The Hurun Research Institute released last October the LEXUS·Hurun China Rich List 2019, a ranking of the richest individuals in China, with a wealth cut-off of CNY 2 billion, equivalent to US$290 million. Wealth calculations are a snapshot of 15 August, the same date as previous years. This is the 21^st year of the list.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said: “The 2019 Lexus Hurun China Rich List is a snapshot of the private sector on the occasion of China’s 70^th anniversary. The stories of these people tell the story of the Chinese economy.”

“This is the first time that the Hurun Rich List has shrunk for two consecutive years. Whilst last year could be put down to a 20% drop in the stock exchange, on the back of a slowing economy and the US-China trade, this year – in a year when stock markets have risen slightly – the shrink in the list is due to the impact of the digital economy. Tech entrepreneurs are replacing those from the traditional powerhouses of manufacturing and real estate. Twenty years ago, we did not have one dollar billionaire, yet now the average wealth of China’s Top 1800 individuals is a staggering US$1.4bn. Wealth is concentrating into the hands of those who are able to adapt to the digital economy.”

“I am delighted to partner for the second year with Lexus, which shares a similar passion towards innovation and the concept that the stories of these people tell the story of modern China.”

As the exclusive sponsor of Hurun China Rich List for two consecutive years, Lexus hopes to keep a keen insight into market dynamics and customers’ need for luxury lifestyle through continuous focus and thinking on the Rich List. In this way, Lexus will provide customers with amazing experience via emotional products and service.

Highlights

266 dropped off last year’s list, adding to last year’s 456 drop-offs. “40% of the Hurun Rich List two years ago failed to make the cut this year, the biggest drop since records began 21 years ago. This works out at an average of one richlister dropping off each day for two years,” said Hoogewerf.

192 new faces, of which 2 jumped straight into the Top 100: Beijing-based Li Yongxin, 43, and mother Lu Zhongfang of China civil service exam trainer Offcn with US$8.4bn, and Silicon Valley-based Eric Yuan Zheng, 49, of online meeting platform Zoom with US$5.15bn. “There has been a changing of the guard in the Hurun Rich List, with 411 new faces these past two years,” said Hoogewerf.

Jack Ma, 55, for the second year running retained top spot with US$39bn, despite officially retiring as chairman of Alibaba last month.  Pony Ma, 48, of Tencent rose one place to second with US$37bn, up 8% or US$2bn, overtaking property developer Xu Jiayin, whose wealth has now dropped US$13bn in the two years since he was China Number One, to take Xu to US$30bn. “The China Rich List is now looking like a two-horse race,” said Hoogewerf.

Husband and wife team Sun Piaoyang, 61, & Zhong Huijuan, 58, doubled wealth to US$25bn, shooting them to fifth spot, after HK listing of schizophrenia and bipolar disorder drug maker Hansoh. “Pharma continues to grow from strength to strength. 8% of the rich list this year is made up of entrepreneurs whose main source of wealth is pharma, double that of ten years ago.”

Colin Huang Zheng, 39, of ecommerce giant Pinduoduo became the first self-made entrepreneur born in the 80s to enter the Top 10, after his wealth grew US$5.7bn to take him to US$19bn at 7^th spot. 156 individuals under 40 made the list this year, up 24. “Colin Huang has created a world first, making US$20bn since founding Pinduoduo just four years ago. Nobody in the world has ever made that much from a standing start.”

Food has had a good year. Pig farmer Qin Yinglin, 54, & wife Qian Ying, 53, of Muyuan broke into the Top 20, after their wealth tripled to US$14bn on the back of selling 5.8 million pigs in a market when pork price increased due to an outbreak of swine flu. ‘Hotpot King’ Zhang Yong, 48, & wife Shu Ping, 49, of Haidilao, doubled their wealth to US$17 billion, propelling them into Top 10 for the first time. ‘Soya Sauce King’ Pang Kang, 63, of Haitian, saw his wealth grow by US$4.5bn to US$12bn.

621 dollar billionaires, up 1, of which 32 have more than US$10bn, up 8; cutoff to make Top 50 up 23% to US$7.4bn, a new record; average wealth up 10% to US$1.4 billion, a new record. Total wealth rose 4.5% to US$2.6 trillion.

