Early Life
Chen Fashu was born in 1961 in the countryside of Fujian province, China. Details about his early life and childhood are not widely available, but he reportedly grew up in impoverished conditions and did not complete his primary education.
Rise to Success
Chen Fashu's entrepreneurial journey began at the age of 21 when he entered the timber trade. This early venture laid the foundation for his future success. In 1983, he transitioned into the retail sector, and in 1995, he opened the New Huada Departmental Stores. This was followed by the New Huada Supercentre in Fuzhou, which expanded his business interests. Chen later founded the New Huada Group, which has grown to be a diversified company with interests in retail, investment management, and mining.
Key Business Strategies
Chen Fashu is known for his strategic investments. A significant move was the acquisition of Anheuser-Busch InBev's remaining 7% stake in Tsingtao Brewery in 2009 for $235 million, which solidified New Huada Group's position within the beverage industry. Through his New Huada Group, Chen holds stakes in Yunnan Baiyao, a pharmaceutical company, and Longi Green Energy. He is also on the board of Shanghai Pharmaceuticals Holding. Chen's investments in the Zijin Mining Group, a gold miner, further boosted his wealth.
Philanthropy
Driven by a commitment to social contribution, Chen Fashu established the New Huada Charitable Foundation in 2009, which focuses on educational initiatives. Details about specific amounts or other philanthropic ventures are not available.