Zhou Qunfei is the founder of Lens Technology and owns a
$27 million estate in Hong Kong. Her stake in Lens Technology, which
went public this year, is worth $7.2 billion. But long before all this,
she worked in a factory and helped her family raise pigs and ducks for
food and additional money.
This is her inspiring story written by David Barboza for The New York Times. Read it below…
How a Chinese Billionaire Built Her Fortune
Qunfei is the world’s richest self-made woman. Ms. Zhou, the
founder of Lens Technology, owns a $27 million estate in Hong Kong. She
jets off to Silicon Valley and Seoul, South Korea, to court executives
at Apple and Samsung, her two biggest customers. She has played host to
President Xi Jinping of China, when he visited her company’s
headquarters.
But she seems most at home pacing the floor of her state-of-the-art factory, tinkering.
She’ll dip her hands into a tray of water, to determine whether the
temperature is just right. She can explain the intricacies of heating
glass in a potassium ion bath. When she passes a grinding machine, she
is apt to ask technicians to step aside so she can take their place for a
while.
Ms. Zhou knows the drill. For years, she
labored in a factory, the best job she could get having grown up in an
impoverished village in central China.
“She ‘ll sometimes sit down and worked as an operator to
see if there is anything wrong with the process,” said James Zhao, a
general manager at Lens Technology. “That will put me in a very awkward
position. If there was a problem, she’d say, “Why didn’t you see that?”
Ms. Zhou has honed her hands-on knowledge into a world-class,
multibillion-dollar operation, one at the vanguard of China’s push into
high-end manufacturing. Lens Technology is now one of the leading
suppliers of the so-called cover glass used in laptops, tablets and
mobile devices, including the Apple iPhone and the Samsung Galaxy. This
year, her factories are expected to churn out more than a billion glass
screens, each refined to a fraction of a millimeter.
“This is an industry that requires highly sophisticated
technology,” says Stone Wu, an analyst at IHS Technology, the research
firm. “If you have a ruler, check out how thin 0.5 millimeters is, and
you’ll understand how hard it is to manufacture something that thin.”
In creating a global supplier, Ms. Zhou, 44, has come to define a
new class of female entrepreneurs in China who have built their wealth
from nearly nothing — a rarity in the world of business. In Japan, there
is not a single self-made female billionaire, according to Forbes. In
the United States and Europe, most women who are billionaires secured
their wealth through inheritance.
No country has more self-made female billionaires than China. The
Communist Party, under Mao Zedong, promoted gender equality, allowing
women to flourish after capitalism started to take hold, according to
Huang Yasheng, an expert in China’s entrepreneurial class and a
professor of international management at M.I.T. And in a country with
few established players, entrepreneurs like Ms. Zhou were able to
quickly make their mark when they entered business in the 1990s as
China’s economic engine was revving up.
Ms. Zhou’s stake in Lens Technology, which went public this year,
is worth $7.2 billion. That puts her fortune on par with the media
tycoon John C. Malone and Pierre Omidyar, the founder of eBay.
Ms. Zhou isn’t a celebrity chieftain, like Jack Ma, the billionaire
founder of the e-commerce giant Alibaba. Few in China had even heard
her name before her company’s public offering this year. She rarely
grants interviews or makes public appearances.
An elegant woman with a cherubic face, owlish glasses and a
preference for Christian Dior suits, Ms. Zhou is fastidious and
demanding — “Sit up straight!” she commands of a general manager during a
meeting. Yet she exudes charm and humility, a quiet recognition that
things could have easily turned out differently.
“In the village where I grew up, a lot of girls didn’t have a
choice of whether to go to middle school. They would get engaged or
married and spend their entire life in that village,” she said in an
interview at her office, where there was a wooden statue of Mao and a
27-inch desktop Mac. “I chose to be in business, and I don’t regret it.”
Leaning Toward the Obsessive
The youngest of three children, Ms. Zhou was born in a tiny village
in the Hunan Province of central China, a farming community about two
hours south of Changsha, the provincial capital. Her mother died when
she was 5. Her father, a skilled craftsman, later lost a finger and most
of his eyesight in an industrial accident.
At home, she helped her family raise pigs and ducks for food and additional money. At school, she excelled.
“She was a hard-working and talented student,” Zhong Xiaobai, her
former middle-school teacher, says. “I once read her essay, ‘My Mother,’
aloud in class. It was so moving it brought everyone to tears.”
Despite her academic focus, Ms. Zhou dropped out of school at 16
and traveled south to Guangdong province to live with her uncle’s family
and search for better work. While she dreamed of becoming a fashion
designer, she eventually landed a job on a factory floor in the city of
Shenzhen, making watch lenses for about $1 a day.
The conditions, she said, were harsh. “I worked from 8 a.m. to 12 a.m., and sometimes until 2 a.m.,” Ms. Zhou recalled. “There were no shifts, just a few dozen people, and we all polished glass. I didn’t enjoy it.”
