Early Life
He Xiangjian was born on October 5, 1942, in Shunde, Foshan, Guangdong, China. He experienced the economic and political challenges of rural China during his childhood. Despite not having formal education, he displayed early entrepreneurial ambitions.
Rise to Success
In 1968, He Xiangjian, along with 23 local residents, founded a lid production company in Beijiao, Guangdong, with a modest initial investment. This venture, starting with bottle lids and car parts, evolved into producing electric fans in 1980, marking the company's entry into home appliances. Under his leadership, Midea expanded its product range to include air conditioners, refrigerators, washing machines, and microwave ovens, among other appliances.
Key Business Strategies
He Xiangjian's strategic decisions were instrumental in Midea's growth. A pivotal moment was the company's listing on the Shenzhen Stock Exchange in 2013. Furthermore, Midea made significant acquisitions, including an 80% stake in Toshiba's home appliances business and the German robotics firm KUKA. These moves solidified Midea's position in the global market and expanded its technological capabilities. He stepped down as chairman in 2012, but remains the largest shareholder. Midea's focus on innovation and expansion into international markets, like Southeast Asia, Latin America, and the Middle East, have also contributed to its success.
Philanthropy
He Xiangjian is also known for his philanthropic efforts, including donating to disaster relief and education initiatives. In 2023, he pledged $410 million to establish a fund supporting scientific research in China. He also founded the He Art Museum in Shunde.