The co-founder of Midea Group, He Xiangjian, has a net worth of $27 billion.
He Xiangjian is the proprietor of Midea, a prominent appliance manufacturer in China.
Xiangjian departed from Midea during a period when it was essential to take charge.
Due to a “critical matter” at parent company Midea Group, Midea Holding’s shares were suspended as of August 27, according to the company’s statement.
The company experienced a period of decline following the announcement.
Allegedly, GD Midea Holding experienced a decrease of over 30% in revenue in the first half of the year.
Traditional products, such as refrigerators, experienced a decline in sales of 65% compared to the previous year.
The washing machine industry experienced a 50% decline.
Xiangjian’s retirement resulted in his son, He Jianfeng, joining the board of directors at Midea Group.
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