Sun Mengquan & family

Net Worth

$1.867B

0% (24h)

Sun Mengquan, at 75 years old, is the chairman of Luhua Group, a major player in China's edible oil industry, with a net worth of $1.9 billion. His source of wealth stems from the edible oil sector, specifically the processing and production of peanut oil. Sun's career began in 1983, transforming a struggling metal trading collective into a leading edible oil producer. His key achievements include pioneering the development of high oleic acid peanut varieties and establishing a vertically integrated supply chain, ensuring product quality and safety. Luhua Group has also been recognized for its charitable contributions.

The Full Dossier

Early Life and Career Beginnings

Sun Mengquan began his career in 1983 with the predecessor of Luhua Group, a metal trading collective on the verge of bankruptcy with fewer than ten employees. Sun's initial focus was on shifting the company's business model to processing and exporting peanuts.

Rise to Success

Sun's strategic shift to peanut processing and, later, peanut oil production proved successful, laying the foundation for Luhua Group's growth.

Key Business Strategies

A pivotal aspect of Luhua's success is its focus on high oleic acid peanut cultivation. The company has collaborated with research institutions to refine peanut varieties, increasing oleic acid content. Luhua Group's vertical integration, controlling the entire value chain from seed breeding to oil production, ensures product quality and safety. The company's main products are "5S Luhua peanut oil, sunflower oil and press". Luhua Group has established high oleic acid peanut cultivation clusters in several regions of China.

Philanthropy

Luhua Group has been recognized for its charitable contributions and has been awarded the "China Charity award".

Career Timeline

2017

Launched high oleic acid peanut oil

Luhua Group launched high oleic acid peanut oil boasting an impressive 75-percent oleic acid content.

2013

5S Luhua physical crushing technology won the "National Prize for progress in science and technology".

The company won an award for its technology.

2003

Founded Shandong Xingquan Oil Co., Ltd.

The company belongs to shandong huaquan group and is a key leading enterprise of agricultural industrialization.

1983

Began working at the predecessor of Luhua Group

Sun Mengquan began working for the company when it was a struggling metal trading collective.