Li Xinghao

No. 91 on China's Rich List

Mission Hills 2005 Hurun Rich List (No. 86)

Wealth : 950 million yuan

Born: 1964

Hometown: Nanhai, Guangdong

Chigo Air Conditioning Co., Ltd. Position: Chairman

Graduate school: Bachelor of Political Science and Law, Central Party School, Class of 1998

Li Xinghao has been engaged in small business since 1982. In 1989, he opened an air-conditioning repair shop, which expanded into a maintenance center a year later. In 1992, he established a joint venture with a Taiwanese, Chigo Air Conditioning, to produce residential air conditioners. Later, the Taiwanese withdrew their investment, and Li Xinghao fully owned Chigo Air Conditioning, quickly occupying the market with low prices. In 2002, "Chigo Air Conditioning" cooperated with South Korea's Hyundai Group to enter the commercial air conditioning market.

Chigo Air Conditioning (www.china-chigo.com) is one of the top five companies in China's air conditioning industry and the purest and largest private air conditioning company in China's air conditioning industry. The company has an annual output value of approximately 6 billion yuan and currently has more than 16,000 employees. Chigo Air Conditioning Group's sales revenue increased by another 50% last year, reaching 2.8 billion yuan (2001: 1.75 billion yuan), with 1.1 million air conditioners sold. Li Xinghao is gradually realizing his dream of becoming the world's best air conditioner company. . Chigo Air Conditioning also manufactures a large number of air conditioning parts, some of which are used by itself and some of which are sold to competitors. Because of such a vertical production model, Chigo still maintains its good profitability despite fierce competition. This year Chigo Air Conditioning is expected to become one of the first five private companies to control commercial banks. Li Xinghao single-handedly established Chigo Air Conditioning Group in the place where he was born and grew up. As the local village chief, his wish is to build his village into a high-tech air conditioning manufacturing kingdom.