With a fortune of 70 billion, a new richest person has emerged in Dongguan.
China's wealth landscape is quietly changing.
Recently, Dongyangguang issued an announcement stating that co-founder Guo Meilan, due to "advanced age," would transfer all of her equity in Ruyuan Yuneng Electronics and Ruyuan Xinjing Technology to her 38-year-old son, Zhang Yushuai, free of charge.
As of now, Zhang Yushuai has become the sole actual controller of this listed company with a market value of nearly 70 billion yuan, indirectly holding 38.70% of the shares. The mother and son, with a combined fortune of 40 billion yuan, are ranked 146th on the "Hurun Rich List 2025," firmly sitting on the throne of the richest person in Dongguan.
This seemingly calm handover is actually a key example of the intergenerational inheritance of China's private economy. From grass-roots entrepreneurship to a platform worth hundreds of billions, from the mother at the helm to the "second-generation entrepreneur" taking over, Dongyangguang has not only completed a smooth transition of control but also reflects the new understanding and layout of the industry's future by the new generation of entrepreneurs. In today's era of accelerated integration of new energy, new materials, and biomedicine, can this young leader continue the glory and lead Dongyangguang to a higher end of the global value chain?
The answer is being written.
The Handover of the Richest Person
The richest person in Dongguan has just completed the baton handover.
Recently, Guo Meilan, the co-founder of Dongyangguang, transferred all of her core assets to her 38-year-old son, Zhang Yushuai, due to "advanced age." As of now, this 38-year-old "second-generation entrepreneur" has become the sole actual controller of Dongyangguang, independently controlling a listed company platform worth nearly 70 billion yuan, and the 40 billion yuan wealth landscape of the mother and son has been smoothly handed over.
According to the announcement disclosed by Dongyangguang, due to Guo Meilan's advanced age, she signed an "Equity Transfer Agreement" with her son Zhang Yushuai, transferring all of her 71.75% equity in Ruyuan Yao Autonomous County Yuneng Electronics Industry Co., Ltd. (hereinafter referred to as "Ruyuan Yuneng Electronics") and 74.63% equity in Ruyuan Yao Autonomous County Xinjing Technology Development Co., Ltd. (hereinafter referred to as "Ruyuan Xinjing Technology") to Zhang Yushuai.
In the long - development process of China's private economy, the stories of "first - generation entrepreneurs" building the business and "second - generation entrepreneurs" guarding it are common, but truly achieving a smooth, efficient, and strategically clear handover is rare. Dongyangguang's transfer of control this time can be regarded as a textbook - level case of family business inheritance. As a co - founder, Guo Meilan founded Dongyangguang Industry with her husband Zhang Zhongneng in the 1990s. After more than 30 years of ups and downs, she transformed a local aluminum foil processing factory into a comprehensive industrial group spanning three core sectors: electronic materials, new energy batteries, and biomedicine. Now, she chooses to step back behind the scenes while still in good health and hand over all core assets to her only son, Zhang Yushuai. This is not only a trust in her son's ability but also a careful consideration of Dongyangguang's future strategic direction.
Zhang Yushuai is not a "parachuted" second - generation rich. Public information shows that he studied abroad in his early years, majoring in an interdisciplinary subject of finance and engineering. After returning to China, he did not directly enter the board of directors but started from grass - roots positions. He rotated through the electronic materials factory and the new energy project department under Dongyangguang, deeply participating in many major technological transformation and investment decisions. Since 2018, he has led the strategic transformation of the company's new energy sector, promoting Dongyangguang to enter high - value - added material fields such as lithium - battery aluminum foil and PVDF binders. These measures have not only enabled Dongyangguang to seize the opportunity in the new energy wave but also earned Zhang Yushuai a reputation of "understanding technology, daring to make decisions, and having foresight" within the company.
It is worth noting that the entire transfer process did not involve consideration payment and was a typical internal family free gift, which not only avoided a complex tax structure but also prevented market misinterpretation of "cashing out and leaving." More importantly, the announcement clearly emphasized that "Guo Meilan no longer holds any indirect interests," completely cutting off the ambiguous area of co - governance between the mother and son and establishing Zhang Yushuai's authoritative position as the sole actual controller. This "let - go" style of handover demonstrates Dongyangguang's modern awareness of governance structure - family emotions give way to corporate systems, and personal will submits to strategic needs.