Youngest self-made on list, both 27 years: Chen Xiaoliang of online advertiser Duiba, and Ge Yuesheng of Bitcoin miner Bitmain.

Huawei founder Ren Zhengfei, 75, grew 24% to US$3bn, up 36 places to 162.

22 individuals from newly-launched STAR Board make list, led by Chen Wenyuan, 51, & Zhang Qian, 38, of electronic display test equipment maker HYC with US$3.1bn.

Manufacturing had a bad year, whilst tech had a good year.  Manufacturing and real estate still make up just under 40% of the list, whilst tech overtook investments into third place.

Unicorns contributed 52 individuals this year. AI sector led by Tang XiaoOu of facial-recognition platform SenseTime, robotics led by Wang Tao of drone maker DJI, blockchain led by Zhan Ketuan of Bitcoin miner Bitmain, sharing economy led by Cheng Wei of Didi, e-vehicles led by He Xiaopeng of Xpeng Motors. Jenny Qian Zhiya, 42, of Luckin Coffee broke into the list with US$810 million, ranking 736, after founding Luckin Coffee just two years ago and listing it on Nasdaq in May. Revenues were over US$100 million in the second quarter of this year. “The speed of wealth creation in China is quite phenomenal,” said Hoogewerf.

18 individuals born outside China made the list, of which 5 are of non-Chinese origin: RAAS’s Kieu Hoang, Bestseller China’s Dan Friis, BeiGene’s John Oyler, Foreo’s Filip Sedic and Naked’s Grant Horsfield.

Zhejiang University and Peking University had the most alumni on the Hurun Rich List, with 39 and 38 individuals. Shanghai Jiaotong University and China Science and Technology University had good years, breaking into the Top 10 alumni. Hoogewerf said: "The spirit of entrepreneurship is red hot amongst the alumni of China’s top universities. Curiously, though, 45% did not go to university, graduating instead from the ‘University of Life’.”

Summary

l  1819 individuals made the cut of CNY 2 billion, 4% down on last year's 1893. Hoogewerf said, “This is the first time in 21 years that the Hurun Rich List has shrunk for two consecutive years. The only other years the list shrunk, and only very slightly, were in 2008 at the time of the global financial crisis and in 2002 after the tech bubble burst,” said Hoogewerf.

l  1136 saw their wealth shrink or stay the same, of which 266 dropped out of the list. 934 individuals saw their wealth grow, of which 192 were new entrants.

l  19 individuals have a wealth of CNY 100 billion, up a staggering 7 or 60%, a new record for the Hurun Rich List. Hoogewerf said: "Despite the list shrinking, average wealth jumped 10% to hit a new record of US$1.4bn and the cut-off to the Top 50 has grown 20% to US$7.4bn, also a new record. Companies with strong business models, good teams and that can maintain a spirit of entrepreneurship are pushing forward relentlessly.”

l  Fastest risers. Ningxia coal miner Dang Yanbao saw his wealth rise seven times to US$8.4bn on the back of a public listing of Baofeng Energy. Other fast risers include Du Shuanghua of Rizhao Iron and Steel, Wu Junbao, 53, of vocational training platform Xinhua Education, Li Xianyu, 65, & family of syringe maker Double Dove, Shen Wei and Chen Mingyong of mobile phone brands VIVO and OPPO.

l  Bad year. Robin Li Yanhong & Melissa Ma Dongmin of Baidu have had a bad year, losing US$7.7bn or 43% to drop them 25 places to 34.  Baidu has struggled to monetize its initiatives in AI and self-driving cars, and has been losing market share in advertising revenues to newcomers like Zhang Yiming, 36, of Bytedance. Robin Li made headlines in July, when someone poured a bottle of water over him on stage in Beijing. Others that were down include Ma Xingtian of ginseng pharma brand Kangmei, down almost 90% or US$5bn to US$840 million; Lei Jun of Xiaomi, down 32% or US$5bn to US$10.8bn, Li Bin, 45, of e-vehicle brand NIO, down 52% or US$1bn to US$860 million and Jason Jiang Nanchun, 46, of FocusMedia, down 44% to US$3.1bn.

