What is Wang Muqing's Net Worth?
Wang Muqing is Chinese businessman who has a net worth of $1.06 billion. The founder and a non-executive director of China ZhengTong Auto, Wang Muqing saw a decline in his net worth due to falling profit margins and share prices in the auto distribution industry. However, he still remains on the list of China's richest. What he started as a single Nissan dealership in 1999 now is a distributor of all kinds of luxury makes including BMW, Audi, Land Rover, Jaguar and Volvo from dozens of locations in central and eastern China.
The company was first listed on the Hong Kong exchange in December 2010, after which Wang Muqing enjoyed a rise in his fortune. Ever since, shares have fallen back, especially after Wang stated he would reduce his own stake from 73% to 61.5%. Nowadays, ZhengTong's brands face tough competition from partners of Toyota, Ford and GM.
