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Xu Jingren

Xu Jingren (September 15, 1944 – July 12, 2021) was the chairman and president of Yangtze River Pharmaceutical Group,[1] National People's Congress delegate and honorary vice-minister in China's Ministry of Health. Xu had been an outspoken research leader in China, where he had frequently called for labor reform and business regulation.[2] As of 2021, his estimated net worth was USD$4.6 billion,[3] one of four family members to be listed among the world's wealthiest. He died on 12 July 2021.[4]

Personal life

The family were noted victims of the 2015 Chinese stock market crash, during which they lost approximately 40% of their previously estimated USD$8 billion combined net worth.[5] Despite this, Xu Jingren and his relatives continue to be mentioned as one of China's top "vampire billionaire" families with majority investments abroad.[6][7][8] Notable international initiatives include the 2017 YRPG subsidiary[9] merger and rebranding of global drug manufacturer ShangPharma[10] by group CEO Michael Hui and board vice-chair Aaron Shang, with a stated intent of expanding North American operations leading to development of San Francisco-based venture portfolio ShangPharma Innovation.[11][12][13]

References

  1. Company Overview of Jiangsu Yangtze River Pharmaceutical Group Company Ltd. Bloomberg.com/, Bloomberg Business^
  2. Deputy: cost cutting affects public health Npc.gov.cn, NPC^
  3. Xu Jingren Net Worth Forbes.com^
  4. 扬子江药业董事长徐镜人7月12日晚离世，曾表示坚持不上市^
  5. China's Richest Billionaires Lost $195 Billion In One Month Amid Stock Market Rout Forbes.com, retrieved 22 October 2015^
  6. Kristie Lu Stout. Meet China's 1%: The billionaires in Beijing's halls of power edition.cnn.com/, CNN, 23 July 2015, retrieved 22 October 2015^
  7. Richard Hoogewerf. Who are China's 'vampire' billionaires? money.cnn.com/, CNN, retrieved 22 October 2015^
  8. Tania Branigan. Politburo, army, casinos: China's corruption crackdown spreads Theguardian.com, The Guardian UK, 14 February 2015, retrieved 22 October 2015^
  9. Yangtze River Pharmaceutical(Group) Co. CPhI SEA, 11 January 2019, retrieved 19 December 2019^
  10. ShangPharma Corporation. ShangPharma Corporation Announces Completion of Merger www.prnewswire.com, retrieved 19 December 2019^
  11. ShangPharma Announces Second Milestone in Move to Enter Chinese Capital Market ChemPartner.com, 2017, retrieved 19 December 2019^
  12. How this Chinese biotech player is building and boosting a network of startups www.bizjournals.com, retrieved 19 December 2019^
  13. ShangPharma Innovation Incubator Expansion Is Taking Strong Root in the Bay Area BioSpace, retrieved 19 December 2019^