l  The proportion making their wealth in IT increased from 10.3% of the list to 11.7%, surpassing Investments to become the third largest source of wealth for entrepreneurs on the list. Manufacturing is still the most important source of wealth for the Hurun List, but the proportion has fallen from 26.1% last year to 24.5%. Real estate is second, accounting for 14.8%, same as last year; Investments came in fourth, a slight decrease from 11.6% to 11.4%; Pharma continued its rise, up from 7.1% to 7.6%; The service industry maintained rapid growth, rising from 5.1% to 5.7%; Retail, Agriculture, and New Energy industries rose slightly; Foods & Drinks, Natural Resources, Apparel, Media Entertainment, Construction and Iron & Steel industries declined slightly. “IT led the way for growth this past year, followed by pharma and investments," said Hoogewerf.

l  STAR Board. 22 shareholders from 17 companies listed on the newly-founded STAR Board, an equivalent to a Nasdaq-style board for tech cos. Their total wealth came to US$19 billion, led by Chen Wenyuan & Zhang Qian of HYC with US$3.15bn. “The escalation in the US-China trade war has intensified interest in the recently-launched Star Board.”

l  156 people under 40 made the list, 24 more than last year. 58 of them are self-made, 8 more than last year. Pinduoduo’s Colin Huang Zheng, 39, shot into the Top 10 with US$19bn, up US$5.7 billion. Zhang Yiming, 36, from video-sharing and news aggregation platform Bytedance, rose 6 places to break into the Top 20 after a 46% rise in his fortune to US$13.5 billion.

l  11 people born in the 90s made the list, one more than last year. Two are self-made aged 27: Chen Xiaoliang from Duiba, and Ge Yuesheng from Bitcoin miner Bitmain.

l  Education. 3 new faces within the Top 5 richest individuals from education. Li Yongxin, 43, and his mother Lu Zhongfang from China civil service exam trainer Offcn, shot straight in at Number One with US$8.4bn. Second and third were Zhang Bangxin, 39, of after-school tutoring service platform TAL Education, up 22% to US$6.3bn and Michael Yu Minhong, 57, of English language training platform New Oriental, up 25% to US$2.85bn.  Two other new faces in the Top 5 are Wu Junbao, 53, of Anhui-based vocational training provider China East Education, up six-fold to US$2.15bn and Chen Xiangdong, 48, of K-12 after-school tutoring service provider Genshuixue with US$1.5bn. China East Education provides training in culinary arts and information technology, as well as auto services with sales last year of US$260 million.  “Making money in the field of education in China has gone through a big transformation these past two years,” says Hoogewerf.

l  The average age was 54, same as last year.

l  Where they live. Beijing has the highest concentration of richlisters, with 286 or 16% of the list. Shenzhen stayed ahead of Shanghai. Hangzhou, Guangzhou and Hong Kong followed. Sichuan had a good year.

l  Women. The proportion of women dropped slightly to 27.2% from 28.7% last year. 70% are self-made. Yang Huiyan, 38, scion of property developer Country Garden, is the richest woman with US$25 billion, up 17%.

l  The proportion of political appointments rose to 7.6% from 7.5% last year. 138 were delegates to the NPC or CPPCC, 4 down on last year. NPC delegates were down 5 to 72, whilst CPPCC delegates were up 1 to 66. Six are standing committee members of the CPPCC；8 are vice chairmen of the All-China Federation of Industry and Commerce.

l  22 head up Fortune Global 500 companies, of which 14 are their main shareholder.

l  17 are in trouble with the law, of which 16 are under investigation and one in prison. In addition, 3 passed away: Zhang Shiping of Weiqiao Pioneering, died of illness aged 73; Zhang Shaori of Zhongsheng Pharma died of illness aged 63; Royalcover’s Wu Zhensheng, 54, died in a car accident.

l  Cross-border M&A. This year’s largest cross-border acquisition was the US$5.7bn Anta acquisition of Finnish brand Amer Sports. “Increased foreign exchange currency controls have brought cross-border M&A activity to a virtual standstill this year.” says Hoogewerf.

l  Chinese star signs. Those born in the Year of the Rabbit top the list for the eighth consecutive year, followed by dragons. Rats are still the worst performers this year.

