Xu Jingren Explained

Xu Jingren
Native Name:徐镜人
Birth Date:15 September 1944
Birth Place:Taizhou, Jiangsu, China
Education:B.A.
Occupation:Pharmaceutical executive, philanthropist
Children:2

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]

Notes and References

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

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