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This article is the result of our research process on the largest single family offices in Asia. Our list of Asian Single Family Offices includes the main family investment vehicles that invest in various areas such as financial markets, real estate, venture capital, private equity, renewable energy or artificial intelligence.
Where does the fortune of He Xiangjian come from?
He Xiangjian is the co-founder of Midea, one of China’s largest home appliance manufacturers. The appliance maker operates 200 subsidiaries and more than 60 overseas branches, and has been listed in the Fortune 500 Global since 2016. Midea produces lighting, water appliances, floor care, small kitchen appliances, laundry appliances, large cooking appliances and refrigeration appliances. It also has a long history of producing heating, ventilation and air conditioning products for homes and businesses, and is the world’s largest manufacturer of robots and appliances. Midea’s economic success has secured He Xiangjian a place on the list of China’s richest people, with an estimated net worth of $25.5 billion in 2024.
How did Xiangjian’s company Midea develop?
In 1968, with just $800, He Xiangjian led a group of 23 Beijiao residents to set up a lid manufacturing company, which later became Midea. After initially producing bottle lids and car parts, the company focused on manufacturing finished products, specifically electric fans, from 1980 onwards. Five years later, Midea produced its first air conditioner, a product that remains the core of Midea’s business today. Over the next 15 years, however, the company gradually expanded into a wide range of other electrical household appliances, including refrigerators, washing machines and microwave ovens. In 1973, Midea’s first subsidiary went public on the Shenzhen Stock Exchange (the entire Midea Group followed suit in 2013). In 2016, Midea made three major acquisitions, the first of which was Toshiba’s home appliance business for $477 million, followed by the even larger purchase of German robotics company KUKA. Today, Midea employs more than 130,000 people and has a turnover of $42 billion.
Is there a He Xiangjian family office?
Yes there is. Most of his wealth is managed through the Midea Holding. Furthermore, He Xiangjian manages parts of his fortune through the Midea Real Estate Holding.
How does the He Xiangjian family office invest?
Through Midea Holding, He Xiangjian is an active venture capital investor focused on sectors that complement Midea Group’s business areas: Internet, software, technology and consumer electronics. Exemplary investments include, for example AISpeech. With Midea Real Estate Hodling property investments throughout Asia are realized.
This article is part of our detailed report “The Single Family Offices of Asian Billionaires and HNWIs“.
Picture source: Gervyn Louis