How a $1.61B US acquisition built a $73B fortune for China's "soymilk king
What's the deal? In September 2017, a buying group led by JoyoungDealroom has a profile for this one. Try Dealroom →'s controlling shareholder and CDH Investments acquired a 70% stake in Compass, parent of US appliance maker SharkNinjaDealroom has a profile for this one. Try Dealroom →, for about $1.61 billion. The deal turned Joyoung founder Wang Xuning — China's "soymilk king" — into one of the country's richest entrepreneurs.
The backstory: Wang, a former vocational-school teacher, invented the world's first automatic soymilk maker in 1994 and founded Joyoung, a household name in China for low-cost blenders and rice cookers. SharkNinja, based in Massachusetts, builds cleaning and kitchen appliances; its Shark brand overtook Dyson as the top US vacuum brand in 2015.
Why it matters: The acquisition, not Joyoung, is the core of Wang's wealth. After complex restructuring, Joyoung and SharkNinja were folded into JS Global LifestyleDealroom has a profile for this one. Try Dealroom →, which listed in Hong Kong in December 2019. SharkNinja was then spun off for a separate US listing in 2023, closing its first day at a $5.88 billion valuation.
By the numbers: SharkNinja now carries a market value of about $27 billion. In 2025 it posted roughly $6.4 billion in revenue and about $700 million in net profit, with its food-preparation unit up 31.6% and its beauty and environment segment up 45.3%. Wang holds around 34%, worth more than $9 billion.
The contrast: Joyoung's home business has stalled. It reported about US$1.13B in 2025 revenue, but first-half 2026 revenue fell 12.49% year-on-year and net profit dropped 41.52%. Its market value sits near US$1.87B, barely above its 2008 listing level.
How it works: The deal pairs Asian manufacturing with a North American brand. SharkNinja draws on Chinese supply chains — Joyoung is one of its contract manufacturers, booking US$200.1M in related-party sales in 2024 — while pushing rapid product launches, from the Ninja Foodi cooker to ice cream makers and hair dryers.
What could go wrong? Geopolitics is the biggest variable. SharkNinja is shifting US-bound production to Southeast Asia, and in an August 2026 interview with TIMEDealroom has a profile for this one. Try Dealroom → , Wang stressed that "I really saw SharkNinja as an American version of Joyoung," framing it as a US company amid trade tensions.
The signal: Wang's rise shows how a cross-border acquisition can outgrow a founder's domestic base. A nearly decade-old deal — not the recent stock frenzy around Joyoung's shares — remains the engine of a fortune estimated near US$10B, a reminder that the value lies in long-term asset growth, not a quick cash-out.
Read more: sohu.com
Image credit: Jens Mahnke
