When Zhang assumed control of his father’s industrial empire in 2019, the business was already among the world’s largest producers of aluminium, the most widely used industrial metal.
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Zhang Bo, chairman of China Hongqiao Group. Photo courtesy of the group |
Since then, shares of China Hongqiao Group have surged 585%, propelling Zhang to become Asia’s richest metals magnate, according to Bloomberg.
Over the past year alone, the Zhang family’s wealth has risen by 110%, placing the clan among Asia’s wealthiest as of 2025. Zhang ranks fourth in net worth in China.
Zhang, who leads the world’s largest private aluminium producer, commands significant low-cost output at a pivotal time for global demand. His company supplies major Chinese technology firms including Huawei Technologies, Xiaomi and BYD.
Aluminium prices have climbed more than 25% over the past year, driven by demand from sectors such as new energy vehicles, solar panels and wind turbines.
Geopolitical shocks, including the war in Iran, have also added volatility. Aluminium prices on the London Metal Exchange climbed as much as 2.5 per cent to nearly $3,340 a tonne, a level last seen in April 2022, according to mineral news platform Mining.com.
Since the start of the year, the industrial metal has gained more than 9%, outperforming its more widely followed counterpart, copper.
Analysts at Goldman Sachs said aluminium prices could climb to as much as $3,600 a tonne if production in the region were disrupted for a month.
Shipments through the Strait of Hormuz, off Iran’s coast, have effectively stalled, further constraining deliveries.
Conflict in the Middle East has virtually shut the Strait of Hormuz through which aluminium produced in the region is shipped to the U.S. and Europe.
“The Europeans are particularly concerned, as the Gulf aluminum stoppage comes just as long-term supplier Mozal is going offline this month,” said Marex analyst Ed Meir, as reported by Reuters.
This has positioned Chinese producers such as Zhang’s company to potentially fill supply gaps if global output weakens.
“Their influence and personal wealth expanded because the industrial platform they built reached a scale where the market could no longer ignore it,” said Harry Yu, senior partner at family office advisory Fung, Yu & Co, referring to the Zhang family.
“Families like this tend to stay low-profile because their power sits in production systems and supply chains, not in branding.”
In recent years, Chinese aluminium smelters have struggled to secure bauxite, the ore used to produce aluminium, as political instability in Guinea and export restrictions in Indonesia disrupted shipments.
Indonesia’s push to expand domestic processing has further tightened global supply. However, Zhang and his father had already moved ahead of competitors to secure upstream resources.
Hongqiao began developing bauxite mines in Guinea, the world’s largest supplier of the raw material, around 2014.
Bloomberg Intelligence analyst Michelle Leung said this has given the company stronger access to bauxite than many rivals. She added that securing upstream resources early has supported the group’s earnings growth.
The company has since become one of the world’s lowest-cost producers, supported by power plants in China, bauxite mines in Guinea and alumina refineries in Indonesia.
With control over a significant share of global primary aluminium output – which reached nearly 73 million tonnes in 2024 – Zhang’s decisions can influence global supply and price expectations.
Since succeeding his father, Zhang has overseen a strategic shift by relocating part of the company’s aluminium production to the mountainous Yunnan province in China to take advantage of cheaper green hydropower and align with the country’s broader energy transition.
He has also expanded into higher-end aluminium products used in electric vehicles as demand from traditional sectors such as property and construction has weakened.
