University life bears witness to brotherly affection: the older brother travels a thousand miles to Changsha for him, and during his spare time from class, he helps his brother manage the business. After venturing into the market, he transitioned from researching batteries to developing cars. In 14 years, 2.5 million yuan turned into 35 billion yuan.
Recently, Hurun Report released the "2009 Hainan Clearwater Bay Hurun Rich List" in Beijing, where Wang Chuanfu became China's richest man in 2009 with a wealth of 35 billion yuan. His wealth increased by 29 billion yuan compared to last year, rising from 103rd place last year to 1st this year.
This "China's Richest Man," who achieved success in just 14 years, has a strong connection to Hunan —— in 1983, Wang Chuanfu entered the Metallurgical Physical Chemistry Department of Central South Mining and Metallurgy Institute (the predecessor of Central South University of Science and Technology, which later merged into Central South University).
For Wang Chuanfu, how did he spend these four years of university life? Was there anything extraordinary about him? Did he showcase his business acumen during his university days? On October 13th, I interviewed his former counselor and classmates at Central South University.
Wang Chuanfu Profile
Anhui native, born on February 15, 1966. Graduated from Central South University's Metallurgical Physical Chemistry major in 1987, then entered the Beijing Nonferrous Metals Research General Institute to pursue a master's degree the same year, and stayed to work after graduation in 1990. Resigned in 1995 to establish BYD Company. Within a few short years, it developed into China's largest and the world's second-largest rechargeable battery manufacturer. Entered the automotive industry in 2003, currently serving as Chairman and President of BYD Company Limited and Chairman of BYD Electronics (International) Company Limited. Ranked 559th on Forbes Global Billionaires List in 2009 with a personal fortune of $1.3 billion. Topped the Hurun Rich List in 2009 with assets worth 35 billion yuan, making him China's richest man.
"Wang Chuanfu becoming China's richest man this year depends on two factors: a 30% growth rate in China's automobile industry, and the enormous influence of Buffett's investment." —— Hurun
1. Hardworking, smart, and diligent in studies
"He led a very tough life during his university days," said Liu Di, Wang Chuanfu's counselor and current Deputy Secretary of the Party Committee of the School of Chemistry and Chemical Engineering at Central South University. According to him, Wang Chuanfu's parents passed away early, and he was raised by relatives, especially his elder brother Wang Chuanfang. After Wang Chuanfu was admitted to university, his brother moved from their hometown in Anhui to Changsha, doing small businesses to pay for Wang Chuanfu's tuition and daily expenses.
After Wang Chuanfu graduated from Central South University's undergraduate program and entered the Beijing Nonferrous Metals Research General Institute for his master's degree, Wang Chuanfang also followed him to Beijing, continuing to do small businesses to support Wang Chuanfu.
"During his spare time from class, Wang Chuanfu would help his brother manage the business," said Liu Di. "He and his brother have a very good relationship; currently, his brother manages the logistics at BYD."
According to Liu Di, Wang Chuanfu wasn't an outstanding student in all aspects during his university days. "But he was very smart and ambitious, joining the Communist Party in his sophomore year, and was the first among the students of the class of '83 to enter the department's Youth League Committee."
In 1987, Wang Chuanfu entered the Beijing Nonferrous Metals Research General Institute to pursue his master's degree and worked there after graduation. He subsequently held positions such as director, senior engineer, associate professor, and even supervised a group of graduate students.
Five years after working at the research institute, he ventured into business, registering BYD Industrial Co., Ltd. in Shenzhen in February 1995.
2. Likes dancing, but not a master
Previous media reports claimed that Wang Chuanfu was a "dance master" during his university days. Liu Yi, Wang Chuanfu's classmate and close friend from university, said, "Wang Chuanfu danced well, but he wasn't a 'dance master.'"
According to Liu Yi, when they were in university, the school held lectures on dance knowledge, and they took advantage of those opportunities to learn. "They taught us ballroom dances like waltz."
"Wang Chuanfu often went to the school canteen to dance," said Liu Yi. "As long as the tables and chairs in the canteen were pushed aside and the recorder was turned on, we could dance and drink while following the music, having a great time!"
At university, Wang Chuanfu was considered an active member. "He even helped introduce potential matches to the counselors," said Liu Di.
When asked if Wang Chuanfu had ever been in a relationship during his university days, Liu Di replied, "He didn't date. At that time, dating in university wasn't as common as it is now, and the school rules didn't encourage it."
3. From batteries to cars, achieving billionaire status in 14 years
At university, Wang Chuanfu wasn't overly enthusiastic about entertainment activities. "He studied very hard," said counselor Liu Di. Perhaps it was this dedication and professionalism that allowed him to always foresee the right direction in his future endeavors.
During his undergraduate and graduate studies, Wang Chuanfu focused on batteries, and after entering the market, he continued in this field.
In February 1995, Wang Chuanfu registered BYD Industrial Co., Ltd. in Shenzhen, starting his entrepreneurial journey with 2.5 million yuan borrowed from his cousin. Today, BYD has become the world's second-largest rechargeable battery manufacturer, capturing nearly 15% of the global market.
In July 2002, BYD successfully listed on the Hong Kong Main Board. Over seven years, Wang Chuanfu grew BYD from an initial team of 20 people to a workforce of 15,000.
On January 23, 2003, BYD announced its acquisition agreement with Xi'an Qinchuan Automobile Co., Ltd., investing 2.695 billion yuan RMB (approximately 2.54 billion Hong Kong dollars) to acquire 77% of Qinchuan Automobile's shares, marking its entry into the automotive industry. The 2.5 million yuan he started with 14 years ago has now transformed into a market value of over 30 billion yuan.