100 Next-Era CEOs in Asia 2014 -The region's best brightest, most promising-

Zhejiang EastRiver Energy S&T Co.

CEO Shen Hanxing

Message to young people
Before you start your own business, have your own dream first. Energy and doggedness are also required. It is important to do just what you’ve come up with, in some ways, but the most important thing is not to give up. Accomplish the dream once you’ve decided to do it, however difficult and challenging it is.

The end of 1970s was the time when China’s reforms and opening-up policies were implemented. Although my family was not rich enough, I dreamed of launching a business since I was a child. My ambition grew stronger when the basis of state-owned enterprises was about to shift.

I started an apparel company upon graduation because it seemed to have a lower bar to run the operation on both the technical and financial fronts. The business reached its peak in the fifth year of my entire eight-year experience in the industry, when I was 28 years old. I started to reconsider then what to do in the next 10 years, in order to achieve my goal.

Being in the apparel industry, I came to think that the management of an apparel store was just “work” for making money, not a “business” of my own. So I started seeking a business opportunity to be my next destination.
When I visited the U.S and went to a gas station, I found that the diesel engine oil there was different from the one in China. It was biodiesel oil extracted from animals and plants, which was not known in China at that time. I found considerable possibilities in the biofuel industry then, so I decided to jump into that industry.

After I got back to China, while still working in the apparel industry, I studied and investigated the biofuel business and industry for three years, visiting all related institutions, universities and laboratories. The hard part was that there were no standards in the whole industry. Materials, facilities, manufacturing, management and sales — every single thing was very new to us.

Our target market is China after all, as it is still developing. I am sure that our production volumes will keep increasing at a rapid rate as long as we can maintain enough material. We are planning and already preparing to go public on the New York Stock Exchange in 2012 as well, which is very exciting.

Company Profile

Zhejiang EastRiver Energy S&T Co.
Biofuel developer