l  Chinese surnames.  Those with the Li surname overtook Wang for the first time. Zhu, Sun and Guo have also made progress this year.

l  Compared with 10 years ago. 2 of the Top 10 a decade ago are still in the Top 10: Yang Huiyan and Wang Jianlin.  

l  Stockmarkets and currency. “This past year stockmarkets and the Chinese Yuan have been relatively consistent. The Shanghai and Shenzhen Composite Indexes rose 3.4% and 5% year on year, Nasdaq was flat and while the Hang Seng fell 6.7%, those listed there from our rich list saw their wealth grow by 4%.  In the same period the Chinese Yuan depreciated by 2% with the US dollar,” said Hoogewerf.

This is a translation of the summary of the Chinese press release. Please refer to the Chinese language version for the full release.

Top 10

There were 4 new faces in the Top 10 this year. IT led with 4, followed by real estate with 3. To break into the Top 10 required US$1bn more than last.

Source: 2019 LEXUS·Hurun China Rich List

Jack Ma, who just retired at the age of 55, became the richest man in China for the third time with a wealth of US$39 billion. As of September this year, Alibaba's market value exceeded US$450 billion.

Pony Ma, 48, ranked 2^nd with US$37 billion. Tencent posted revenue of nearly US$28 billion in the first half of this year, up 18% from a year earlier. Tencent has a market capitalization of US$428 billion as of September, making it China's second-largest company by market capitalization.

Xu Jiayin, 61, ranked third with US$30 billion. Evergrande achieved operating revenue of US$32 billion in the first half of this year. Xu has been expanding into e-vehicles.

He Xiangjian, 77, and son He Jianfeng ranked 4^th with US$26 billion. Midea Group posted revenue of US$22 billion in the first half of this year, up 8% from a year earlier, and the pace of growth for the home appliance giant remains strong.

Husband and wife team Sun Piaoyang, 61, & Zhong Huijuan, 58, doubled their wealth to US$25bn, shooting them up 15 places straight into fifth place. Sun is the main shareholder of anticancer drug maker Hengrui, whilst his wife Zhong became the richest self-made woman in the world after her HK listing of schizophrenia and bipolar disorder drug maker Hansoh, of which she is the main shareholder. “Sun Piaoyang and Zhong Huijuan have created a world first, in that both husband and wife have built sizeable independent businesses,” says Hoogewerf.

Yang Huiyan & family ranked 5^th with US$25 billion. At the beginning of this year, Country Garden identified real estate, robotics and modern agriculture as its three future priorities. In the first half of this year, Country Garden achieved a total revenue of US$29 billion, up 53% year-on-year.

Huang Zheng, 39, ranked 7^th with US$19 billion. Founded four years ago, Pinduoduo has a market capitalization of US$41 billion. In the 12 months to the end of June, Pinduoduo had 480 million active buyers, up 41% from a year earlier.

Ding Lei, 48, ranked 8^th with US$18 billion. Netease's net income in the second quarter of this year was US$2.7 billion, up 15% year-on-year.

Wang Jianlin, 65, & family ranked 9^th with US$17 billion. After selling down many of his domestic and overseas assets, Wang’s main business today is the Wanda Plaza. Wanda Group's revenue last year was US$30.6 billion, down 5.7% year-on-year. In the first half of this year, Wanda announced investment projects in Sichuan, Shenyang, Chaozhou, Lanzhou and Tianjin, with a total investment of US$36 billion. Wanda Sports, listed on Nasdaq in July.

Yan Hao, 33, of China Pacific Construction, is ranked 9^th with US$17 billion. China Pacific Construction made the Top 100 of the Fortune Global 500 for the fourth year running, achieving US$87 billion sales.

Zhang Yong & Shu Ping of Haidilao broke into the Top 10 with US$17 billion, ranking 9^th in the list, and wealth increased by 118% compared with last year. Haidilao was listed on the Hong Kong Stock Exchange last September and its current market value is US$24 billion. Last year, Haidilao restaurant revenue exceeded US$2 billion, an increase of 60%. Last year, 193 new restaurants were added, bringing the total to 466, including 176 new in the mainland China and 17 overseas. Yihai international, another listed company they own, specializes in hot pot seasonings and instant food products, and its revenue last year was US$386 million, up 63% year-on-year. At the same time, the Shuhai Supply Chain, which was spun off from Haidilao Logistics, has also reached a valuation of US$2 billion.

