Pang Kang Net Worth: Soy Sauce Mogul's Worth Increased By 700% In 5 Years

Pang Kang is one of the richest men in China with $23.8 billion net worth. This is how he built his massive fortune.

Pang Kang is the chairman and president of Foshan Haitian Flavoring & Food, which is considered the biggest condiments maker in China. Forbes values its market cap at $47.1 billion. The company produces soy sauce, flavoring sauce, oyster sauce, vinegar, chicken extract, and chicken powder, among others. Since its inception in 1995, the company expanded its offerings and also expanded the wealth and influence of Pang Kang as a result.

The Foshan-based manufacturer made $2.9 billion revenue in 2019 and has about 4,500 employees. In 2014, Pang Kang’s net worth was reported to be around $2.5 billion. Fast forward to 2020, his fortunes skyrocketed to $23.8 billion, an astounding increase in just five years. In a Forbes ranking, the Foshan native placed 110th on the billionaires list this year. He was also named the 13th richest man in China in 2019.

The Guangzhou University graduate initially shelled out 500,000 yuan as investment in 1995, making him the company’s biggest shareholder. According to Bloomberg, Foshan Haitian debuted on Shanghai Stock Exchange in 2014.

Although Foshan Limited was established in 1995, the self-made billionaire actually started working for the sauce department of the company in 1980 and in just two years, he quickly rose to the ranks and was appointed vice chairman. In 2014, at the time the company went public, it started to utilize big data technology to monitor its quality. At the same time, it allotted money to build subsidiaries for its non soy sauce products such as Foshan City Haitian (Jiangsu) Seasoning Co., Ltd., Foshan Haisheng Food Co., Ltd. and Guangdong Haitian International Trade Co., Ltd., a report from EMIS revealed.

Foshan Haitian Flavoring & Food has dominated the local market and its market share reached 48 percent. Some of the countries its products are being exported to area Europe, America, Japan and Southeast Asia, per Lehman Law.

Pang Kang is not the only one from China whose billions were rooted to the food industry. Haidilao Founder Zhang Yong, who hails from Jianyang, Sichuan in China, has a fortune of $14 billion. He built his massive net worth from his hotpot restaurant that now has more than 450 branches located in China, U.S., Japan, South Korea and Singapore.

Billionaires such as Pang Kang and Zhang Yong are living proof that anyone can make it big outside the tech industry, especially in the food business.