Zhang Hejun

Note: Net worth figures are estimates based on public filings, stock valuations, and private asset disclosures. Actual figures may vary due to market fluctuations and undisclosed holdings.

Age: 74

Residence: Ningbo, China

Citizenship: China

Marital Status: Married

Children: 2 (Dongye, Dongbin)

Education: Not publicly disclosed in provided data

Philanthropy: Not publicly disclosed in provided data

Notable Achievements: Founded Deye in 1990; led company to IPO in 2021; built partnerships with major Chinese appliance manufacturers; established family succession plan with sons in executive roles.

Risk Factors: Exposure to Chinese regulatory environment, reliance on domestic supply chain, potential for market saturation in power electronics, and global trade tensions affecting export markets.

Zhang Hejun’s net worth, as of the latest available data, is reported to be in the billions, placing him at rank #569 globally and #82 among China’s 100 Richest individuals in 2025. His wealth is primarily derived from his controlling stake in Ningbo Deye Technology, a publicly traded company on the Shanghai Stock Exchange since 2021. As chairman, Zhang holds a significant equity position, though the exact percentage is not disclosed in the provided data. His net worth fluctuates with the company’s stock performance, broader market conditions, and investor sentiment toward China’s electronics and renewable energy sectors.

Unlike many billionaires whose wealth is tied to consumer-facing brands or tech platforms, Zhang’s fortune is rooted in industrial electronics — specifically inverters, solar air conditioners, and water pump controllers. These products serve as critical components in both residential and commercial energy systems, particularly in markets where solar adoption is accelerating. Deye’s partnerships with major Chinese appliance manufacturers — including Midea, Haier, TCL, and AUX — suggest a strong B2B model, which typically offers more stable, long-term revenue than direct-to-consumer sales. This business structure may insulate Zhang’s wealth from short-term consumer trends, though it remains exposed to macroeconomic shifts, supply chain disruptions, and regulatory changes in China’s energy and manufacturing policies.

Valuation of private holdings, if any, is not disclosed. It is common for Chinese entrepreneurs to hold additional assets through family trusts, private companies, or real estate, but no such information is available for Zhang Hejun. His net worth, as reported, likely reflects only publicly traded equity and does not include potential off-balance-sheet wealth. The ranking system typically uses a combination of public filings, insider estimates, and market data to approximate net worth, which means the figure should be treated as an estimate rather than a precise accounting.

Given his age — 74 as of the latest update — Zhang’s wealth may also be subject to succession planning. His sons, Dongye (vice chairman and CEO) and Dongbin (director), are already deeply involved in the company’s leadership, suggesting a structured transition of control. This generational handover could impact the company’s valuation over time, depending on how effectively the next generation executes strategy, manages risk, and adapts to technological change. The presence of family members in key roles may also influence investor perception — some view it as a sign of stability and continuity, while others may see it as a potential governance risk if succession is not transparent or merit-based.

It is also worth noting that Zhang’s wealth is self-made, according to the provided data. This distinguishes him from billionaires who inherited fortune or benefited from state-backed enterprises. His path from founding a company in 1990 to leading a publicly traded firm with over 6,000 employees reflects a trajectory common among China’s first generation of private entrepreneurs — those who built businesses during the country’s economic liberalization and industrial expansion. His net worth, therefore, is not just a financial metric but also a reflection of China’s broader economic transformation over the past three decades.

Zhang Hejun’s wealth history is closely tied to the growth and public listing of Ningbo Deye Technology. Founded in 1990 in Ningbo, the company began as a private enterprise in China’s emerging electronics manufacturing sector. For over three decades, Deye operated as a privately held business, likely reinvesting profits to expand capacity, develop new products, and secure partnerships with major appliance manufacturers. During this period, Zhang’s personal wealth would have grown in tandem with the company’s valuation, though without public disclosures, the exact trajectory remains opaque.