Against the background of China's economic transformation from high - speed growth to high - quality development, the intergenerational inheritance of family businesses is not only a matter of wealth distribution but also a reshaping of governance capabilities, innovation drive, and social responsibility. The "post - 85s" new - generation entrepreneurs represented by Zhang Yushuai grew up in the wave of globalization and digitalization. They not only inherit the hard - working spirit of their fathers but also have an international perspective and systematic thinking. He has repeatedly emphasized in internal meetings that "Dongyangguang's future lies not in scale but in value; not in imitation but in originality." This concept is profoundly affecting the company's resource allocation. In 2025, the company's R & D investment increased by 37% year - on - year, the proportion of R & D personnel increased to 18%, and the position of chief scientist was established for the first time.
This handover is not an end but a starting point for a new era - a new Dongyangguang led by young forces, driven by innovation, and with global competition and cooperation as the stage is setting sail. As Zhang Yushuai said in a media interview, "What I have received is not just an equity certificate but a heavy responsibility. The next 30 years of Dongyangguang must be more technologically advanced, more socially valuable, and more globally influential than the previous 30 years." This declaration may be a microcosm of the collective awakening of China's "second - generation entrepreneurs."
The Rise of Dongyangguang from Nothing
The story of Dongyangguang begins in a humble factory in Dongguan, Guangdong.
In the early 1990s, China was in the golden period of reform and opening up, and the manufacturing wave swept across the Pearl River Delta. Guo Meilan and her husband Zhang Zhongneng keenly captured the urgent demand of the electronics industry for high-purity aluminum foil and resolutely founded Dongyangguang Industry. Initially, it only provided low-end electronic aluminum foil OEM services for Japanese and South Korean enterprises. At that time, almost all high - end aluminum foil in China relied on imports, with high technical barriers and meager profits. However, Dongyangguang survived in the cracks by virtue of extreme cost control and rapid response capabilities. In the early days of entrepreneurship, the couple ran to customers during the day, monitored the production line at night, and even carried raw materials themselves, accumulating their first pot of gold bit by bit with the spirit of "ants gnawing on bones."
The real turning point occurred around 2000. With China's accession to the WTO, the global electronic industry chain accelerated its transfer to China. Dongyangguang seized the opportunity, invested heavily in introducing advanced rolling equipment from Germany and Japan, and established a local R & D team to tackle high - precision aluminum foil technology. In 2003, the company successfully mass - produced electronic aluminum foil with a thickness of only 6 microns, breaking the monopoly of Japan and South Korea and becoming a core supplier to communication giants such as Huawei and ZTE.
In the following 20 years, Dongyangguang demonstrated amazing strategic determination and cross - border integration capabilities. In 2007, the company entered the pharmaceutical field, acquiring Yichang Yangtze River Pharmaceutical Co., Ltd. and deploying antiviral drugs. In 2015, it entered the new energy track, establishing Dongyangguang Co., Ltd. and focusing on key materials for lithium batteries. After 2020, it made large - scale investments in the construction of PVDF (polyvinylidene fluoride) production capacity. This material is the core raw material for lithium - battery cathode binders and once saw its price skyrocket ten times due to supply shortages. With its vertical integration layout, Dongyangguang quickly became one of the few global enterprises with the full - industrial - chain capabilities of PVDF. In 2024, the revenue of related businesses exceeded 10 billion yuan, accounting for nearly 40% of the company's total revenue.
What supports this leap - forward development is Dongyangguang's unique "technology + capital" dual - wheel - drive model. On the one hand, the company's annual R & D investment accounts for more than 5%. It has established five R & D centers in Dongguan, Yichang, Ruyuan and other places, with more than 2000 patents. On the other hand, it continuously raises funds through the capital market, with a cumulative fundraising of more than 20 billion yuan for capacity expansion and merger and acquisition integration. It is particularly worth mentioning that although Dongyangguang's layout in the biomedicine field started relatively late, it accurately entered niche tracks such as insulin and anti - influenza drugs and established joint laboratories with institutions such as the Chinese Academy of Sciences and Huazhong University of Science and Technology, gradually building a trinity R & D system of "chemical drugs + biological drugs + raw materials." In 2022, its generic oseltamivir was approved for listing. Coinciding with the influenza - prone season, its single - quarter sales exceeded 800 million yuan, becoming a phenomenon - level product.
Looking back at Dongyangguang's growth history, it is not only a microcosm of China's manufacturing industry moving from OEM to self - reliance but also a model of private enterprises achieving explosive growth under the resonance of policy dividends, market demand, and technological innovation. As a co - founder, Guo Meilan has always adhered to the concept of "refining the main business and expanding steadily," refusing blind diversification and ensuring that each step of expansion is based on core technology and cash - flow support. Even during the most severe period of the China - US trade friction in 2018, when peers were shrinking their front lines, Dongyangguang increased its R & D investment against the trend and pre - laid out new energy materials, laying the foundation for its later explosion.
