Top billionaires are often not listed on wealth rankings because their fortunes are invisible, and China’s famous “Red Top Businessman” Rong family is one of them. The Rong family was recently exposed to have immigrated abroad, becoming a major news story that has shaken China at the beginning of the year.
Social media has been abuzz with rumors that the descendants of the Rong family, after studying abroad, have chosen to develop their careers overseas, focusing on the North American region. The chances of returning to China may be reduced, leading them to settle their family in Canada. The Rong family’s five-story standalone old mansion in Shanghai has been sold, with the remaining furniture and collectibles all shipped to Canada. Videos circulating online show uniformed movers packaging and moving precious antique furniture and collectibles.
On January 6, the Chinese website NetEase published an article titled “Rong Family Emigrates to Canada in 2025.” However, the article was later deleted. Attempts by Epoch Times reporters to contact the Rong family to verify this information have been unsuccessful, and the Rong family has not denied the reports.
The Rong family is often referred to as the Rockefeller family of China. It is said that the luxurious car used by the Chinese Communist Party during the state theft ceremony in 1949 was borrowed from the Rong family. During the Korean War, the Rong family donated 12 aircraft to the Chinese Communist Party. In that era, fighter planes were so scarce that they were almost priceless, highlighting the strength of their family.
Former CCP leader Mao Zedong once said, “The Rong family is the first family of Chinese national capitalists. Only they can truly be called a consortium in the world.” The wealth of the Rong family dates back to the late 19th century, during the late Qing Dynasty, with Rong Zongjing and Rong Desheng being the founding brothers.
The brothers were intelligent and hardworking, both starting out as apprentices at a bank. They later pooled their savings and partnered with friends to establish their own bank in Shanghai, taking the first steps in their entrepreneurial journey.
Rong Desheng, having been exposed to new ideas and trends in Guangdong, realized that there were more lucrative businesses than banking in the world and decided to invest in industries.
In 1900, the brothers used the profits from the bank to start the first flour mill in partnership with others. Due to the popularity of their products, by 1921, they had established twelve flour mills. Their products not only sold well nationally but also internationally, making the Rong brothers known as the “Flour Kings” of China.
The success in operating flour mills further fueled their interest in investing in industries. In 1915, the Rong brothers founded a textile factory with the capital they had accumulated. With continual growth, they eventually established four textile factories, surpassing Japanese businesses in the industry. This success earned them the title of “Cotton Yarn Kings” in China.
The Rong brothers established substantial light industrial systems in both the “clothing” and “food” sectors, significantly influencing the Chinese national economy. Through periods of turmoil, including the late Qing Dynasty, the Beiyang Government, the Nationalist Government, the War of Resistance Against Japan, and the Chinese Civil War, their position in China remained unshaken.
As the Chinese Civil War neared its conclusion, the Communist Red Terror engulfed China, presenting a major decision for the Rong family. The elder brother, Rong Zongjing, and most of the descendants chose to live overseas, while the younger brother, Rong Desheng, and his four sons deliberated and ultimately decided to stay behind to “guard the family.”
The branch of the Rong family that stayed in China played a significant role throughout the 75-year history of the CCP in China. They were united fronted by the CCP, mistreated by the CCP, made significant contributions to the CCP, and finally left quietly, immigrating with their entire family. For not leaving 75 years ago, they have now waited for generations for this moment.
Rong Yiren, born in 1916, became the patriarch of the Rong family after his father Rong Desheng passed away in 1952. Shortly after the CCP took power, they began exploiting private enterprises under the guise of “public-private partnerships,” causing many entrepreneurs to commit suicide or be imprisoned. Sensing the danger, Rong Yiren reluctantly handed over the 56 textile mills and flour mills and other enterprises his ancestors had established by 1956. The then Mayor of Shanghai, Chen Yi, praised him as an exemplary figure at the ceremony, and he was given the title of “Red Capitalist.”
The CCP was aware of the Rong family’s connections overseas. To further deceive the public, they appointed Rong Yiren as the Deputy Mayor of Shanghai in the subsequent year. He later served as the Deputy Minister of Textile Industry.