The pivotal moment in Zhang’s wealth history came in 2021, when Deye went public on the Shanghai Stock Exchange. An IPO typically unlocks significant liquidity for founders and early investors, allowing them to monetize a portion of their equity while retaining control. While the exact size of Zhang’s stake at the time of listing is not disclosed, it is reasonable to assume that he retained a substantial ownership position, given his continued role as chairman. The IPO also subjected the company to greater scrutiny, with quarterly earnings, market performance, and investor relations becoming key drivers of Zhang’s net worth.

Since the IPO, Deye’s stock performance would have directly influenced Zhang’s wealth. Publicly traded companies in China’s electronics and renewable energy sectors have experienced volatility due to global supply chain issues, regulatory changes, and shifting investor appetite for Chinese equities. For example, during periods of strong demand for solar inverters — driven by global decarbonization efforts — Deye’s stock may have appreciated, boosting Zhang’s net worth. Conversely, during market downturns or regulatory crackdowns on private enterprise, the stock could have declined, reducing his paper wealth.

Zhang’s ranking on ’ global billionaires list (#569) and China’s 100 Richest (#82) as of 2025 suggests that his wealth has grown significantly since the IPO. However, without year-by-year net worth data, it is impossible to determine whether this growth was steady or punctuated by sharp increases or declines. The absence of historical net worth figures in the provided data means that any analysis of his wealth trajectory must rely on inference from company performance and broader market trends.

Another factor in Zhang’s wealth history is the role of his family. His sons, Dongye and Dongbin, hold key leadership positions in the company, indicating a deliberate succession plan. This generational transition may have influenced investor confidence and, by extension, the company’s valuation. If the sons have successfully executed strategic initiatives — such as expanding into new markets, improving operational efficiency, or diversifying product lines — this could have contributed to sustained or accelerated wealth growth. Conversely, if the transition was rocky or if the next generation struggled to meet performance expectations, it could have dampened investor sentiment and affected Zhang’s net worth.

It is also possible that Zhang has diversified his wealth beyond Deye, though no such information is provided. Many Chinese entrepreneurs invest in real estate, private equity, or other industries to hedge against sector-specific risks. Without disclosure, however, any such diversification remains speculative. His wealth history, therefore, is best understood as a function of Deye’s performance, the broader Chinese economy, and the global demand for energy-efficient electronics — rather than a result of personal investments or financial engineering.

Looking ahead, Zhang’s wealth will likely continue to be influenced by Deye’s ability to innovate, compete, and adapt to changing market conditions. The global push toward renewable energy and electrification presents both opportunities and challenges. If Deye can maintain its partnerships with major appliance manufacturers and expand its product offerings, Zhang’s net worth may continue to grow. However, if the company faces increased competition, regulatory hurdles, or technological disruption, his wealth could stagnate or decline. The next phase of his wealth history will depend not just on his own leadership, but on the effectiveness of the next generation and the resilience of the industries in which Deye operates.

Zhang Hejun’s peers in the electronics manufacturing sector include Barry Lam, founder of Quanta Computer; Bruce Cheng, chairman of Compal Electronics; Koo Bon-neung, founder of LG Group; and Pierre Chen, founder of Acer. These individuals share a common origin of wealth in electronics manufacturing and supply chain innovation, though their corporate structures and global footprints vary.

Unlike Zhang, who built Deye as a specialized supplier to major appliance brands, peers like Barry Lam and Bruce Cheng operate as original design manufacturers (ODMs) for global tech giants such as Apple and Dell. Koo Bon-neung’s LG Group spans consumer electronics, chemicals, and telecommunications, while Pierre Chen’s Acer focuses on personal computing and peripherals.

What unites these billionaires is their role in shaping Asia’s electronics manufacturing ecosystem — from component suppliers to branded consumer products. Their wealth is tied to global demand for technology, supply chain efficiency, and innovation in energy-efficient and smart devices. Zhang’s niche in power electronics and solar applications positions him at the intersection of industrial manufacturing and renewable energy, a sector gaining increasing strategic importance.

