---
title: "“Soy Sauce Tycoon” Pang Kang's Wealth Soars to 100 Billion Yuan"
description: "With a fortune of 100 billion yuan, “soy sauce tycoon” Pang Kang has firmly secured a spot on the 2025 Hurun Global Rich List, with his wealth increasing by 21 billion yuan compared to the previous year. Radar Finance analysis reveals that Haitianweiye is a veritable “wealth-creating machine,” not only producing Pang Kang as a billionaire but also elevating Cheng Xue, Pan Laican, and Lai Jianping onto the list with fortunes of 33.5 billion, 17 billion, and 14 billion yuan respectively. Tracing the company's history, Haitianweiye's predecessor was formed from the merger of 25 traditional sauce workshops in Foshan."
author: "X编辑"
publisher: "New Distribution"
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published: "2025-05-24"
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# “Soy Sauce Tycoon” Pang Kang's Wealth Soars to 100 Billion Yuan

> With a fortune of 100 billion yuan, “soy sauce tycoon” Pang Kang has firmly secured a spot on the 2025 Hurun Global Rich List, with his wealth increasing by 21 billion yuan compared to the previous year. Radar Finance analysis reveals that Haitianweiye is a veritable “wealth-creating machine,” not only producing Pang Kang as a billionaire but also elevating Cheng Xue, Pan Laican, and Lai Jianping onto the list with fortunes of 33.5 billion, 17 billion, and 14 billion yuan respectively. Tracing the company's history, Haitianweiye's predecessor was formed from the merger of 25 traditional sauce workshops in Foshan.

**Source** | Radar Finance
With a fortune of 100 billion yuan, “soy sauce tycoon” Pang Kang has firmly secured a spot on the 2025 Hurun Global Rich List. Compared to the previous year, Pang Kang's wealth has increased by as much as 21 billion yuan.
Radar Finance analysis reveals that Haitianweiye is a veritable “wealth-creating machine,” not only producing Pang Kang as a billionaire but also elevating Cheng Xue, Pan Laican, and Lai Jianping onto the list with fortunes of 33.5 billion, 17 billion, and 14 billion yuan respectively.
Tracing the company's history, Haitianweiye's predecessor was the Haitian Soy Sauce Factory, formed through the merger and reorganization of 25 traditional sauce workshops in Foshan. In the 1980s, Pang Kang joined this factory, starting as a technician. With exceptional business acumen and outstanding leadership, he gradually became the company's soul figure.
Under his leadership, Haitian transformed from a small soy sauce factory into a condiment giant. However, as an industry leader, Haitianweiye once suffered a significant setback in performance due to the “double standard” incident. Subsequently, the chairman's baton was passed from Pang Kang to Cheng Xue, known as the “Queen of Working Women.”
Last year, Haitianweiye emerged from its performance trough, achieving growth in both revenue and net profit, but revenue still fell short of its previously set target. In response, some investors questioned the annual salary of 9.1348 million yuan for new chairman Cheng Xue.
In terms of capital market strategy, Haitianweiye, listed on the A-share market for years, is actively advancing its “A+H” listing process. Despite accelerating overseas expansion, overseas business still accounts for a relatively low proportion of its overall revenue. How to break through the bottleneck of internationalization has become an important issue for Haitianweiye to tackle in the future.
**Pang Kang's Wealth Soars to 100 Billion**
**Haitianweiye Becomes a “Wealth-Creating Machine”**
With the release of the latest Hurun Global Rich List, the wealth landscape of global billionaires has once again become a focus of attention.
Against the backdrop of surging global business trends, 163 new billionaires were added globally this year, bringing the total number of listed individuals to 3,442, a record high. Among them, Chinese billionaires performed well, with 823 individuals making the list, an increase of 9 from the previous year.
On this highly anticipated list, Pang Kang, standing behind Haitianweiye, secured the 163rd position with a fortune of 100 billion yuan, becoming a shining business star.
Compared to the previous year, Pang Kang's wealth increased by 21 billion yuan, and his ranking jumped 20 places, successfully reversing the previous year's decline of 93 places.
