Copyright forbes
Chinese billionaire Liang Wengen, former chairman of Sany Heavy Industry, in 2011. Photographer: Forbes Conrad/Bloomberg 2011 Bloomberg Finance L.P. Liang Zaizhong, the son of China manufacturing billionaire Liang Wengen, resigned as chairman of Sany Heavy Equipment International effective yesterday, the Hong Kong-listed company said in an announcement on Friday. Sany Heavy Equipment International, whose products include port equipment, named Zhou Fugui, a long-time Sany Group executive, as new chairman. Sany Heavy Equipment International also said Qi Jian would step down from roles as vice chairman Qi Jian and executive director “to enhance the company’s corporate governance structure and strengthen the rotation mechanism of the strategic leadership team.” Qi will remain CEO; Liang Zaizhong will stay on as an executive director. The changes at the top come after Sany Heavy Equipment International’s shares gained more than 45% in the past 12 months; the company said on Oct. 30 net profit rose by 16% from a year earlier to 414 million yuan in the three months to September. Liang Wengen, 68, is the founder and former chairman of Shanghai- and Hong Kong-listed Sany Heavy Industry, a construction equipment maker which has thrived over the years from China’s building and infrastructure boom. China’s richest man in 2011, Liang Wengen currently holds a fortune worth $8.8 billion, according to the Forbes Real-Time Billionaires list. Son Liang Zaizong, 40, holds a bachelor’s degree in computer and management sciences from the University of Warwick. He received a master’s degree in public administration from the John F. Kennedy School of Government at Harvard University in May 2014. Both father and son are board members at Sany Heavy Industry. Sany Heavy Industry just last week sold $1.7 billion of “H shares” that began trading at the Hong Kong Stock Exchange on Oct. 28 at HK$21.30; they closed at HK$23.38 on Friday. Sany Heavy Industry’s Shanghai-traded shares, known as “A shares,” have gained 21% in the past 12 months. The Changsha-headquartered company, a global competitor of Caterpillar and Deere, said on Thursday net profit in the three months to September rose by 48% to 1.9 billion yuan, on revenue that increased 10.7% to 21.2 billion yuan. MORE FOR YOU Sany Heavy Industry is among a group of Chinese companies trading at mainland exchanges to successfully seek an additional listing at the Hong Kong Stock Exchange this year, making the bourse exchange one of the world’s most important for new offerings this year. Others include Contemporary Amperex Technology, better known as CATL, and Zhejiang Sanhua Intelligent Controls. Cornerstone investors in Sany Heavy Industry’s H share offering included Temasek, BlackRock, Infore Capital, Hillhouse and UBS Asset Management Sany’s history traces to China’s central Hunan province in 1989 as a small welding materials factory. Other Sany-connected billionaires include Xiang Wenbo ($1.4 billion), Mao Zhongwu ($1.3 billion) and Tang Xiuguo ($1.4 billion). Sany America, Sany Heavy Industry’s main U.S. operation, is headquartered in Peachtree City, Georgia. ForbesChina Billionaire’s Miniso Applies To List Top Toy In Hong KongBy Russell Flannery Editorial StandardsReprints & Permissions