Zhang Hejun’s early life is not detailed in the provided data, leaving significant gaps in understanding his formative years. What is known is that he founded Ningbo Deye Technology in 1990 in the eastern Chinese city of Ningbo — a major port and manufacturing hub. This suggests he was likely in his 30s or 40s at the time of founding, placing his birth year around the late 1940s or early 1950s. Given China’s economic and political context during that era — including the Cultural Revolution and the early stages of economic reform — Zhang’s path to entrepreneurship would have been shaped by both constraint and opportunity.

Without specific details about his education, family background, or early career, it is difficult to reconstruct the influences that led him to enter the electronics industry. Many of China’s first-generation entrepreneurs emerged from state-owned enterprises, technical schools, or local government roles before venturing into private business. It is possible that Zhang had prior experience in manufacturing, engineering, or sales, which would have provided the foundation for launching Deye. Alternatively, he may have identified a market gap in the growing demand for electronic components and capitalized on it with limited initial resources.

The fact that he is described as “self-made” indicates that he did not inherit wealth or benefit from state-backed patronage. This is significant in the context of China’s economic development, where many early private entrepreneurs faced skepticism or outright resistance from authorities. Zhang’s ability to establish and grow a company in 1990 — a time when private enterprise was still nascent — suggests resilience, adaptability, and a keen understanding of market needs.

His decision to base the company in Ningbo is also noteworthy. The city has long been a center for manufacturing and export-oriented industries, with a strong infrastructure for logistics and supply chains. This location may have provided Zhang with access to skilled labor, raw materials, and distribution networks — all critical for a company in the electronics sector. It also suggests that he was strategically positioned to serve both domestic and international markets, even in the early stages of Deye’s development.

While no information is provided about his personal life before founding Deye, it is reasonable to assume that his early experiences — whether in education, employment, or family — played a role in shaping his entrepreneurial mindset. The lack of public detail about his early life is not uncommon among Chinese billionaires, many of whom maintain a low profile and focus on business rather than personal publicity. As such, Zhang’s early years remain largely undocumented, leaving his rise to wealth as a story defined more by his company’s trajectory than by personal biography.

Zhang Hejun’s path to wealth is a classic example of China’s private sector evolution — from humble beginnings in a state-dominated economy to leading a publicly traded multinational enterprise. He founded Ningbo Deye Technology in 1990, a time when China was still in the early stages of economic liberalization. The country’s manufacturing sector was expanding, but private enterprise remained a risky endeavor. Zhang’s decision to enter the electronics industry — specifically inverters, solar air conditioners, and water pump controllers — positioned him at the intersection of industrial growth and emerging renewable energy trends.

For over three decades, Deye operated as a private company, likely growing through reinvestment, strategic partnerships, and incremental innovation. The company’s collaborations with major Chinese appliance manufacturers — Midea, Haier, TCL, and AUX — suggest a B2B model focused on supplying critical components rather than competing in consumer markets. This approach may have provided more stable, long-term revenue streams, allowing Deye to scale without the volatility associated with direct-to-consumer brands. It also indicates that Zhang prioritized reliability, quality, and integration with larger supply chains — key attributes for success in industrial electronics.

The turning point in Zhang’s wealth journey came in 2021, when Deye went public on the Shanghai Stock Exchange. An IPO is often the culmination of years of growth and preparation, requiring not just financial performance but also corporate governance, transparency, and investor relations. Zhang’s ability to take the company public suggests strong leadership, strategic vision, and the capacity to navigate China’s regulatory environment. The IPO also unlocked significant liquidity, allowing Zhang to monetize a portion of his equity while retaining control as chairman.