Among all billionaires residing in China, Pang Kang is tied with Dang Yanbao of Baofeng at 27th place, demonstrating formidable wealth strength.
If we focus on Foshan, Guangdong (place of residence), Pang Kang ranks second, only behind the He Xiangjian family of Midea, whose fortune of 255 billion yuan is 2.55 times that of Pang Kang.
In the condiment industry, Pang Kang also ranks second, only behind the Lee family of Lee Kum Kee, with a fortune of 140 billion yuan.
Pang Kang's outstanding performance on the rich list is inseparable from his carefully crafted condiment business empire—Haitianweiye. Moreover, Pang Kang is not the only billionaire from Haitianweiye on the Hurun Global Rich List.
This year, Cheng Xue, Pan Laican, and Lai Jianping made the list with fortunes of 33.5 billion, 17 billion, and 14 billion yuan respectively, with their wealth increasing by 6 billion, 500 million, and 500 million yuan compared to the previous year. Haitianweiye has thus become a “wealth-creating machine” that has produced multiple billionaires.
According to Haitianweiye's previously released financial reports, the company's controlling shareholder is Guangdong Haitian Group Co., Ltd. (referred to as “Guangdong Haitian”), with the actual controller being Guangdong Haitian's chairman Pang Kang. Haitianweiye's chairman Cheng Xue, director and president Guan Jianghua, directors Wen Zhizhou and Liao Changhui, and Guangdong Haitian's director Chen Junyang are acting in concert.
As of the end of last year, Guangdong Haitian directly held 58.26% of the listed company's shares. Pang Kang, Cheng Xue, and other actual controllers collectively directly controlled 13.417% of the company's shares and controlled 71.08% of Guangdong Haitian's shares. Among them, Pang Kang and Cheng Xue directly held 9.57% and 3.17% of Haitianweiye's shares, respectively.
Additionally, Foshan Haipeng Trade Development Co., Ltd. holds 0.12% of the company's shares. Tianyancha shows that Guangdong Haitian's actual controller and beneficial owner is Pang Kang. Meanwhile, Guangdong Haitian wholly owns 100% of Foshan Haipeng Trade Development Co., Ltd.
In terms of compensation, last year, the pre-tax total remuneration received by Pang Kang (retired after term), Cheng Xue, Guan Jianghua, Wen Zhizhou, Liao Changhui, and Chen Junyang (retired after term) from the company was 5.4809 million yuan, 9.1348 million yuan, 6.0327 million yuan, 2.6805 million yuan, 2.7039 million yuan, and 1.8122 million yuan, respectively.
According to Tonghuashun iFind, since 2013, Haitianweiye has distributed dividends 12 times, with cumulative cash dividends amounting to 31.191 billion yuan and a dividend payout ratio of 55.95%. With their shareholdings, Pang Kang, Cheng Xue, and other actual controllers can reap substantial returns.
**Low-Key “Soy Sauce Tycoon” Pang Kang**
**Single-Handedly Building a Condiment Giant**
As the condiment magnate behind Haitianweiye, Pang Kang is low-key and mysterious, rarely making public appearances. Born in Foshan, Guangdong in 1956, this business titan, with exceptional courage and wisdom, transformed Haitian from a soy sauce factory into a globally renowned condiment empire.
In the year before Pang Kang's birth, 25 time-honored sauce workshops in Foshan planned a merger and reorganization. Since Haitian Sauce Workshop was the most influential and largest time-honored brand, the factory was named Haitian Soy Sauce Factory, thus beginning a legendary story.
In 1982, at the age of 26, Pang Kang joined Haitian Soy Sauce Factory, starting as a grassroots technician: he immersed himself in the production line, carefully selecting soybeans, strictly controlling the koji-making process, patiently waiting during the brewing process, and meticulously handling bottling and sealing. He treated every step with seriousness.
However, at that time, Haitian Soy Sauce Factory was just a food processing plant producing according to national plans, with limited scale and capacity. Pang Kang keenly realized that only large-scale production could break the deadlock, so he persuaded the factory director to apply to relevant departments for expansion. Subsequently, Haitian successfully obtained a 7 million yuan national discounted loan for the soy sauce engineering technology renovation and expansion project.