After three months, she decided to quit and wrote a letter of
resignation to her boss. In it, she complained about the hours and
boredom. Even so, she expressed her gratitude for the job, saying she
wanted to learn more.
The letter impressed the factory chief, who told her the plant was
about to adopt new processes. He asked her to stay, offering her a
promotion. It was the first of several over the next three years.
In 1993, Ms. Zhou, then 22, decided to set out on her own. With
$3,000 in savings, she and several relatives started their own workshop
next door. They lured customers with the promise of even higher-quality
watch lenses.
At the new company, Ms. Zhou did it all. She repaired and designed
factory machinery. She taught herself complex screen-printing processes
and difficult techniques that allowed her to improve prints for curved
glass.
“In the Hunan language, we call women like her ‘ba de man,’ which
means a person who dares to do what others are afraid to do,” said her
cousin Zhou Xinyi, who helped her open the workshop and now serves on
the Lens board.
Along the way, Zhou Qunfei married her former factory boss, had a
child and divorced. She later married a longtime factory colleague, who
serves on the Lens board, and had a second child.
Her work habits lean toward the obsessive. Her company’s
headquarters is at one of her manufacturing plants in Changsha. In her
spacious office, a door behind her desk opens into a small apartment,
ensuring she can roam the factory floor day or night.
Propelled to Dominance
It was the mobile phone that made Ms. Zhou a billionaire.
In 2003, she was still making glass for watches when she received
an unexpected phone call from executives at Motorola. They asked if she
was willing to help them develop a glass screen for their new device,
the Razr V3.
At the time, the display screens on most mobile phones were made of
plastic. Motorola wanted a glass display that would be more resistant
to scratches and provide sharper images for text messages, photos and
multimedia.
“I got this call, and they said, ‘Just answer yes or no, and if the
answer’s yes, we’ll help you set up the process,’ ” Ms. Zhou recalled.
“I said yes.”
Soon after, orders started rolling in from other mobile-phone
makers like HTC, Nokia and Samsung. Then, in 2007, Apple entered the
market with the iPhone, which had a keyboard-enabled glass touch screen
that rewrote the rules of the game for mobile devices. Apple picked Lens
as its supplier, propelling Ms. Zhou’s company into a dominant position
in China.
After that, Ms. Zhou invested heavily in new facilities and hired
skilled technicians. More than once, colleagues say, she put up her
apartment as a guarantee for a new bank loan. Within five years, she had
manufacturing plants under construction in three cities.
“She’s a passionate entrepreneur, and she’s very hands-on,” says
James Hollis, an executive at Corning, which has a partnership with Lens
Technology. “I’ve watched her company grow, and her develop a strong
team. Now there are over 100 competitors in this space, but Lens is a
Tier 1 player.”
Lens operates round the clock, with 75,000 workers spread across
three main manufacturing facilities that occupy about 800 acres in the
Changsha region. Each day, the company receives bulk shipments of glass
from global manufacturers like Corning in the United States and Asahi
Glass in Japan.
The glass is cut, ground down to size, bored and polished to give
each plate a transparent finish. Then the plates are strengthened in a
potassium ion bath, painted and cured. Finally, they are cleaned and
coated with anti-smudge and anti-reflection films.
Ms. Zhou designs and choreographs nearly every step of the process,
a detailed-oriented approach she traces to her childhood. “My father
had lost his eyesight, so if we placed something somewhere, it had to be
in the right spot, exactly, or something could go wrong,” she said.
“That’s the attention to detail I demand at the workplace.”
Lens has not experienced the kinds of labor troubles that have
clouded other contract manufacturers like Foxconn. But current and
former workers say the job is challenging. Much of the work is done by
young women who inspect glass at different angles, trying to detect
flaws.
“As a quality inspector, I had to stare at those products all day
long, so this is a tiring job,” said Gao Zhimei, who recently left Lens
Technology. “But I should say that working in manufacturing is always
tiring and working at Lens is not more tiring than working in other
factories.”
Expanding a Customer Base
Lens Technology went public in March, as the Chinese stock market
was booming. With the recent market collapse, the company has lost 45
percent in value, but it is still worth about $8 billion.
Last year, the company notched revenue of about $2.4 billion.
Profit rose 40 percent in the first quarter. But Lens gets nearly 75
percent of its revenue from Apple and Samsung, making the company
reliant on just two customers. In May, at the first shareholders’
meeting since the company went public, an investor pressed Lens about
how it planned to maintain an edge in a hypercompetitive market that
thrives on innovation.
Several executives tried to answer the question. Then Ms. Zhou
spoke up, saying she was prepared to diversify the company’s business
with production facilities geared toward higher-end glass, as well as
sapphire and ceramic.
After the meeting adjourned, investors piled into a bus and rode
with Ms. Zhou to the Lens campus, less than a mile away. Ms. Zhou had
sat quietly through much of the shareholders’ meeting, but on the tour
of the factory, she came alive. The shareholders hung on every word.
-The New York Times
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