Gong, known as “China’s best angel investor”, was born in China and graduated with a bachelor’s degree in computer science from Huazhong University of Science and Technology.

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An admitted sports fan, he reportedly helped establish a soccer club while studying there. The literature enthusiast is also said to have enjoyed studying liberal arts and literature while at high school.

According to a China’s Tycoons report by HSBC, he often chose literature rather than science and showed little interest in technology. So his professional path required him to make a 180-degree-turn.

After graduating, Gong spent some time trading in electronic goods in the south of China. Then the ambitious businessman moved to Hong Kong in 1992.

He is the founder and former owner of radio manufacturer Tecsun and smart card and securities firm Watchdata.

Tecsun, Gong’s first company, was established in 1994. Today it is the largest maker of AM, FM, and short wave radios in China.

Watchdata was supposed to file for a Nasdaq initial public offering but withdrew in 2005 – reportedly because of disagreements between the company and the IPO underwriter.

Gong, who has been active in the tech industry since the 1990s, also set up Zhejiang Dekang Communications Technology, a mobile application developer that was bought out by AsiaInfo in 1998. He is also the chairman of Chinese mobile internet company, Funinhand.

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To help incubate innovation and encourage entrepreneurship, Gong has donated about US$1.5 million to his alma mater to establish a seed fund.

According to wealth information firm Wealth-X, Gong has invested in at least 15 technology companies during his career so far.

In 2015, Gong was reported to also be the owner of Wealth Strategy Holding, which partly owns another listed company Yichang HEC Changjiang Pharmaceutical.

The pharmaceutical company has a total of 33 pharmaceutical products available in mainland China including antiviral treatments and drugs to combat endocrine, metabolic and cardiovascular diseases.

He is also a property investor in Hong Kong, where he and his family still live.

Gong’s fortunes rose rapidly a couple of years ago, only to fall back since then.

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In 2017, he sold part of his 49 per cent stake in Hikvision and saw his fortune reach US$13 billion – up from US$5.4 billion the previous year.

However, trade tensions between China and the United States appeared to have had an effect on his fortune.

Gong is now reportedly worth only about US$6.38 billion after stock market share prices fell by as much as 10 per cent in May because of the continuing dispute between the two nations, according to the Bloomberg Billionaires Index.

In comparison, his net worth was reported to be US$11.2 billion in March 2018.

Yet Gong is not the only person to see part of his net wealth vanish. He was among eight Chinese billionaires listed by Bloomberg as having lost a combined total of US$33 billion last year.

Previously, Gong was ranked 15th and 137th on the Forbes 2017 China Rich List and 2018 Forbes World’s Billionaires list respectively.

However, Bloomberg estimates that Gong can still buy 5.17 million troy ounces of gold or 120 million barrels of crude oil with his net worth.

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Gong derives most of his wealth from his investments in Hikvision. Even France’s Lille-Annoeullin prison and Universal Studios’ theme park in Orlando, Florida, are said to be equipped with the Chinese company’s security cameras.

Hikvision recently announced its financial results for the first half of 2019. It reported total operating revenue of 23.92 billion yuan – representing a year-on-year growth of 14.60 per cent.

Today Gong holds a 16 per cent stake in the company, making him the second largest shareholder.

The fourth largest shareholder is a private equity fund, Xinjiang Pukang Investment, which is controlled mostly by Gong’s wife, Chen Chunmei. The couple, who met while at university, have two daughters.

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