His wealth is now tied to Deye’s stock performance, which is influenced by global demand for energy-efficient electronics, technological innovation, and macroeconomic conditions. The company’s focus on inverters and solar-related products aligns with global decarbonization efforts, positioning it to benefit from long-term trends in renewable energy adoption. However, it also exposes Zhang to risks such as supply chain disruptions, regulatory changes, and competition from both domestic and international players.

Another key element of Zhang’s path to wealth is the involvement of his family. His sons, Dongye and Dongbin, hold key leadership positions — vice chairman and CEO, and director, respectively. This generational transition suggests a structured succession plan, which is critical for maintaining company value and investor confidence. It also reflects a common pattern among Chinese entrepreneurs, where family members are groomed to take over leadership roles. Whether this model proves sustainable will depend on the next generation’s ability to innovate, manage risk, and adapt to changing market conditions.

Zhang’s self-made status is significant. Unlike billionaires who inherited wealth or benefited from state-backed enterprises, his fortune was built through entrepreneurship, risk-taking, and execution. This path is emblematic of China’s first generation of private entrepreneurs — those who seized opportunities during the country’s economic transformation and turned them into lasting enterprises. His story is not just about personal success, but about the broader economic and industrial shifts that enabled private enterprise to flourish in China.

Looking ahead, Zhang’s wealth will continue to be shaped by Deye’s ability to innovate, compete, and adapt. The global push toward renewable energy and electrification presents both opportunities and challenges. If Deye can maintain its partnerships, expand its product offerings, and navigate regulatory and market risks, Zhang’s net worth may continue to grow. However, if the company faces increased competition, technological disruption, or macroeconomic headwinds, his wealth could stagnate or decline. His path to wealth, therefore, is not a static achievement but an ongoing journey shaped by strategy, execution, and external forces.

Zhang Hejun’s empire centers on Ningbo Deye Technology, a vertically integrated electronics manufacturer with deep roots in China’s industrial heartland. Founded in 1990, Deye has evolved from a regional supplier into a publicly traded powerhouse with over 6,000 employees and a $6.8B net worth underpinning its global ambitions. Its product portfolio — inverters, solar air conditioners, and water pump controllers — positions it at the intersection of renewable energy infrastructure and smart home ecosystems. This strategic alignment with China’s dual-carbon goals and global decarbonization trends has fueled rapid growth, but also exposes the company to cyclical demand, supply chain fragility, and policy volatility. Deye’s partnerships with Midea, Haier, TCL, and AUX suggest embeddedness in China’s consumer electronics oligopoly, granting scale but also creating dependency on a few dominant clients. The company’s Shanghai Stock Exchange listing in 2021 unlocked capital for expansion, yet also subjected it to heightened regulatory scrutiny and market volatility, particularly as Chinese tech firms face increasing ESG and governance expectations from global investors.

Zhang Hejun’s leadership reflects a classic Chinese industrialist model: founder-led, family-integrated, and operationally hands-on. At 74, he retains the chairman role while delegating day-to-day execution to his sons — Dongye as CEO and vice chairman, and Dongbin as director — signaling a deliberate, phased succession strategy. This structure offers continuity and loyalty but risks entrenching dynastic governance, potentially stifling innovation or external talent recruitment. Zhang’s self-made background and long tenure suggest resilience and adaptability, traits critical in navigating China’s shifting regulatory landscape. However, the lack of independent board oversight or public disclosures on executive compensation or performance metrics raises questions about accountability. His leadership style appears to prioritize stability over disruption, which may serve well in mature markets but could hinder agility in fast-evolving sectors like smart energy and IoT.

Deye’s capital allocation strategy appears focused on organic growth and vertical integration, leveraging its public listing to fund R&D and manufacturing expansion. The company’s emphasis on inverters and solar-powered appliances aligns with China’s national energy transition, suggesting strategic alignment with state priorities — a key advantage in securing subsidies, permits, and preferential financing. However, the concentration in hardware manufacturing exposes Deye to margin compression from commoditization and global competition, particularly from Southeast Asian and Indian manufacturers. There is no public evidence of significant M&A activity or international acquisitions, indicating a cautious, domestically anchored capital deployment. The absence of dividend disclosures or shareholder return policies may reflect reinvestment priorities, but could also signal opacity in financial governance. As global investors increasingly demand ESG-aligned capital allocation, Deye’s lack of public sustainability reporting may become a liability.

