The founder of Midea Group, He Xiangjian, is among the richest people in China thanks to his enormous fortune. According to current estimations, Midea’s supremacy in the home appliance sector is the main factor contributing to his net worth of over $25 billion. He began the business as a tiny workshop in 1968 and built it into a multinational conglomerate with operations in more than 200 nations. His fortune keeps increasing as a result of Midea’s foray into robotics and smart home technologies, even though he stepped back from day-to-day operations in 2012. His accomplishment serves as a prime example of both China’s economic growth and the influence of entrepreneurship in international marketplaces.
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He Xiangjian’s Wife & Children: A Family Behind the Success
Despite his enormous success, He Xiangjian, the millionaire founder of Midea Group, keeps his personal life secret. He is married, although nothing is known about his spouse because he prefers to keep his private life private. To ensure Midea’s continuous growth, his son He Jianfeng is heavily involved in the company’s operations and investments. When He Jianfeng assisted in stopping an abduction attempt at their house in 2020, their family made news. The family avoids the limelight that sometimes accompanies wealthy entrepreneurs by staying modest and concentrating on business and innovation despite their wealth.
Early Life and Entrepreneurial Beginnings
1942 saw the birth of He Xiangjian in Foshan, Guangdong Province, China. Despite his humble upbringing and lack of formal schooling, he had an entrepreneurial spirit that would propel him to success in the future. He Xiangjian, like many Chinese businessmen of his generation, made the most of Deng Xiaoping’s economic reforms in the late 1970s.
Together with twenty-three other peasants, He Xiangjian formed a small workshop in Beijiao, Guangdong, in 1968. At first, the company concentrated on making basic goods like bottle lids. However, he quickly recognised that China’s rapidly urbanising population was driving more demand for domestic equipment.
The Rise of Midea Group
Midea’s foray into the household appliance industry began when He Xiangjian shifted the company’s emphasis to electric fans in the early 1980s. The company prospered, and by the middle of the 1980s, Midea had made a name for itself as a reliable producer of home electrical goods.
As China’s economy proceeded to open up in the 1990s, the company’s growth surged. Air conditioners, refrigerators, washing machines and small kitchen appliances are now part of Midea’s product portfolio. Midea was able to compete with international names like Haier, Gree, and Whirlpool because to He Xiangjian’s strategic vision, which allowed the firm to make significant investments in R&D.
Global Expansion and Market Leadership
Midea started an ambitious growth strategy under He Xiangjian’s direction, setting up production facilities, research facilities, and sales networks all over the world. The business had expanded into foreign markets by the early 2000s, shipping goods to Southeast Asia, Europe, and North America.
When Midea paid $5 billion to purchase Germany’s KUKA, a well-known robotics and automation business, in 2016, it marked a significant turning point in its worldwide expansion. With this step, Midea established itself as a key player in industrial automation and robotics in addition to being a pioneer in residential appliances.
With operations in more than 200 countries, Midea is currently a Fortune Global 500 corporation. It has established a significant worldwide presence and maintained its supremacy in China, fighting with other international behemoths in the home appliance and consumer electronics sectors.
Management Transition and Philanthropy
After He Xiangjian resigned as chairman of Midea Group in 2012, a team of qualified executives took over managerial duties. He remained a significant stakeholder and continued to shape the company’s strategic direction even after he retired from daily operations.
He Xiangjian has been actively interested in philanthropy outside of his commercial endeavours. He has supported disaster relief, healthcare, and education initiatives in China through the He Foundation. His charitable endeavours are consistent with his convictions of supporting sustainable development projects and giving back to the community.
The 2020 Kidnapping Incident
He Xiangjian made news in June 2020 after he was a part of an abduction at his Foshan home. He was taken captive by a squad of armed invaders who broke into his home. Luckily, He Jianfeng, his son, was able to get away and notify the police. He Xiangjian was saved and the kidnappers were taken into custody by the police, who acted quickly. The event brought to light the dangers that prominent Chinese billionaires confront and the significance of security for the wealthiest citizens in the nation.
He Xiangjian: The Visionary Behind Midea’s Global Success
The transformation of He Xiangjian from a modest workshop owner to a wealthy manufacturer is evidence of his inventiveness and tenacity. As the company’s creator, he turned Midea Group into a world leader in smart technologies and home appliances. His reputation as one of China’s most significant business leaders was solidified by his capacity to adjust to market changes and grow globally. Even though he no longer participates in day-to-day operations, Midea’s continued success carries on his legacy. The tale of He Xiangjian is a classic example of the strength of entrepreneurship, demonstrating how vision, tenacity, and smart expansion can result in outstanding success in the international economy.
