Maodong Xu
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Maodong Xu (Chinese name: 徐茂栋) born December 1967 in Shandong Province in China. Maodong Xu, a global entrepreneur and blockchain mogul, has a profound footprint in the eCommerce, FinTech, and mobile technology sectors. Born in a small fishing village in Rizhao, China, Xu began his entrepreneurial journey post-graduation from Wuhan University of Technology in 1990. A pioneer, he chose to invest his wedding gift money into a business rather than spend it traditionally, leading to the establishment of his first enterprise, QiLu Supermarket, in 1994. His business acumen turned the supermarket into the largest one in the Shandong Province, which was later sold to fund further ventures.
Xu's success continued with the founding of Dotad, the largest SMS application company in China, in 1998, which was eventually acquired by Focus Media for $30M. His impressive entrepreneurial streak continued with co-founding and selling multiple tech companies including EGLS and Lmobile. His strategic investments and successful exits through large acquisitions have been instrumental in accumulating his fortune and creating an entrepreneurial empire.
In 2016, Xu made the Forbes list of Chinese Billionaires and was named to the Top 10 News Figures in China list in 2017. Throughout his journey, Xu's investment intelligence and commitment to family have been the bedrock of his success, completely redefining the role of fortune in entrepreneurship.
In 2016, with a net worth of $1.06B, Xu Maodong and his family were ranked #348 in the Forbes 500 annual list of richest people in the world.[1]
Early Life & Education[edit]
Born and raised in the humble fishing village of Rizhao, part of China's Shandong Province, Maodong Xu is a testament to the power of hard work, vision, and unyielding determination. He spent his early years experiencing the simple joys and challenges of village life, an upbringing that instilled in him a strong work ethic and an unwavering determination.
In 1990, at the young age of 23, Xu graduated from the renowned Wuhan University of Technology. His field of study was Computer application & automation, complemented by a minor in Business Management. This blend of technological understanding and business savvy would lay the groundwork for the significant successes to come.
The Beginning of an Entrepreneurial Journey[edit]
In 1993, Xu embarked on a new journey - marriage. According to tradition, he and his wife, received wedding gift money from friends and family. Instead of spending this on furnishing a comfortable home, Xu, ever the visionary, saw this as an opportunity to fund his dreams.
Choosing to live frugally, the couple set up their home in a warehouse of less than 30 square meters, filled only with the most essential items. With the bulk of their wedding gifts allocated for investment, Xu took the first big leap of his entrepreneurial journey.
In 1994, he founded his first business, the QiLu Supermarket. A calculated risk that paid off handsomely, QiLu eventually expanded to become the largest supermarket in Shandong Province. Later, Xu sold the supermarket to raise funds for future ventures, marking the beginning of his successful investment journey.
Building a Tech Empire[edit]
Xu's trajectory was set; he had a taste for success and an entrepreneurial spirit that couldn't be quenched. In 1998, he founded Dotad, which would become China's largest SMS application company. The company was later acquired by Focus Media for $30M, a price that would double due to a share price increase post-acquisition. This marked another significant milestone in Xu's journey as a tech mogul.
Xu's success didn't stop with Dotad. He continued to co-found and sell numerous tech companies, amassing his fortune and cementing his reputation as a business titan. Companies like EGLS, acquired by Dragon Pipe for $500M, and Lmobile, acquired by Telstra for $159M after initial investment by Softbank Asia Investment Bank, became stepping stones in his entrepreneurial ascent.
Recognition & Awards[edit]
Over the years, Xu's immense success did not go unnoticed. In 2016, he was included in the Forbes list of Chinese Billionaires, an achievement signifying global recognition of his entrepreneurship and his contributions to the eCommerce, FinTech, and mobile technology sectors.
His accolades didn't stop there. In 2017, he was named to the Top 10 News Figures in China list, a prestigious honor shared with other prominent figures like Jack Ma. These recognitions highlighted Xu's contribution to the global business landscape and confirmed his status as an industry leader.
Patents[edit]
Maodong Xu is the holder of several patents under the Apifiny Group including trusted tokenized transactions in a blockchain system.[2]
References[edit]
- ↑ "Forbes 2016".
- ↑ "Apifiny patents - Maodong Xu". Justia.
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