Industry Analysis

The main source of wealth for 40% of the list was from manufacturing and real estate. IT, pharma, services, retail and new energy have had a good year.

Source: 2019 LEXUS·Hurun China Rich List

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Digital Economy Leaders

“All eyes are on the leaders of the next wave of the so-called ‘Fourth Industrial Revolution,” said Hoogewerf.  Below is a list of the 100 individuals from the Hurun Rich List that are leading the structural transformation to the digital economy.

Source: 2019 LEXUS·Hurun China Rich List

Source: 2019 LEXUS·Hurun China Rich List

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy

Headquarters, Birthplace

Beijing and Shanghai have the most immigrant entrepreneurs.

Source: 2019 LEXUS·Hurun China Rich List

↑ Rank increase yoy  ↓ Rank decrease yoy  - No Rank change yoy  *New to this

Important IPOs

This year, the number of new IPOs is down compared with last year.  “Despite the Trade War with the US, the preferred destination of IPOs this year for the Hurun Rich List was the USA, compared with HK last year,” says Hoogewerf.

New IPOs in the US included Tencent Music (market capitalization of US$28.6 billion), Luckin Coffee, Douyu, Futu Holdings, 9fgroup and Weidai. Fintech platform Lakala listed on the A share market, whilst the biggest HK IPO was pharma giant Hansoh.

Large international investments and acquisitions

In February, Anta teamed up with Tencent and FountainVest Partners to make a US$5.7bn acquisition of Amer Sports, a Finnish Sports brand.

In January, Evergrande Health acquired a 51% stake in Sweden-based global electric vehicle company NEVS for US$ 900 million.

In May, Fosun announced plans to acquire German smart manufacturing company FFT for US$670 million. Fosun is likely to make a loss from its 18% stake in UK travel operator Thomas Cook, which in September announced its closure.

In December, Alibaba acquired 29% of Indonesian e-commerce platform Tokopedia for US$486 million.

Born outside mainland China

18 individuals were born outside China, led by Mission Hills’s Ken Chu & family and RongQiao’s Tedy Djuhar & family.  Five are of non-Chinese origin: RAAS’s Kieu Hoang, Bestseller China’s Dan Friis, BeiGene’s John Oyler, Foreo’s Filip Sedic and Naked’s Grant Horsfield.

Source: 2019 LEXUS·Hurun China Rich List

Points of Interest

The proportion of political appointments rose to 7.6% from 7.5% last year. 6 are standing committee members of the CPPCC: Xu Jiayin, Xu Jiankang, Xu Rongmao, Nan Cunhui, Liu Changle and Zheng Yuewen.

8 are vice chairmen of the All-China Federation of Industry and Commerce: Zhang Jindong, Zheng Yuewen, Liang Wengen, Li Shufu, Nan Cunhui, Lei Jun, Huang Li and Li Dongsheng. 4 were delegates to the 19^th Party Congress: Pan Gang, Li Denghai, Zhou Yaxian and Wu Shaoxun

Social Media Impact

Superstar actress Zhao Wei had 86 million followers on Weibo.  Her wealth dropped 18% to US$640 million.

Source: 2019 LEXUS·Hurun China Rich List

Alibaba & Ant Financial have produced the most richlisters, followed by Wens and Xiaomi.

Source: 2019 LEXUS·Hurun China Rich List

Historical Stats

Cut-off

Global Distribution of China's Billionaires

There were 621 billionaires either living in or from mainland China. Expanding this to include billionaires of Chinese origin from around the world, there are now 772, down 23 compared with last year.

Source: Hurun Global Rich List 2019 and 2019 LEXUS·Hurun China Rich List

In trouble with the law

17 are in trouble with the law, of which 16 are under investigation and 1 is in prison.

In prison: Huang Guangyu of Gome.

