HOW WE MADE IT - Pig farmer worth $18.5B pins fortune on the crisis
- Qin Yinglin, chairman of China's Muyuan Foodstuff, made his fortune as the country's largest pig breeder in the world's biggest pork market.
- Qin was born in Neixiang County in Henan, China's most populous province.
- He studied animal husbandry at Henan Agricultural University then started his own business with wife Qian Ying, who sits on the board of Muyuan.
- The couple started their venture with 22 pigs in 1992.
- REAL TIME NET WORTH $29.8B as of 6/12/20 +$263 M | 0.89%
Muyuan's profit surged 260 per cent in the third quarter from the same period in 2018, driven primarily by higher pork prices. The company and other large producers probably gained market share as smaller firms were forced out of business amid heavy losses, according to Fitch Ratings.
Qin isn't the only one to cash in on the crisis. Other winners include Hong Kong-listed WH Group, the world's biggest pork producer, and New Hope Group, a pig breeder and animal-feed make
New Hope Chairman Liu Yonghao now has a net worth of US$11b, almost double from the end of 2018.
The majority of Qin's wealth is derived from a 60 per cent stake in Muyuan. He holds the shares directly and with his wife through Muyuan Industrial Group, according to the company's third-quarter filing
Qin, a native of Henan province in China, was born in 1965 and graduated from Henan Agricultural University with a degree in animal husbandry, according to his company's website.
He was sent to a state-owned enterprise after graduation but quit three years later to launch a hog-breeding business in his hometown of Nanyang. He started with just 22 pigs and now his company slaughters about 5 million a year.
A giant 750kg pig was crowned "Pig King" - thatsmags
| Swine fever brings both benefit and harm," Qin said in the interview. "We need to ride this violent hurricane out and turn it into a superb opportunity for our development."