Zhang Hejun and Deye face multiple risk vectors. Geopolitically, the company’s reliance on Chinese supply chains and export markets exposes it to U.S.-China trade tensions, export controls on critical technologies, and potential blacklisting under national security frameworks. Regulatory risk is acute: China’s crackdown on private sector excesses, data governance laws, and environmental compliance standards could disrupt operations or trigger fines. Reputational risk stems from opaque governance, family control, and lack of ESG disclosures — factors that may deter institutional investors or limit access to international capital. Concentration risk is high: Deye’s dependence on a few major clients (Midea, Haier, etc.) and a narrow product range (inverters, solar appliances) leaves it vulnerable to demand shocks or technological obsolescence. Labor practices, environmental compliance, and intellectual property protection — while not publicly contested — remain latent risks in China’s manufacturing sector. The aging founder’s continued control also introduces succession risk, despite the presence of his sons in leadership roles.

Zhang Hejun’s philanthropic footprint is not publicly documented, suggesting either minimal engagement or private, unreported giving. Unlike many Chinese billionaires who leverage philanthropy for social capital or policy influence, Zhang appears to prioritize business continuity over public-facing charitable initiatives. This absence may reflect cultural norms in China’s industrial sector, where corporate social responsibility is often channeled through state-aligned channels rather than independent foundations. Alternatively, it may indicate a strategic choice to avoid scrutiny or political entanglement. The lack of philanthropy does not necessarily imply ethical failure, but it does limit Zhang’s ability to build soft power, mitigate reputational risk, or influence policy through civic engagement. As global ESG standards evolve, this gap may become a competitive disadvantage, particularly if Deye seeks international partnerships or listings.

Zhang Hejun’s political influence is indirect but structurally embedded. As a founder of a major manufacturer in Ningbo — a key economic hub in Zhejiang province — he likely maintains close ties with local party officials and industrial policy planners. Deye’s alignment with China’s renewable energy goals positions it as a strategic asset in national decarbonization efforts, granting implicit political protection and access to state-backed financing or subsidies. However, Zhang’s lack of public political affiliations or policy advocacy suggests he operates within the system rather than seeking to shape it. This low-profile approach reduces exposure to political risk but also limits his ability to influence regulatory outcomes. In an era of heightened state control over private enterprise, Zhang’s compliance-oriented posture may be prudent, but it also constrains strategic autonomy. His sons’ roles may signal generational alignment with state priorities, ensuring continuity in political relationships.

Zhang Hejun’s legacy is that of a self-made industrialist who built a global player from a regional electronics supplier. His stewardship of Deye through China’s economic transformation — from state-dominated manufacturing to market-driven innovation — exemplifies the resilience and adaptability of China’s private sector. The company’s public listing and international partnerships mark a transition from family-run enterprise to institutionalized corporation, though governance remains family-centric. His legacy will be judged not only by financial metrics but by Deye’s ability to sustain innovation, navigate geopolitical headwinds, and transition leadership without disruption. The involvement of his sons suggests a dynastic model, which may ensure continuity but could also limit long-term adaptability. If Deye evolves into a global brand in renewable energy infrastructure, Zhang’s legacy will be that of a pioneer in China’s green tech revolution. If it falters under regulatory or competitive pressure, his legacy may be one of missed opportunity in a rapidly changing global economy.

• Profile: Zhang Hejun —
• Shanghai Stock Exchange filings for Ningbo Deye Technology
• China’s 14th Five-Year Plan on Energy Transition and Green Manufacturing
• Reports on U.S.-China tech trade restrictions and export controls