The secret code of the "new richest man": From Zhu Yi to Chen Tianshi, why does the capital market "look more favorably" on the new economy?

Once-dominant traditional industry giants are giving way to new economy entrepreneurs, and China's capital market is casting its vote of confidence in innovation with real money.

On September 8th, the closing share price of Sichuan-listed company Baili Tianheng (SH688506) reached 384.00 yuan, and the company's total market value hit 154 billion yuan. With a 74.35% stake, the company's actual controller, Zhu Yi, saw his net worth soar to 117.4 billion yuan, surpassing Sichuan business tycoons like Liu Hanyuan and Liu Yonghao to become the new richest person in Sichuan.

In fact, such stories are constantly playing out in the capital market in 2025.

In June, Wang Ning, the founder of Pop Mart, became the new richest person in Henan with a net worth of 146.7 billion yuan; in August, Chen Tianshi of Cambricon topped the list of the richest in Jiangxi with a fortune of 160 billion yuan; in the same month, the couple Fan Daidi and Yan Jianya became the new richest in Shaanxi with a net worth of 44 billion yuan...

The rise paths of these new richest people are quite different from those in traditional real estate and resource-based industries. Most of them come from new economy sectors such as innovative drugs, trendy collectibles and cultural and creative products, AI chips, and biotechnology, reflecting the structural transformation of China's economic momentum and marking the rise of China's new economic forces.

It can be said that these enterprises represent the direction of China's industrial upgrading, featuring high technological content, high added value, and low resource consumption. The high valuations given by the capital market to them also indicate that the industrial layout of the A-share market is shifting from traditional cycles to technological innovation, and the valuation logic of the capital market is also undergoing profound changes.

Of course, the capital market has a sharp eye and never acts without a sure gain. High valuations mean high expectations and high returns. For example, Cambricon's revenue in the first half of 2025 increased by 4347.82% year-on-year, and its net profit attributable to the parent company turned from loss to profit; Pop Mart's revenue in the first half of 2025 increased by 204.4% year-on-year, and its adjusted net profit increased by 362.8%. Such high growth potential is hard to achieve in traditional industries.

The stories of these "new richest people" and the growth trajectories of their enterprises outline the roadmap for the rise of China's new economy and reflect the new characteristics of China's new economy.

Firstly, it is the original narrative of technology. Chen Tianshi's team has been working hard for a decade, accumulating 2774 patent applications. The Siyuan 590 chip they developed has energy efficiency comparable to that of international giants in inference scenarios. As Chen Tianshi put it, "There is no shortcut in the chip industry; we have to persevere." Baili Tianheng's R & D investment accounts for as high as 606.69% of its revenue. For every 1 yuan earned, 6 yuan is invested in R & D. Zhu Yi said, "We have to go all-in in the R & D of innovative drugs." They are typical representatives of knowledge capitalization, where innovation is the only competitive barrier, and heavy R & D investment is the ticket to the future.

Secondly, it is the innovative subversion of the model. Wang Ning transformed Pop Mart from a toy store into an emotional consumption empire through the reconstruction of the "IP + blind box" model. The Labubu series caused queuing and even out-of-stock situations overseas. He redefined the value logic of toys, upgrading "Made in China" from "cost-effectiveness" to "brand value." When products become social currency, value breaks free from the shackles of cost. The essence of this model innovation is to reconstruct value distribution.

Thirdly, it is the global perspective. Baili Tianheng's core product is a global first, and it has reached an 8.4 billion US dollars licensing agreement with global pharmaceutical giant Bristol-Myers Squibb. The collagen technology of Juzhi Biotech under the Fan Daidi couple is globally leading, and the aviation forgings of Triangle Defense have entered the supply chains of Boeing and Airbus. Their enterprises are born with a global gene, reflecting the ability to integrate global resources and winning global pricing power with hard technology.

Fourthly, it is the long-termism in concept. Cambricon had consecutive losses of over 4 billion yuan for four years, and Pop Mart took 10 years to achieve explosive growth. These new economy enterprises exchange time for space and patience for the future. Long-termism is not waiting for opportunities passively but strategic determination. The high valuations given by the capital market are essentially the discounting of the long-term compound growth expectations.

It is worth mentioning that most of the "new richest people" come from intellectual families and have obtained wealth through technological innovation rather than resource monopoly. For example, Fan Daidi is a university professor, Chen Tianshi is a doctoral supervisor at the Chinese Academy of Sciences, and Zhu Yi is an entrepreneur who has long been committed to innovation. Their success has more exemplary significance.

The high valuations of the new economy by the capital market are essentially a vote of confidence in China's economic future. The wealth stories of the new economy outline a new map of China's economic development. The stories of the "new richest people" show that more and more funds are flowing into the field of technological innovation, and more scientists and entrepreneurs are getting capital support. They represent not only personal wealth but also the new wealth-creation momentum of China's economy and capital market.

This article is from the WeChat official account "NBD Daily". Author: Fu Keyou, Editors: Jin Mingyu, Chen Xu, Du Hengfeng, Proofreader: Chen Keming. Republished by 36Kr with permission.