BYD's Wang tops China rich list after Buffett backing

Wang Chuanfu, founder of battery and car maker BYD Co., jumped 102 places to top the annual Hurun Rich List of China's wealthiest after an investment by Warren Buffett led to a fivefold surge in his company's shares.

The businessman's wealth jumped to $5.1 billion, exceeding Nine Dragons Paper Holdings Ltd. founder Zhang Yin's $4.9 billion, according to an e-mailed statement from the Hurun Report yesterday announcing the top two richest individuals on its list. The full list will be released next month.

Wang's worth leapt from $880 million last year after a unit of Buffett's Berkshire Hathaway Inc. agreed to buy a 10 percent stake in BYD. The company's F3 has also become China's bestselling car this year, as BYD expanded beyond its focus on making rechargeable batteries for mobile phones.

Huang Guangyu, the former chairman and biggest shareholder of Gome Electrical Appliances Holdings Ltd., topped Hurun's Rich List last year. Accused by Hong Kong's securities regulator of committing stock market fraud early last year, Huang was detained by Beijing police in November for “economic crimes” and hasn't made a public statement or appearance since.

Buffett's company announced a year ago it would buy 225 million new shares in BYD for HK$8 apiece. The shares, which have surged 387 percent this year, fell 7.5 percent to HK$61.85 in Hong Kong trading yesterday.

The company has a market value of HK$140.7 billion ($18.2 billion), according to Bloomberg data. Wang, 43, owns 28 percent, according to the Hurun Report statement.

Paper Queen

Buffett's MidAmerican Energy Holdings Co. wants to boost its stake in BYD, Wang told reporters on Aug. 31.

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