BYD's Wang Chuanfu tops Hurun rich list

Oct. 6, 2009 (China Knowledge) - Wang Chuanfu, founder and chairman of Chinese battery and car maker BYD Co<1221>, tops the latest annual Hurun Rich List of China's richest people, thanks to investment by U.S. billionaire Warren Buffett.

43-years-old Wang rose from last year's 103rd place, with wealth increasing to US$5.1 billion from US$880 million a year ago, said Rupert Hoogewerf, founder of the Shanghai-based Hurun Report.

Last September, Buffet's Berkshire Hathaway agreed to spend US$230 million for a 10% stake in BYD, which is famous for making rechargeable battery and automobiles. The company has gained US$1 billion from the investment and intends to raise its shareholding in it, Wang earlier said.

Shenzhen-based BYD aims to be the country's biggest passenger car maker before 2015, ahead of its original schedule. The auto maker is seeking to list it stocks on the Shenzhen Stock Exchange.

Zhang Yin, the founder of paper-recycling company Nine Dragons Paper Holdings Ltd<2689>, came in the list at the second place. She ranked No.1 in 2006 and No. 2 in 2007.