Junyao founder dies of stomach cancer

The most famous entrepreneur from Wenzhou, the heart of capitalism in China, died of stomach cancer at the age of 38, his company announced yesterday.

Since leaving his home in a poor village in Cangnam county, Wang Junyao became the first private businessman to enter China's aviation industry and built a business empire worth 3.5 billion yuan. His nickname was danda baotian - the man who dares everything.

The Junyao group said that Wang died in Shanghai on Sunday evening after an illness lasting more than two months, during which he sought treatment in the United States.

'We shall remember Wang not for his wealth, but for his breakthrough in a sector that was a state monopoly,' said Ma Jinlong, chairman of the Wenzhou Economists Association. 'That is how the reforms happened in China, with private business entering one state sector after another.

'Wang was a pioneer and this is how we shall remember him. All of Wenzhou feels deep sorrow. He was so young, taken from us at the zenith of his career. He was a symbol of the private sector.'

The Junyao group held a board meeting on Tuesday that appointed his brother Wang Junjin the new chairman and another brother, Wang Junhao, deputy chairman. A company official said that they had been prepared for the death of their founder and were operating normally.