With his outstanding work ability, Pang Kang was promoted to deputy factory director three years after joining Haitian. Around 1988, during the wave of state-owned enterprises implementing the contract management responsibility system, Pang Kang decisively seized the opportunity, leading the soy sauce factory to leapfrog development and successfully enter the ranks of large state-owned enterprises. He himself gradually moved to the center of power at Haitian.
In 1990, Pang Kang once again demonstrated extraordinary boldness: he invested 30 million yuan to import a production line for oyster sauce with an annual output of 2,000 tons from abroad. At the time, this was a huge investment, and many were skeptical, but Pang Kang believed that only by continuously increasing capacity and enriching product lines could Haitian remain invincible in the fierce market competition.
Facts proved Pang Kang's decision was undoubtedly correct. After the new production line was put into operation, oyster sauce gradually became Haitian's star product, further consolidating Haitian's position in the condiment market. Today, oyster sauce is Haitian's second-largest revenue contributor after soy sauce.
To expand overseas markets, in 1993, Pang Kang led Haitian to successfully obtain the self-operated import and export license approved by the Ministry of Foreign Trade and Economic Cooperation. Subsequently, Haitian-branded products crossed the ocean and appeared on the shelves of major American supermarkets, marking the beginning of Haitian's overseas market journey, committed to spreading Chinese flavors worldwide.
At the end of 1994, Haitian Soy Sauce Factory underwent state-owned enterprise restructuring, transforming from a purely state-owned economy into a limited liability company jointly funded by employees and the state. This change made employees, including Pang Kang, true “masters” of the enterprise, and Haitian embarked on the path of modern scientific management, entering the fast lane of development.
In 2010, Haitian completed another key restructuring: state-owned shares were reduced and exited, employee shareholding platforms repurchased shares, and Haitian Group Co., Ltd. was established with the joint initiative of 58 management and employees. Pang Kang officially became the legal representative of the company, shouldering the banner of leading the enterprise's development.
Under Pang Kang's leadership, Haitian's sales value exceeded 10 billion yuan in 2013, making it the first enterprise in China's condiment industry to break the 10 billion yuan sales mark, creating a miracle in the industry. That same year, with strong growth momentum, Haitian even proposed a five-year development plan to “create another Haitian.”
In 2014, Haitian successfully listed on the A-share market, achieving another important leap. After listing, Haitian leveraged the capital market to continuously expand scale and increase capacity. In 2018, Haitian's revenue exceeded 17 billion yuan, achieving the goal of “creating another Haitian in five years and doubling revenue.”
The author learned that in 2024, Haitianweiye firmly held the top position in the condiment industry, with annual production and sales both exceeding 4.5 million tons, ranking first in the industry.
On the China Brand Power Index (C-BPI) “2024 First Brand List,” Haitian won four industry first-brand titles for its outstanding performance in soy sauce (14 consecutive years), sauce (5 consecutive years), oyster sauce (5 consecutive years), and vinegar (1 consecutive year), writing a legendary chapter for Haitian.
**Company Performance Clears the Clouds**
**Overseas Journey Has a Long Way to Go**
The wealth surge of Pang Kang, Cheng Xue, and other “Haitian people” on the Hurun Global Rich List is closely linked to Haitianweiye's return to a healthy growth trajectory.
In fact, as a giant in the condiment industry, Haitianweiye's development path has not been all smooth sailing. For example, the “double standard” incident that erupted in 2022 subjected Haitianweiye to both public opinion and performance tests, and in 2023, the company faced the severe challenge of declining revenue and net profit.
Amid the turmoil, Haitianweiye initiated management adjustments. At the end of 2022, Cheng Xue was promoted from vice chairman and executive vice president to vice chairman and executive president. In September last year, Pang Kang, nearly 70 years old, stepped down as chairman, handing the baton to Cheng Xue, known as the “Queen of Working Women” and “Queen of Soy Sauce.”
