Text/Forbes China
The Chua family is one of the most influential business giants in Taiwan, China. A future heir of the family was promoted to a new position on April 1.
Cai Mingxing, Chairman of Fubon Financial Holdings. Image source: Fubon Financial Holdings official website
Cai Chengru was previously the general manager of the family-invested Fubon Yule Company and was recently promoted to the chairman of the company. Cai Chengru is 33 years old this year and is the son of Cai Mingxing, chairman and chief executive officer of Fubon Financial Holdings. In the Forbes Global Billionaires List released yesterday, Tsai Mingxing ranked 764th, with a net worth of US$2.7 billion. Last year, Fubon Financial Holdings ranked 349th on the Forbes Global 2000 list, and now has a market value of nearly 13 billion U.S. dollars.
In March of this year, Cai Chengru was appointed as the Deputy CIO and Executive Vice President of Fubon Financial Holdings. In 2014, Cai Mingxing and his elder brother Cai Mingzhong formally took control of Fubon Financial Holdings, mobile operator Taiwan Big Brother and other enterprises after the death of their father Cai Wancai .
The new chapter of the Chua family begins here. The history of the Tsai family is full of legends, and the family has had a huge impact on Taiwan's financial industry and economy in the past 50 years.
Cai Wancai's family of 4 brothers split his father's financial empire in 1979; Cai Wancai leads the property insurance business and is now the predecessor of Fubon Financial Holdings. Cai Wancai's elder brother Cai Wanlin leads the life insurance business. Because of his success in his career, he was listed on the first global rich list launched by Forbes in 1987. In 2004, Cai Wanlin passed away. His sons Cai Hongtu, Cai Zhengda, and Cai Zhenyu are on this year's list of global billionaires. Cai Hongtu is the head of the financial giant Cathay Financial Holdings. Today, Cathay Financial Holdings has a market value of approximately US$15 billion.
People believe that Fubon Financial Holdings' achievements in the past 20 years should be attributed to Cai Mingxing and Cai Mingzhong. The two took advantage of the opportunities brought about by financial regulatory reforms and entered the life insurance, banking and brokerage businesses. As of mid-2019, their total assets reached US$261 billion.
Apple supplier Hon Hai Precision and other Taiwanese electronics industry leaders have already entered the off-island market, but many financial companies in Taiwan have not moved. but,Fubon is a pioneer in this area. In 2008, Fubon Financial Holdings acquired part of the shares of Xiamen Bank through Fubon Bank (Hong Kong), and conducted direct investment restructuring in 2018. In January 2014, Fubon Financial Holdings and Taipei Fubon Bank acquired 80% of the controlling equity of Huayi Bank in Shanghai, and later renamed it as Fubon Huayi Bank, and subsequently acquired the remaining 20% in 2016 Of shares. Fubon Financial Holdings said that now the company is the only Taiwan-funded financial institution that has subsidiaries in the mainland, Hong Kong and Taiwan. This week, Fubon Financial Holdings said it would add US$90 million to Fubon Life’s Hong Kong subsidiary. In addition, Fubon Financial Holdings owns 62% of the former Hyundai Life, and has renamed it Fubon Hyundai Life.
Cai Chengru's other positions include general manager of Fubon Financial Holdings Ventures (he has held this position since last year). Cai Chengru received a bachelor's degree in economics from the Wharton School of Business in 2010. He is also the leader of the Fubon Titans baseball team.
Translation: Joe
-END-
.