Although Rong Yiren escaped the “Anti-Rightist” movement, he couldn’t evade the Cultural Revolution. During that time, his right index finger was broken by a Red Guard’s iron rod, and his wife, Yang Jianqing, fell unconscious several times. While he survived, Rong Yiren was assigned to menial tasks like coal delivery and restroom cleaning. He suffered from back pain, liver disease, and retinal hemorrhage, resulting in blindness in his left eye due to delayed treatment.
After the Cultural Revolution, as the Chinese economy teetered on the brink of collapse, the CCP sought to develop the economy amidst its tarnished international reputation, turning to the Rong family once again. Deng Xiaoping personally appointed Rong Yiren to “come out of seclusion.”
In 1978, Rong Yiren was appointed Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference. In 1979, he became the President of China International Trust Investment Corporation (CITIC Group) under the direct authority of the CCP State Council. Rong Yiren, leveraging his business acumen and international connections, played a significant role in rescuing the CCP from economic troubles.
Under Deng Xiaoping’s arrangements, Rong Yiren served as the Vice President of the People’s Republic of China from 1993 to 1998, the highest honor he received in his life. At that time, many believed he was an “outsider” to the party. It wasn’t until his death in 2005 that the obituary referred to him as a “great communist warrior,” revealing his early ties to the CCP.
According to the book “Red Capitalist Rong Yiren,” Rong Yiren joined the CCP in 1985 under strict secrecy as requested by Deng Xiaoping, with Xi Zhongxun designated as his introducing party member and special arrangement by the Central United Front Department. Rong Yiren maintained absolute confidentiality, keeping even his wife, Yang Jianqing, in the dark.
The prominent Chinese billionaire ended up serving as an “underground party member” for 20 years under CCP rule, which undoubtedly was to exploit his capitalist identity to deceive the Chinese and overseas Chinese, achieving a united front purpose.
Hong Kong magazine “Trends” revealed that Rong Yiren applied to join the CCP four times before becoming a member but requested to leave the party three times after joining. This process reflected the internal conflicts within him.
Rong Yiren had four daughters and one son. His only son, Rong Zhijian, was regarded as an important figure by the CCP authorities. Rong Zhijian was the former chairman of CITIC Taifu Ltd., a subsidiary of CITIC Group listed on the Hong Kong Stock Exchange. In 2009, the Hong Kong police investigated CITIC Taifu’s huge losses in foreign exchange trading. Without his father’s protection, Rong Zhijian sought help in Beijing but ultimately had to resign. The third generation of the Rong family thus stepped down from the CCP stage.
For many years, the Rong family has remained mysterious and low-key, with only limited activities reported. This recent move and emigration abroad have been inadvertently revealed by a shipping company aiming to showcase its accomplishments.
While the Rong family has tried to avoid public attention, their vast hidden assets make them incredibly wealthy. Chinese media reported that their family wealth exceeds $300 billion, although the source of this information was not disclosed. If true, their assets had surpassed those of the world’s richest person, Elon Musk, before 2023.
Commentator Luo Xiang, with 310,000 followers, posted on platform X on January 6, stating that the Rong family’s emigration abroad in 2025 marks a turning point in their family’s destiny and a pivotal event in China’s social change. The CCP’s regressions and political dictatorship have brought various uncertainties to entrepreneurs. They are not only concerned about their family wealth but also their personal safety. Therefore, emigrating overseas may be a strategic choice for the Rong family to address domestic risks and ensure their family’s legacy.
Historian and former associate professor at the Capital Normal University of China, Li Yuanhua, told The Epoch Times that the current economic environment in China is very severe, with local governments exploiting resources everywhere. If you don’t have powerful connections at the core levels of power, all your wealth could be seized. Now, red families like the Rong family are beginning to flee, indicating that the CCP’s sinking ship could sink at any time. Their escape will serve as a demonstration and trigger a wider capital and talent outflow.
Independent contributor Zhu Ge Mingyang also remarked, “Rong Yiren’s support for the CCP is a shame for the Rong family, and the subsequent migration of the Rong family descendants is a blessing.”