A supplier to Proctor & Gamble has become one of China’s growing number of billionaires.
Guangzhou Tinci Materials Technology’s chairman Xu Jinfu holds a 41.5% stake in the supplier of personal healthcare product ingredients that was worth $1.4 billion on Friday. Tinci’s clients also include Beiersdorf. The company’s Shenzhen-traded shares have more than doubled since the end of 2015 amid rising sales and improved prices.
Xu holds a master’s degree from the University of Chinese Academy of Sciences in chemicals major. Xu cofounded Tinci in 2000 with three others.
China is second only to the U.S. as home to the world’s largest number of billionaires.