Ningbo entrepreneur keeps exploring markets at 85

Chu Jiwang (middle) attends the CeMAT RUSSIA exhibition in September. [Photo/Yongpai app]

At 85, Ningbo entrepreneur Chu Jiwang is still adding new destinations to his travel map. Having visited 88 countries, he has set himself a goal of reaching 100.

Chu, founder of Ningbo Ruyi Joint Stock Co traveled to Russia, Armenia, Georgia, Azerbaijan, and Moldova before this year's Mid-Autumn Festival to meet customers and explore business opportunities.

Chu started his business in 1985 in a bamboo shed in Ningbo's Ninghai county. After discovering the potential of overseas markets, he turned his attention to exports. Today, the company's Xilin-branded pallet trucks and warehouse handling equipment are sold in more than 130 countries and regions.

The journey has not been without challenges. Chu recalled how intense price competition drove the price of a manual pallet truck from 1,600 yuan ($238) to as little as 380 yuan.

Rather than continuing to compete on price, Ruyi invested in higher-value products, developing electric and intelligent handling equipment and integrated warehouse systems.

For Chu, staying competitive comes down to four things: reliability, innovation, quality, and service.

Despite his age, he remains closely involved with customers. During his recent trip to Georgia, he personally visited a customer who had ordered just one container of equipment, hoping to hear firsthand how the products were performing.

The company's next generation is also embracing a larger role. His son, Chu Jiang, now chairman of Ruyi, recently led a team to a logistics industry exhibition in Russia, with his father joining to meet longtime and prospective customers.

After more than four decades in business, Chu still believes that understanding customers, investing in innovation, and valuing employees are essential to a company's long-term success.