ImagineChinaFresh from a master's degree in engineering, Qiu Jianping started out like most others in China in 1985: at a state-run company. His 45% stake in the business, shared with wife and board member Wang Lingling, was worth $936 million. Before, forklift sales weren't seen as a high-end business. Now, expanded warehousing and demand for "automated guided vehicles," or AGVs, will benefit Hangcha, brokerage China Merchants Securities agrees. Qiu acquired 99% of what was once Hangzhou Machinery Repair Factory (later Hangzhou Forklift Factory) in 2011 for $195 million; its market cap has soared to $1.4 billion.

Source: Forbes March 07, 2018 21:33 UTC