Wang Chuanfu, heading China’s BYD car manufacturer, junped 102 places on Rupert Hoogewerf‘s annual rich list Hurun, after his venture got the backing of super-investor Warren Buffett, reports Bloomberg. Buffett increased his earlier investment with 500 percent.
Wang is now worth 5.1 billion US dollar, eclipsing the winner of last year, paper mogul Zhang Yin.
Wang’s worth leapt from $880 million last year after a unit of Buffett’s Berkshire Hathaway Inc. agreed to buy a 10 percent stake in BYD. The company’s F3 has also become China’s bestselling car this year, as BYD pushes beyond its traditional focus on making rechargeable batteries for mobile phones.
Buffett’s company announced a year ago it would buy 225 million new shares in BYD for HK$8 apiece. The shares, which have surged 387 percent this year, fell 7.5 percent to HK$61.85 in Hong Kong trading today.
The full list of China’s 1,000 richest people will only be published next month.