From three o'clock in the morning at the pig farm to the global business rankings: How does Liu Chang steer New Hope Group through the cycle?

Fortune magazine recently released its 2025 list of the "World's Most Powerful Businesswomen," and Liu Chang, Chairwoman of New Hope Liuhe, was included. This marks her first time on the global list, following her two consecutive years of inclusion in 2023 and 2024 as one of Fortune's "Most Powerful Businesswomen in China." She joins other Chinese women on the list, including industry leaders such as Meng Wanzhou, Qu Cuirong, and Chen Yiting.

From heir to the family business to her current position at the center of the global business stage, Liu Chang's every step has attracted close attention. Under her leadership, how has New Hope Liuhe, an agricultural giant, responded to industry challenges and achieved transformation and upgrading? What strategic plans and future direction does this global list reveal about New Hope?

A decade of transformation: from second-generation executive to decision-maker

In 2013, at the age of 33, Liu Chang succeeded her father, Liu Yonghao, as Chairman of New Hope Liuhe. At the time, the outside world was skeptical of this "young marshal": Having returned from studying abroad and having rotated through grassroots positions for only a few years, could she steer this agricultural giant with over 100 billion yuan in revenue? "I've even changed my name. Who would still recognize me as Liu Yonghao's daughter?" This self-deprecating remark revealed her ten-year-long journey to succession.

From hiding in plain sight at the feed factory to officially helming a listed company, Liu Chang completed her transformation over the past decade. At the shareholders' meeting in the spring of 2025, Liu Yonghao resigned from the board of directors, where he had served for 26 years, completely handing the reins to his daughter. Liu Chang defined New Hope's future as a "protracted war," stating bluntly, "The past few years have taught us that for a company to survive, it must first learn to humble itself and sharpen its blade."

Dramatic Downsizing to Turn Losses into Profits

For the past few years, New Hope has been mired in the "pig cycle." To seize the opportunity, New Hope invested tens of billions of yuan in 2020 to expand production capacity, but encountered an industry downturn, resulting in a soaring debt ratio and deepening losses. Starting in 2023, Liu Chang embarked on a "slimming down" plan: 51% of New Hope's poultry industry chain equity was sold to China Animal Husbandry Group, 67% of its food processing division was transferred, and more than ten subsidiaries, including Minsheng Insurance and its feed mill, were subsequently sold.

As a result of these moves, although New Hope's revenue shrank by 27% to 103 billion yuan in 2024, its net profit, excluding non-recurring items, bucked the trend and turned a profit, reaching 616 million yuan. Pig output remained among the top three in the industry, and breeding costs decreased by 15% year-on-year. Liu Chang concluded, "We've finally climbed out of the quagmire." However, she also recognized that "we're only moving from the ICU to the general ward," and the debt-to-equity ratio of 72.28% on the balance sheet remained high.

The truly daunting challenge now lay ahead: How could New Hope break through? The addition of new board member Yang Fang is seen as a sign of a financial breakthrough. The former KPMG partner and current group CFO will help Liu Chang balance expansion with stability. The company has made it clear that "capital expenditure will only decrease, not increase."

Of the 3.8 billion yuan planned private placement, 1.1 billion yuan is specifically earmarked for debt repayment, sending a strong signal of deleveraging. Liu Chang understands that in the asset-heavy, long-cycle agricultural industry, a sound financial position is the foundation for sustainable development. Going forward, New Hope will continue to focus on stabilizing operations and reducing debt, thereby enhancing its risk resilience.

Overseas Expansion, Deepening Regional Cooperation

On the afternoon of May 25th, local time, Premier Li Qiang attended a symposium for Chinese companies in Indonesia in Jakarta. Liu Chang attended as a representative of New Hope. She briefed the Premier and the participating government and business representatives on New Hope's investment and development in Indonesia since 2006, along with its commitment to win-win cooperation in Southeast Asia.

New Hope is one of the first Chinese private agricultural and animal husbandry enterprises to "go global," and has established an agricultural and animal husbandry industry chain covering 15 core countries along the Belt and Road Initiative. In Indonesia, New Hope has established 13 branches and subsidiaries, building a core industry chain encompassing "raw materials - feed - breeding poultry - farming - trade," ranking among the top three in the industry in terms of scale. Going forward, New Hope will continue to uphold the "Bandung Spirit," deepen its investment in Indonesia and Southeast Asia, and expand its upstream and downstream businesses.

Where will New Hope head in the next decade?

Being named one of the "World's Most Influential Businesswomen" is a personal recognition of Liu Chang, and a testament to New Hope's standing in the global agricultural arena. As her father retires, Liu Chang's desk still holds a notebook from her grassroots rotation ten years ago. The cover page reads, "Those who haven't experienced the 3:00 a.m. disinfection of a pig farm don't understand agriculture and animal husbandry."

This tempering has given her the courage and confidence to face challenges head-on. Going forward, under Liu Chang's leadership, New Hope will continue to deepen its core businesses of feed and pig farming to enhance cost competitiveness; expand its industrial chain in overseas markets to achieve win-win outcomes for all parties; and leverage technology to promote digital transformation and explore new paths for agricultural modernization.

After a decade of hard work, Liu Chang has led New Hope through a difficult period and ushered in a new dawn. Where will this agricultural giant sail in the next decade? The global business community is eagerly awaiting.