Wang Wei on business strategy
From #SecretSelfmadeBillionaires0214 Wang Wei Delivery King of China How he Built SF Express in 24 yrs · · SecretsSelfmadeBillionairesbyPaulChan
“Wang Wei’s strategy to monopolize the delivery business in the Pearl River Delta involved aggressive franchise control, giving local franchisees an ultimatum to join or be out after three years, which led to him building a vast network but also creating many enemies.”
On , Wang Wei, Chairman at SF Express, spoke about business strategy during #SecretSelfmadeBillionaires0214 Wang Wei Delivery King of China How he Built SF Express in 24 yrs on SecretsSelfmadeBillionairesbyPaulChan.
About Wang Wei
Wang Wei, chairman of SF Express, founded the company in 1993 at age 22 with a HK$100,000 loan from his father, starting with six employees and working 15-hour days. He initially used a price-cutting strategy, charging HK$40 when others charged HK$70, and later expanded through franchising in the Pearl River Delta. After franchisees began stealing from him in 1999, he gave them an ultimatum to join him or leave, buying them out over three years, which created enemies and led him to hire bodyguards and maintain a low public profile for 15 years. During the 2002 SARS crisis, SF Express became the first Chinese delivery company to use air transport, and during the 2009 global financial crisis, Wang Wei bought his own fleet of airplanes, which grew to 41 by 2017. In 2016, he broke his silence after an employee was assaulted, stating he would be unworthy as CEO if he did not take the matter to court. He took SF Express public in February 2017, becoming the fourth richest man in China, and rewarded all employees with gift money, including those with less than a year of service.