Liang Wengen, founder and chairman of heavy equipment manufacturer Sany Group is the richest man in China, according to the Shanghai Daily, worth more than 70 billion yuan (more than U.S. $11 billion). The Shanghai news outlet quoted the 2011 Hurun Rich List.

Liang owns 58 percent of Sany, founded in 1989 as a small welding materials factory in China’s Hunan Province. The company is now China’s largest manufacturer of construction equipment, the Shanghai Daily said. Liang is followed on the list by Zong Qinghou, founder of soft-drink maker Wahaha, and Robin Li, founder and CEO of web services company Baidu.