Under investigation: Xiao Jianhua of Tomorrow Holdings, Yan Jinggang of Zhong Ji, Liu Dequn of Morningstar Network Technology, Wang Wenliang of Dandong Harbour, Qiao Tianming of JianNanchun, Zhong Hangen of Huifeng Nonghua, Zhongyu of Kangde Xin,  Sun Yanchao of Bao Ta Petrochemical, Yang Zhuoshu of Zhuoda, Gao Junfang of Chang Sheng Bio, Tang Jun of Xiaohuanggou, Wang Yue of Kingnet, Zhang Changhong of Dazhihui, and Feng Xin of Storm.

In addition, Wang Zhenhua of Xincheng was formally charged with sexually abusing a child; Guan Yanbin of Sunflower Pharmaceutical was arrested for suspected intentional homicide.

Bankruptcy.  In June, Yinyi Group, founded by Xiong Xuqiang, filed for bankruptcy. In April, Neoglory, founded by Zhou Xiaoguang, filed for bankruptcy.

Divorce.  Lang Guanghui, Sunstore founder, divorced Wang Ping, with a US$93 million settlement; Haixing’s Zhou Liangzhang and Li Xiaoqing divorced; Woer’s Zhou Heping and Qiu Limin divorced with a US$129 million settlement.

Philanthropists

Lu Weiding, 48, of Hangzhou-based Wanxiang becomes China’s Most Generous with US$720m donation. The Lu Weiding & family is currently ranked 75th on the 2019 LEXUS·Hurun China Rich List with a wealth of US$5.2 million.

In July this year, on the occasion of the 50^th anniversary of Wanxiang Group, Lu Weiding announced that according to the wishes of his father Lu Guanqiu, all the assets of Wanxiang Group's audit report as of 2018 were donated to establish the Fund. The entire proceeds of the charity fund will be used to develop new technologies, high-end talent education, scientific research, and support for the establishment of science and technology applied research institutions. The relevant donation work is currently in progress.

Hurun China Philanthropy List 2019 Top 10

Source: Hurun Philanthropists List 2019, auditing the cash donation, cash related donation, as well as committing with legal effect during April 2018 and March 2019.

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Chinese Star Signs

Source: 2019 LEXUS·Hurun China Rich List

Source: 2019 LEXUS·Hurun China Rich List

Methodology

The Hurun Rich List is a snapshot of wealth as of August 15, the same date as that used for each of the last few years. The exchange rate used for the US dollar was CNY 7, for the Hong Kong dollar was CNY 0.9.

The list relates to Mainland Chinese, defined as someone born and brought up in Mainland China, no matter what passport they might hold today, as well as individuals born outside of Mainland China, but who made it here and reside here today.

Valuing the wealth of China’s richest is as much an art as it is a science. We have missed some people, many of whom go to extraordinary lengths to hide their wealth, but we believe the Hurun Rich List to be the most serious attempt to identify China’s top entrepreneurs and to measure their holdings. There are shareholders missing from the likes of Alibaba, Tencent, Huawei, Ping An and other big companies, where as little as 1/1000^th ownership of the company is enough to make our cut. Our team of researchers has - for the twenty first year running - traveled the length and breadth of the country cross-checking information with entrepreneurs, local government, industry experts, journalists, bankers and regulators, as well as previous years’ databases. For non-listed companies our valuation was based on a comparison with their listed equivalents using prevailing industry Price/Earnings ratios. “I estimate that for every richlisters we have found, we have missed two, meaning that there are most likely to be 6,000 individuals in China with US$290 million.”

About LEXUS

Since its birth in 1989, Lexus has become the word for "luxury”, a global luxury auto brand providing customers with high quality products and service beyond expectations. At present, Lexus has expanded its business to more than 80 countries and regions including the America, Europe, Asia and Oceania. The first batch of authorized dealerships of Lexus China was officially established in February 2005. There were 214 Lexus dealers in China as of September 30, 2019.

Since March 2005, Lexus has introduced its 11 series of luxury auto products including CT, IS, ES, GS, LS, UX, NX, RX, LX, RC and LC to the Chinese market with a total of 19 models on sale at present. The brand has been widely praised and favored by Chinese consumers with reliable quality, excellent performance, comfortable driving and riding experience and Omotenashi service.

