Zhou Qunfei sparked curiosity as the “mystery woman” placed between two of the US's most powerful technology chieftains, Elon Musk and Tim Cook, during the Chinese state banquet for Donald Trump last month. “Placement” is critical, says Struan Stevenson in his book The Course of History: Ten Meals That Changed the World. And Zhou Qunfei’s placement was a fine example of “dining diplomacy”, which can shape global political and economic outcomes – for better or worse.
Zhou Qunfei is the little-known (in the West) founder of Lens Technology, a leading touchscreen supplier and one of the richest self-made women in the world, says the South China Morning Post. The decision to put her next to two of her most important clients certainly created an opportunity to bend their ears. But from the point of view of Beijing's image shapers, it was also a powerful reminder to American plutocrats that the Chinese Dream is as potent as their own. Within the country, Zhou is held up as an inspirational figure who “rose from humble beginnings” by dint of hard work, resilience and talent, to take her place among China's foremost industrialists. For millions of Chinese migrant workers, she's viewed as the archetypal role model. Forbes puts her current wealth at around $20 billion.
The “touchscreen queen” began life “in utter destitution”. Born in 1970, in a village near the city of Xiangxiang in Hunan province, her mother died when she was five and her father was severely maimed in an industrial accident. Her days were spent planting vegetables, raising pigs and collecting plastic waste to earn money. “I had to constantly think about where my next meal would come from,” she told CNBC. Zhou Qunfei's “hunger years” provided “a foundation of grit”, says Jing Daily. At 15, she set out on the long journey to Shenzhen, initially finding work as a security guard before joining the assembly line of a factory producing glass for watches. She attended night classes in accounting, computing, Cantonese and screen printing and even obtained a licence for driving large vehicles.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Zhou Qunfei's “sharp problem-solving skills” and drive rapidly saw her promoted. But at 23, she took the leap into setting up her own business with relatives, operating out of a three-bedroom flat. They began with silk-screen printing before reverting to manufacturing glass for watches. When mobile phones began proliferating in the early 2000s, Zhou retooled the business, eventually securing orders from Motorola, HTC, Nokia and Samsung. A pivotal moment came in 2007 when Lens Technology became a supplier for Apple's first-generation iPhone touchscreens, says Tatler Asia. The contract catapulted the company “into a dominant position in China's tech manufacturing” sector and made her a billionaire. In 2015, when Lens Technology went public on the Shenzhen Stock Exchange, Zhou rose to national prominence. Lucrative new contracts with carmakers such as BYD, Tesla and BMW followed.
How Zhou Qunfei bounced back from a $6.8 billion loss
Donald Trump nearly proved her undoing, noted Bloomberg in 2018. Zhou Qunfei lost 66% of her fortune, or $6.8 billion, when the US/China trade war erupted, prompting a sell-off of Apple's suppliers. But as the decade turned, Lens bounced back. Last year, Zhou's wealth rose a further 75% when Lens pulled off a dual-listing in Hong Kong. But Zhou Qunfei is still most at home pacing the factory floor, says Tatler. “She'll dip her hands into a tray of water to check if the temperature is just right” and “can explain the intricacies of heating glass in a potassium ion bath”. She has the same intense – often obsessive – interest in operational detail as Elon Musk and, like him, is famous for sleeping on site to troubleshoot. Doubtless, they had much to discuss over their pan-fried pork buns.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
