Jiangsu's richest man in shipbuilding sees a surge of 120 billion yuan in wealth

Reporter | Li Huilin, Yan Ziwei Editor | Yan Ziwei

Jiangsu’s richest man, Chen Jianhua, finds a second spring in his career.

On March 9, he disclosed the performance report of *ST Songfa, which he controls. By 2025, net profit is expected to surge tenfold to 2.65 billion yuan, and he has applied to “remove the star and帽.”

Chen Jianhua, through asset restructuring, injected Hengli Heavy Industry’s assets last year, transforming Songfa from a ceramic company into a leading shipbuilder. As of the close on March 11, over the course of a year, the market value of *ST Songfa skyrocketed by more than 120 billion yuan.

In early March, Chen Jianhua and his wife, Fan Hongwei, with a combined wealth of 250 billion yuan, ranked 52nd on the Hurun Global Rich List.

Taking advantage of industry trends, Chen Jianhua’s business is booming. His new ship orders are booked until 2030, with 100% from the European and American markets. To meet delivery deadlines, Songfa plans to invest 13.5 billion yuan to expand capacity.

“We have no dividend plan this year. Cash flow from operating activities is negative, and we will make significant investments in the next two or three years,” official response from *ST Songfa to 21CBR reporters.

Order Boom

Shipbuilding business hits a sweet spot, and Songfa undergoes a stunning transformation.

By 2025, its wholly owned subsidiary Hengli Heavy Industry will handle 115 ships, totaling over 100 billion yuan, averaging one new ship order every three days.

Main ship types include ultra-large oil tankers, dual-fuel ultra-large container ships, and ultra-large liquefied ammonia transport ships.

The ultra-large oil tanker is the main order type. Designed independently by Chen Jianhua’s team, each ship has a deadweight of 306,000 tons, aligning with international leading standards, with multiple innovations in energy saving, environmental protection, and intelligence.

During the booming cycle of shipbuilding, Chen Jianhua keeps securing orders. The shipowners include international giants like Greece’s CAPITAL and Mediterranean Shipping.

“Due to accelerated aging of ships, tightening environmental regulations, and growth in maritime trade, global demand for new ships has significantly increased, ushering in a new cycle of order releases.”

In its financial report, Songfa stated that during the last industry cycle bottom, the proportion of small and medium-sized shipyards clearing out was high, capacity shrank, and large shipbuilders gained a competitive advantage.

According to Clarkson data, global new ship orders in 2024 hit a decade-high, with a slight decline expected in 2025, but still exceeding pre-2023 levels.

Building ultra-large ships is highly challenging. Hengli Heavy Industry is enhancing its capabilities to achieve independent control from core components to the entire vessel.

In 2026, Chen Jianhua scored a “good start.” Since the beginning of the year, Songfa has disclosed new ship orders for 77 vessels, with a total contract value reaching up to 60 billion yuan.

In early March, it signed contracts for the construction of four ultra-large oil tankers, worth between 2.759 billion and 4.138 billion yuan.

“Our order volume and new orders are among the top global manufacturers of large ocean-going ships,” the financial report states.

Capacity Expansion

Rearranging the cage, Chen Jianhua has been planning for eight years.

Originally a Guangdong daily-use ceramic company, Songfa once faced continuous losses and insolvency, and was later warned of delisting by the Shanghai Stock Exchange.

Source: Songfa Co., Ltd.

From 2018 to 2025, Chen Jianhua used financial skills to complete asset restructuring, with Hengli Heavy Industry being listed via a backdoor listing. By the end of 2025, Songfa’s total assets approached 50 billion yuan, with net assets exceeding 9 billion yuan.

This successful transformation benefited from Chen Jianhua’s global vision and industry operation skills.

In 2022, he established Hengli Heavy Industry, acquiring the former South Korean STX Dalian Shipyard for 2.11 billion yuan.

Before the acquisition, this foreign-invested shipyard had been idle for ten years. Chen Jianhua led the team to reorganize operations, build factories, and develop independent shipbuilding technology, catching the new wave.

Currently, Songfa’s new ship orders are full. To handle the orders and seize market share, Songfa has raised funds repeatedly to expand capacity.

Hengli Heavy Industry has built marine and future factories, which began production in 2023 and 2025 respectively. After both projects reach full capacity, the annual construction of over 150 ultra-large ships can be achieved.

In August 2025, Songfa raised an additional approximately 3.9 billion yuan to fund two major projects: green high-end equipment manufacturing and an international ship design and R&D center (Phase I).

Just half a year later, Songfa announced plans to invest 13.5 billion yuan to expand capacity for three shipbuilding projects, with 7 billion yuan to be raised through private placement.

Management plans to allocate 10 billion yuan for the construction of a green, intelligent, high-end ship manufacturing integrated project. The official said this project will significantly improve order fulfillment and order-taking capabilities.

However, increased capital expenditure also raises debt levels. Geopolitical conflicts also dampen shipowners’ willingness to order ships. Clarkson data shows that in January-February 2026, global new ship order volume decreased by 20-30% month-on-month.

“Ships are not bought today and delivered tomorrow. In the short term, the Middle East situation has no impact on orders,” Songfa Securities Affairs Department told 21CBR reporters, adding they will keep a close eye on market conditions.

Father and Son Team

Chen Jianhua, from Suzhou, is 55 years old and daring to dream and act.

He and Fan Hongwei started in the textile business, beginning from a small factory in a township in Wujiang, Jiangsu, expanding their empire to create Hengli Group, with annual revenue reaching 899 billion yuan.

Starting with weaving and yarn purchasing, Chen Jianhua has always moved upstream in the industry chain, focusing on petrochemicals, ultimately controlling the pricing of aromatic hydrocarbons—the raw materials for synthetic fibers—building a listed company valued at 150 billion yuan—Hengli Petrochemical.

He also aims to be independent in shipbuilding. Marine engines, which account for 15% of manufacturing costs, were previously heavily reliant on imports, with long lead times and high costs. Chen Jianhua decided to develop marine engines independently.

“An engine crankshaft with a diameter of 600 millimeters, we need to control the tolerance within 0.07 millimeters, similar to the thickness of a hair,” said an insider from Hengli Heavy Industry.

The first engine, 11 meters tall and weighing 250 tons, was installed on an 82,000-ton bulk carrier. Compared to traditional models, it has a longer stroke, higher propulsion efficiency, and is more energy-efficient and environmentally friendly.

The financial report states that the company has tackled key “bottleneck” issues, achieving independent production of dual-fuel and traditional power engines; the first LPG dual-fuel 6G60 engine has been delivered, marking a major breakthrough in green power.

To date, Hengli engines have an annual capacity of 180 units, with a total power of 3.2 million horsepower.

As the business expands, Chen’s second generation has stepped into the spotlight.

Chen Jianhua’s son, Chen Hanlun, became a director and general manager of Songfa Co., Ltd. in August 2025, with an annual salary of 1.52 million yuan. He is 25 years old, holds a master’s degree in applied finance, and previously worked as a tax consultant at PwC.

In March, Chen Hanlun signed a contract with Zhonggu Logistics to order four plus two medium-sized container ships.

Last October, he also represented the company in signing a contract with Greek shipowner EFNAV for six bulk carriers. At both signing events, Chen Jianhua, smiling, stood behind him.

Father and son team, Chen Jianhua is aiming for even higher peaks.

“Without innovation, you fall behind; even slow innovation leads to falling behind,” Chen Jianhua urged employees to look beyond their “circle.” He himself nearly doubled his wealth in just one year by stepping out of his comfort zone.

Image source: Hengli Group, unless otherwise noted