The deeper success code lies in its unique development model of "rooting in counties and serving the world." Although Dongyangguang's headquarters is located in Dongguan, its main production bases are located in underdeveloped areas such as Ruyuan in Guangdong and Yichang in Hubei. This "reverse location" strategy not only enjoys local government tax and land incentives but also promotes rural revitalization through industrial development. The Ruyuan base directly provides more than 5000 jobs and indirectly drives nearly 10,000 jobs in the upstream and downstream industries. Guo Meilan once said, "Enterprises should not only calculate the economic account but also the social account." This simple value concept has enabled Dongyangguang to maintain a positive interaction with local governments and enterprises, providing soft support for its long - term stable development.
The Vision of Dongyangguang under the New Leader
Standing at a new starting point of a 70 - billion - yuan market value, Zhang Yushuai faces both opportunities and unprecedented challenges.
In the field of new energy materials, Dongyangguang is accelerating the construction of a "zero - carbon factory." In 2025, the world's first fully green - powered PVDF production line built by the company at the Ruyuan base was officially put into operation, using the local abundant hydropower resources to achieve 100% renewable energy power supply in the production process. This not only significantly reduces the carbon footprint but also enables its products to obtain exemption from the EU "carbon tariff," clearing the way for exports. At the same time, the company is cooperating with the Chinese Academy of Sciences to develop a new polymer electrolyte for solid - state batteries, aiming to gain a first - mover advantage in the next - generation battery technology. Zhang Yushuai proposed that by 2030, the new energy materials sector of Dongyangguang should achieve "three 50%": 50% of products are exported overseas, 50% of technologies are original, and 50% of revenues come from high - margin new products. To support this goal, the company plans to increase R & D investment by 6 billion yuan in the next three years and establish three overseas R & D centers globally.
In the field of biomedicine, Dongyangguang is no longer satisfied with the production of generic drugs but has fully shifted to the R & D of innovative drugs. The company has launched the "Beacon Project," focusing on three major treatment areas: diabetes, antiviral, and oncology. It will invest no less than 5 billion yuan in pre - clinical research and IND applications in the next five years. Particularly noteworthy is that Dongyangguang is exploring the path of "AI + modernization of traditional Chinese medicine," using machine learning to screen active ingredients of Lingnan authentic medicinal materials and combining synthetic biology technology for efficient mass production. For example, its "artemisinin derivative anti - tumor project" in cooperation with Tsinghua University has entered the animal experiment stage, which is expected to open up a new treatment path. This strategy not only responds to the national policy of "revitalizing traditional Chinese medicine" but also conforms to the global trend of natural drug R & D, demonstrating the possibility of integrating Eastern wisdom and modern technology.
A more far - reaching layout lies in globalization. Zhang Yushuai clearly proposed the strategy of "going out and integrating in." On the one hand, it has established overseas production bases in Vietnam and Mexico to avoid trade barriers. On the other hand, it cooperates with European and American Biotech companies through License - out to promote the overseas launch of self - developed new drugs. In 2025, a new anti - influenza drug of Dongyangguang completed Phase II clinical trials in Brazil and is expected to become the first global multi - center Phase III trial project led by a Chinese private enterprise.
Of course, the challenges are still severe. How to balance short - term performance pressure and long - term R & D investment? How to attract top scientists in the global talent war? How to inject more modern governance elements into the family business gene? These questions require Zhang Yushuai to answer with wisdom and courage beyond his parents. However, he has demonstrated convincing actions. In the first month of taking office, he launched a reform to rejuvenate senior management, introducing several professional managers with multinational enterprise backgrounds. At the same time, he established a "Youth Innovation Fund" to encourage internal entrepreneurship and promised to use 5% of the annual net profit for employee equity incentives.
More notably, Zhang Yushuai is promoting Dongyangguang's transformation from a "product manufacturer" to a "solution provider." For example, in the new energy field, the company no longer just sells PVDF materials but provides integrated services of "materials + processes + recycling" for battery factories. In the pharmaceutical field, it explores the "medicine + health management" model, collecting patient data through wearable devices to optimize medication plans. This extension from B2B to B2B2C will greatly enhance customer stickiness and brand premium.
It can be predicted that under Zhang Yushuai's leadership, Dongyangguang will no longer be an unknown material supplier but a new - type Chinese enterprise with technological innovation as its core, the global market as its stage, and both industrial depth and humanistic care. This handover of the richest person in Dongguan is not only about the glory of a family but also bears the historical mission of China's manufacturing industry leaping from "Made in China" to "Created in China."
This article is from the WeChat official account "Rongzhong Finance" (ID: thecapital), author: Lü Jingzhi, published by 36Kr with authorization.