Pharmaceutical Queen Zhong Huijuan Tops China's Female Billionaires List with Hansoh Pharmaceutical Valued at HK$200 Billion

Source: Investment Circle, Dharma Finance

On October 28, the "2025 Hurun Rich List" was released. Zhong Shanshan of Nongfu Spring (9633.HK) surpassed Zhang Yiming of ByteDance with a net worth of 530 billion yuan to become the new richest person in China. Meanwhile, Zhong Hujuan of Hansoh Pharma (3692.HK) also replaced Zong Fuli of Wahaha with a net worth of 141 billion yuan to become the new richest woman in China.

Zhong Huijuan, now 64 years old, has topped the list of China's richest women for the first time. Previously, well-known female entrepreneurs such as Yang Huiyan of Country Garden, Chen Lihua of Fu Hua International, Zhou Qunfei of Lens Technology, Kwong Siu Hing of Sun Hung Kai, and Zong Fuli of Wahaha had all held the title of China's richest woman.

As the Chairwoman and CEO of Hansoh Pharma, Zhong Hujuan is known in the industry as the "Queen of Pharmaceuticals." Additionally, Zhong Hujuan is the wife of Sun Piaoyang, the founder of Hengrui Pharma. Together, they are referred to as "China's Most Powerful Pharmaceutical Couple." Notably, Zhong Hujuan’s net worth has now surpassed that of Sun Piaoyang. In the 2025 Hurun Rich List, Sun Piaoyang’s net worth is listed at 100 billion yuan.

Thirty years ago, Sun Piaoyang, then the factory director of Lianyungang Pharmaceutical Factory (the predecessor of Hengrui Pharma), founded Hansoh Pharma (the predecessor of Hansoh Pharmaceutical Group Company Limited). However, being the factory director, Sun Piaoyang was overwhelmed with responsibilities, and thus Zhong Hujuan took on the crucial role of managing the company and has been leading it ever since.

Hansoh Pharma started with generic drugs. In 2003, the company became one of China's top 100 pharmaceutical enterprises. In June 2019, Zhong Hujuan stepped onto the IPO stage of the Hong Kong Stock Exchange.

Zhong Huijuan's wealth surge is inseparable from the explosive growth of the innovative drug industry.

Earlier this year, Hansoh Pharma's market value was about 90 billion Hong Kong dollars. Since then, many innovative pharmaceutical companies have experienced a valuation recovery, with their stock prices doubling. Now, Hansoh Pharma’s latest market value exceeds 200 billion Hong Kong dollars, and the company's stock price has risen more than 100% year-to-date. According to the latest "Hurun Rich List," Zhong Hujuan’s wealth has increased by over 60 billion yuan compared to last year. With a total wealth of 140 billion yuan, she has become the richest woman in China for the first time.

Despite steering a pharmaceutical empire worth billions, Zhong Huijuan remains low-profile and rarely appears in public.

According to the company's annual report, Zhong Huijuan holds shares in Hansoh Pharma through a family trust. The beneficiary of this family trust is Sun Yuan. However, she currently does not hold a position at Hengrui Pharma, and Sun Piaoyang has also revealed that Hengrui Pharma’s future operations will adopt a professional manager model.

This is inseparable from the explosive growth of the biopharmaceutical industry. With the revaluation of Chinese assets, both the A-share and Hong Kong stock markets have experienced不同程度的复苏. Notably, the innovative drug sector has performed exceptionally well, with companies like Ascletis Pharma, Antengene, CARsgen Therapeutics, and Harbour BioMed emerging as standout performers... Tenfold stock gains have become common, and "those who caught this wave of market activity have made a fortune."

Upon closer examination, the core driving force behind this round of market activity is the密集发生的超级BD交易. Data shows that in the first half of this year, the total value of China's innovative drug BD transactions reached $63.55 billion, surpassing the total for the entire year of 2024, with 16 individual deals exceeding $1 billion. Just last week, Innovent Biologics announced an $11.4 billion collaboration deal with Takeda Pharmaceutical, once again setting a new record for the largest overseas deal by a Chinese innovative drug company.

In the words of investors, China's biopharmaceutical industry has finally reached a moment of significant breakthrough after years of steady accumulation.

However, concerns are beginning to surface. In recent months, the innovative drug sector has quietly entered an adjustment phase, with some leading innovative drug companies also experiencing significant adjustments. After Hansoh Pharma announced its BD deal with Roche, the stock price did not rise as expected. On September 16, YJT Health plummeted from HKD 260 billion to over HKD 70 billion in a single day, leaving investors shaken.

We are all witnessing these stirring scenes.

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