Early Life and Career
Wu Zhigang's early life involved diverse experiences, starting as a telegraph operator before becoming a teacher at a silk industrial school in Dandong, Liaoning Province. This career shift paved the way for his entrepreneurial journey. In 1995, Wu Zhigang, along with his son Wu Xuequn, co-founded the Toly Bread brand in Dandong. They later set up the predecessor of the listed company in Shenyang in 1997.
Rise to Success
Wu Zhigang's vision and hard work led to the establishment of Shenyang Toly Bread. The bakery chain's success was confirmed when the family's IPO soared after its debut on the Shanghai Stock Exchange. In 2016, the family's worth was estimated at $2.1 billion. Wu, along with his wife and sons, held a significant ownership stake in the business. By the end of June 2015, the company's products were available in over 80,000 points of sale across China. The company's revenue and net profit in the first half of 2015 were 1.1 billion yuan and 144.8 million yuan, or $175.5 million and $22.4 million, respectively.
Key Business Strategies
Key to Wu Zhigang's success was the strategic expansion of the Toly Bread chain, which resulted in extensive distribution channels across China. The IPO and subsequent growth reflected the company's strong market position and consumer acceptance. Wu Zhigang retired as chairman in 2019, succeeded by his son Wu Xueliang, ensuring a smooth transition in leadership.
Philanthropy
While specific details on Wu Zhigang's direct philanthropic activities are unavailable, the family's involvement in Toly Bread's success likely contributes to local economic growth and community support through employment and business operations.