilities and other industries. The current stage mainly focuses on high technology and new consumption, shifting economic engines from traditional to new momentum. New consumption, high-tech and hard technology industries conducting core technology independent innovation will be the trend for the coming years."

POP MART, MIXUE GROUP, Baili Tianhua, Cambricon, GIANT BIOGENE and other companies share another common point: their industries highly align with "new productive forces." These billionaires have applied innovation to product and business model reconstruction, not limited to providing basic functional needs, but also catering to younger generation consumption upgrade trends, including emotional value and personalized needs.

Among the above new billionaires, except Wang Ning and the Zhang brothers, all graduated from prestigious universities. Mao Wenchao and Qu Fang graduated from Shanghai Jiao Tong University and Beijing Foreign Studies University respectively, and previously worked at multinational companies like Bain Consulting and Bertelsmann. Chen Tianshi graduated from USTC; GIANT BIOGENE founder Fan Daidi graduated from East China University of Science and Technology's Bioengineering Department with a doctoral degree. After receiving her doctorate in 1994, she returned to her alma mater Northwest University for biomedical R&D and held long-term positions there. Zhu Yi graduated from Sichuan University and previously worked at West China University of Medical Sciences.

This may indicate that high-precision industries contain enormous wealth potential. Provincial billionaire succession is ongoing across the country, behind which China's economy is advancing at an unstoppable high speed!