Since entering the Chinese market, Lexus has been the first auto brand in China to provide customers with a free maintenance and repair warranty* for 4 years/100,000km (6 years/150,000km for Hybrid Intelligence models since 2007), setting the benchmark for premium auto market. Also, Lexus has been able to provide each customer with carefree and confident experience through an extensive range of attentive services, including 48-hour parts distribution, roadside assistance, specialty insurance initiatives, Lexus G-BOOK system, L/Certified by Lexus,10 years/250,000km warranty on hybrid batteries for Hybrid Intelligence models and extended warranty services, etc..

In 2018, Lexus' cumulative sales in China reached 160,468 units, setting a new record of annual sales in China.

From January to September 2019, Lexus sales in China totaled 144,590 units with 22.8% YOY growth. Among them, the sales of Hybrid Intelligence models were 48,065 units, accounting for 31.8% of the total sales.

In 2017, Lexus launched its new brand tagline “领未见·探非凡”(Experience Amazing), and continued to lead luxury industry with relentless innovation and grand vision. Since then, Lexus has been transforming from a traditional luxury auto brand to an emotional luxury lifestyle brand filled with amazing experiences that surpasses new generation luxury consumer’s expectation for individuality and unique consumer experiences.

Lexus will continue to provide customers with premium mobile experience by dedicating to its unique business philosophy of “Annual Ring”（年轮经营）focused on steady growth and the “YET Philosophy”, as well as the core values of the brand including Takumi Craftsmanship.

* Lexus free maintenance and repair warranty is subject to the terms specified in Lexus Warranty Manual and Lexus User Manual.

About Hurun Report Inc.

Nobody Knows China’s Rich Better!

Established in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading research platform based in Shanghai and Mumbai, best-known for its China and India rich lists, and with 150 employees today. Hurun Report Inc. has four main divisions.

Hurun Research Institute ‘World’s Largest Rich List Provider’

2019 marks the 20^th anniversary of Hurun Report, highlighting the fastest wealth creating period in the history of the world.

The Hurun Richest Self-Made Women in the World has been highlighting for over ten years the fact that over 70% of the world’s most successful women in business herald from China, ie Chinese are completely dominant in the world of women in business. This has changed the way the world looks at Chinese women in business.

The Hurun China Philanthropy List ranks the most generous individuals in China and is now in its 15th anniversary. With no inheritance tax, Chinese give much more generously than many have previously understood.

Two recent lists with an impact include the Hurun China Unicorn Index, ranking the most dynamic businesses with a valuation of US$1bn or more in China; and the Hurun Most Successful University Alumni.

In India, Hurun Research has launched the Hurun India Rich List for the seventh time last year, and has an active events business there.

‘World Authority on the Chinese High Net Worth Individual’

Recent research partners include financial institutions (PingAn, Bank of China, Taikang Life, Minsheng, Citic), local government (Shanghai, Changbaishan) and Global 500 multinationals (Marriott, Country Garden, Agile, Audi, Volvo).

Three breakthrough lists this past year: Hurun Good Doctors’ List, a ranking of the 9500 most respected doctors in China, broken down by region and speciality; Hurun Best International Schools List; and Hurun Creative Works Intellectual Property List, in Search of the Harry Potter of China, ranking those online novels with the most valuable IPs.

The Hurun Art List ranks the top artists alive today in China for the 12th year and has become a household name amongst artists.

Media and Events ‘The Hurun brand gets 200 million views a month in China’

The Hurun brand has become one of the few non-Chinese media brands to become a household name across China.

Hurun Media monetizes 1 million views a month in China, through its wechat, weibo, website and legacy magazine.

Recent themed events include blockchain, fintech and 30 under 30, with industry-respected awards. We deliver 100+ events a year in China, with 200 entrepreneurs from the Hurun China Rich List attending.

Hurun Report kicked off the world's largest Chinese New Year dinner series in Shanghai on January 16, and is going to 8 cities across 4 continents. Toronto on Jan 20, New York Jan 23, LA Jan 25, London Jan 28, Istanbul Jan 29, Luxembourg Jan 31 and ending up in Sydney on Feb 18. Hurun Report’s mission is to create the world's largest platform of China gatekeepers.

Investments

Hurun Investments has a portfolio of 20 companies with a market value of US$50 million, with investments into tech, media, design, education as well as a vintage car race and a tailor.

For further information, see www.hurun.net

LEXUS·Classement Hurun 2019