The super-rich tycoon behind Joyoung Co., Ltd.

In terms of net worth, Wang Xuning's personal wealth in China's home appliance market is second only to He Xiangjian of Midea Group.

He Xiangjian of Midea Group is a household name in China, but many people are not familiar with the name Wang Xuning. In fact, Wang Xuning is the actual controller of Joyoung Holdings, and Joyoung Soymilk Maker, a product under Joyoung Holdings, is also a well-known brand.

The market value of Joyoung Holdings is not high. After six consecutive daily limit increases on its stock price, it is still only more than 13.5 billion yuan, which is not in the same echelon as Midea Group's market value of more than 630 billion yuan. In addition, the He Xiangjian family has long been firmly in the top ten of China's rich list with a net worth of more than 200 billion yuan.

However, Wang Xuning does not only own Joyoung Holdings. Another key company under his name, SharkNinja, has seen its stock price rise continuously since the beginning of this year. The current stock price is 190 US dollars per share, with a market value of about 26.76 billion US dollars, equivalent to about 179.15 billion yuan, which is almost on a par with many leading domestic home appliance enterprises.

With his shareholding in SharkNinja, Wang Xuning's net worth is roughly estimated to reach 75 billion yuan (with slight differences according to different statistical calibers), which is more than 5 times the current market value of Joyoung Co., Ltd.

Six Consecutive Daily Limits of Joyoung Unveil Wang Xuning's Business Empire

Recently, the six consecutive daily limit increases of Joyoung Co., Ltd. have aroused the attention of the capital market.

Data shows that during the six trading days from September 28 to October 12, the stock price of Joyoung Holdings rose from 9.83 yuan per share to 16.64 yuan per share, with an increase of nearly 70%.

On September 30, October 9 and 13, Joyoung successively issued three announcements on abnormal fluctuations in stock trading, responding to and clarifying a number of market rumors in the announcements.

This still did not stop the upward momentum. On October 13, Joyoung's stock price rose sharply by 6.19% again.

The announcement mentioned that the current rolling price-earnings ratio of Joyoung Co., Ltd. is 173.11, and the static price-earnings ratio is 98.13, far exceeding the latest rolling price-earnings ratio of 20.19 times and the latest static price-earnings ratio of 21.18 times of its industry "Electrical Machinery and Equipment Manufacturing" (C38).

The performance of Joyoung Co., Ltd. in the first half of 2026 shows that its operating revenue was 3.489 billion yuan, a year-on-year decrease of 12.49%; the net profit attributable to shareholders of listed companies was 71.77 million yuan, a year-on-year decrease of 41.52%.

Joyoung's announcement also clarified a number of recent market rumors about its cooperation in robots, space technology, Hongmeng and other fields.

The announcement stated that:

Joyoung Holdings holds 7.92% equity in Deep Thinking Artificial Intelligence. The shareholding ratio is low and the company is not included in the consolidated statements, and the investment will not have a significant impact on the main business and performance. In addition, the connection between Joyoung Co., Ltd. and Huawei is mainly that both parties hold equity in Deep Thinking, and there is no other major cooperation with Huawei.

Joyoung Co., Ltd. also participates in Xiangke Intelligent through its wholly-owned subsidiary Joyoung Small Home Appliances. This investment is a financial investment, with a low shareholding ratio and not included in the consolidated statements, and has no significant impact on performance and business.

The "space technology" concerned by the market refers to the space kitchen equipment developed by Joyoung that has been applied to related projects of China's space station, and part of the space homologous technology has been applied to products such as heated water purifiers, zero-coating rice cookers, and low-purine soymilk makers. It has not formed an independent business segment, nor has it formed a separately disclosed business revenue source.

In addition, Joyoung also announced two other companies with equity connection to its actual controller Wang Xuning, one is Joyoung Soybean Industry, and the other is SharkNinja.

Around November last year, due to the popularity of the product "Hajimi North-South Mung Bean Soymilk", Joyoung once hit the daily limit twice. Joyoung clarified this time that Joyoung Soymilk belongs to Joyoung Soybean Industry, has no equity relationship with Joyoung Co., Ltd. (the listed company), and is not included in the consolidated statements.

JS Global Life Co., Ltd. and SharkNinja, Joyoung explained that "they are overseas enterprises controlled by the actual controller of the company (Wang Xuning), and the equity relationship and business activities of the two entities are independent."

Operating SharkNinja, Wang Xuning Made Huge Profits

Joyoung Co., Ltd. clarified in the announcement that Joyoung Soybean Industry and SharkNinja have no equity relationship with Joyoung Co., Ltd., but it also revealed the relationship between these two companies and Wang Xuning, the actual controller of Joyoung Co., Ltd., both of which are enterprises actually controlled by Wang Xuning.

Let's start with Joyoung Soybean Industry.