The author learned that as a senior veteran of the company, Cheng Xue joined Haitian in the 1990s. In the first “Hurun China Professional Manager List” released by the Hurun Research Institute in 2021, Cheng Xue became the richest professional manager in China with a fortune of 65 billion yuan, surpassing many big names such as Tencent President Liu Chiping (29 billion yuan), then Ant Group Chairman Jing Xiandong (17.5 billion yuan), and WeChat founder Zhang Xiaolong (14 billion yuan).
Not long ago, Cheng Xue's first annual report after taking charge of Haitianweiye was officially released. The financial report shows that in 2024, Haitianweiye achieved revenue of 26.901 billion yuan, a 9.53% increase from 24.559 billion yuan the previous year, reversing the previous year's 4.1% decline and setting a new revenue high since its A-share listing in 2014.
In terms of profit, last year, Haitianweiye achieved a net profit attributable to shareholders of 6.344 billion yuan, a year-on-year increase of 12.75%, successfully escaping the decline of 2022 and 2023. However, this profit level is still lower than the 6.403 billion yuan in 2020 and 6.671 billion yuan in 2021.
Additionally, last year, Haitianweiye's gross margin, after declining for several consecutive years, finally stopped falling and rebounded to 37%, but it still has not reached the 40%+ gross margin level maintained from 2014 to 2020.
Regarding the company's performance, Haitianweiye stated that 2024 is the first year of the company's 14th Five-Year Plan, a year of pressure and breakthrough. Facing external uncertainties, the company adhered to product quality first, insisted on internal reform, and guided rapid business transformation with a user-first value orientation. The reform effectively stimulated organizational and personnel vitality, making some work results more tangible in 2024 and strengthening its determination for “long-term development.”
It is worth noting that in the 2023 financial report, Haitianweiye set full-year targets for 2024 of 27.51 billion yuan in revenue and 6.23 billion yuan in net profit attributable to shareholders. Although Haitianweiye achieved growth last year and exceeded its net profit target, its revenue fell short of expectations.
This situation has drawn investor attention. One investor asked: “In 2024, the company did not achieve its revenue target, but Chairman Cheng Xue's salary reached 9.1348 million yuan, a year-on-year increase of over 26%, the highest salary on record. What is the reason for the significant salary increase?”
In response, Haitianweiye stated that the compensation of directors, supervisors, and senior management is determined comprehensively based on the company's operating performance, job responsibilities, individual contributions, and personal performance.
It is worth mentioning that Haitianweiye, which has been on the A-share market for many years, is currently striving to make a push to the Hong Kong stock market. In January this year, Haitianweiye officially submitted a listing application to the Hong Kong Stock Exchange, planning to list on the main board of the Hong Kong Stock Exchange in an “A+H” model. The prospectus shows that Haitianweiye plans to use the raised funds for technology research and development, capacity expansion, and overseas supply chain construction.
On May 1, Haitianweiye announced that its H-share listing had been filed with the China Securities Regulatory Commission. In the eyes of outsiders, Haitian's move to Hong Kong is an important step in advancing its globalization strategy and enhancing its international brand image and comprehensive competitiveness.
At the previous annual performance exchange meeting, Haitian also clearly emphasized that the company has always been based in China, with a global perspective. In the future, overseas business will focus moderately on markets with good consumption foundations and strong demand for condiments, and will be promoted in an orderly manner in terms of brand promotion, product selection, and distribution channels, based on the actual conditions of each country and region.
Despite accelerating overseas market expansion, Haitianweiye also admitted that at this stage, overseas business accounts for a relatively low proportion of the company's total, and this part of the business is mainly sold through overseas distributors. According to the 2022 Top 100 Condiment Enterprises Report by the China Condiment Industry Association, although Haitianweiye ranks first in production and sales, its export volume and proportion are far lower than its peers.
Haitianweiye, which can be called a “wealth-creating machine,” what wealth myths will it stage in the future? We will continue to pay attention.


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## Citation metadata

- Publisher: New Distribution
- Author: X编辑
- Published: 2025-05-24
- Canonical: https://xinjignxiao.com/en/articles/soy-sauce-tycoon-pang-kang-s-wealth-soars-to-100-billion-yuan-b1c709e8/
- Original source: https://mp.weixin.qq.com/s/sXbQvmJkpTdsu9OXubAoEg

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