Joyoung Soybean Industry and Joyoung Co., Ltd. used to be one company. Later, in order to focus on the small home appliance industry, Joyoung Co., Ltd. spun off Joyoung Soybean Industry.

In 2023, Joyoung Co., Ltd. transferred all its 25.5% equity in Joyoung Soybean Industry to Solar Blue Company controlled by its actual controller Wang Xuning at a price of about 177 million yuan. Solar Blue is 100% owned by natural person Wang Xuning.

In addition, the use of the "Joyoung" brand name in the "Joyoung Soymilk" trademark has a separate transaction agreement. Joyoung Co., Ltd. granted Joyoung the permanent, non-exclusive right to use the trademark at a price of 36 million yuan. At the same time, Joyoung Co., Ltd. transferred 4 invention patents to Joyoung Soybean Industry at a price of 158,800 yuan.

Joyoung Soybean Industry is actually a relatively small part of Wang Xuning's assets, but in November 2025, due to the popularity of Joyoung Soybean Industry's "Hajimi North-South Mung Bean Soymilk", it caused fluctuations in Joyoung Co., Ltd.'s capital market performance.

The other two companies, JS Global Life and SharkNinja, are enterprises operated by Wang Xuning in recent years.

In 2017, Wang Xuning, through Shanghai Lihong, joined hands with CDH Investments to acquire SharkNinja for a consideration of about 1.6 billion US dollars, of which 1.32 billion US dollars was cash, and 260 million US dollars was the original shareholder Compass retaining 30% of the equity.

Specifically, after 2019, the restructured company JS Global Life issued new shares to Compass in exchange for the remaining 30% of the shares, making SharkNinja a wholly-owned subsidiary of JS.

After that, a subsidiary of JS Global Life (Sunshine Rise) injected capital into Shanghai Lihong, the controlling shareholder of Joyoung (about 728 million yuan), thus realizing indirect control of A-share listed company Joyoung.

It is not difficult to see from the name JS Global Life that it itself contains JY-SN, namely Joyoung and SharkNinja.

It seems that Wang Xuning's operation is over at this point, and he has realized the listing of Joyoung and SharkNinja on the Hong Kong Stock Exchange as a combined package. However, the stock price of JS Global Life fell sharply afterwards, so Wang Xuning began to spin off SharkNinja's US business for listing on the US stock market, and JS Global Life retained Joyoung's business and SN's Asia-Pacific business.

In July 2023, the spun-off SN was listed on the US stock market. After listing, SN's stock price rose rapidly, creating Wang Xuning's real wealth legend.

Net Worth Reaches 75 Billion Yuan

Wang Xuning's net worth mainly comes from SharkNinja.

Domestic consumers may be relatively unfamiliar with it, but it has been very popular in the North American market for many years. Shark is the No.1 brand in the US vacuum cleaner market, while Ninja's small kitchen home appliances are highly sought after.

Financial data shows that in fiscal year 2025, SharkNinja's revenue was 6.4 billion US dollars (about 45 billion yuan, estimated at an exchange rate of 7), and its net profit was 700 million US dollars (about 5 billion yuan). For comparison, Joyoung Co., Ltd.'s total revenue in 2025 was 8.2 billion yuan, and its net profit was 117 million yuan.

The booming performance has driven the rise of stock price. Especially since 2026, the stock price has risen from about 112 US dollars per share to a peak of 194.54 US dollars, with an increase of 73.7%, which has also brought a surge in the wealth of actual controller Wang Xuning.

Previously, reports showed that Bloomberg Billionaires Index shows Wang Xuning's wealth is 10.6 billion US dollars, equivalent to about 74.2 billion yuan.

Among them, Wang Xuning holds 39.1% of the equity in SharkNinja, which is converted to 70 billion yuan, accounting for 94.3% of his total personal wealth (according to the caliber of Bloomberg Billionaires Index).

In the 2025 Hurun Rich List, Wang Xuning ranked 133rd with a net worth of 43.5 billion yuan, and his wealth increased by 4 billion yuan compared with 2024.

Now Wang Xuning's wealth has nearly doubled, and his personal wealth in the home appliance field is second only to He Xiangjian, ranking second. Since Wang Xuning was widely regarded as the actual controller of Joyoung Co., Ltd. in the past, and the total market value of Joyoung Co., Ltd. is currently only 13.48 billion yuan, Wang Xuning's personal wealth far exceeds that of Joyoung Co., Ltd. itself.

However, Joyoung Co., Ltd. is still important in Wang Xuning's home appliance business map.

The 2024 financial report of SharkNinja, the US-listed company, also mentioned that SN does not directly manufacture any products, and third-party suppliers are responsible for manufacturing and assembling products, which are mainly located in China. Among them, the core supplier is Joyoung.

In other words, the US-listed entity of SN acts as a sales company, while Joyoung acts as a supplier undertaking the roles of R&D, design and manufacturing.

This article is from the WeChat official account "Big V Business", written by Jia Zhifei, and authorized for release by 36Kr.