A recent news story introduced me to Li Xiaohua (李晓华), one of the legendary entrepreneurs of China’s Reform and Opening-up era. Li hosted a celebration for the Chinese Football Little Generals after their victory in the SIGISMONDI Cup. Even more symbolic, he drove his famous red Ferrari—the first Ferrari officially owned in mainland China—to pick up their coach, Dong Lu.
More than thirty years after he first bought it, his Ferrari still makes headlines. Curious about the man behind the car, I began reading about Li Xiaohua’s life. What I discovered was far more than the story of a wealthy businessman. It was the story of a man who came to embody the spirit of an extraordinary era in modern China—a story I feel compelled to share with my children.
Entrepreneurship
Li Xiaohua was born in Beijing in 1951 into an ordinary working-class family. He was sent to the countryside during the Cultural Revolution, spending several years working in the rural areas of Heilongjiang in northeast China. After returning to Beijing, he worked as a boiler operator and held a series of temporary jobs. He had neither wealth nor connections.
When China began its economic reforms in the early 1980s, Li recognized the emerging opportunities. He started with small businesses—selling beverages and running a video arcade—before traveling to Japan to pursue business opportunities. There, he secured overseas distribution rights for the Chinese hair-restoration product “101 Hair Regrowth Formula,” which brought him his first substantial fortune.
He later founded Huada International Investment Group in Hong Kong. When Hong Kong’s property market slumped in the late 1980s, most investors were selling in fear. Li did the opposite: he bought aggressively. When the market recovered, those investments made him one of China’s earliest billionaires.
What distinguished Li Xiaohua was his entrepreneurial instinct: the ability to make bold decisions when others hesitated.
First Ferrari
In 1992, Ferrari company brought a Ferrari 348 to Beijing for exhibition. At the time, the company did not expect anyone in mainland China to be able to afford one. The car was intended primarily as a showcase before being shipped back to Europe.
To Ferrari’s surprise, Li Xiaohua purchased the car on the spot for approximately US$139,000, becoming the first person in mainland China to officially own a Ferrari.
The red Ferrari was later registered with the famous license plate “Jing A00001.” Photographs of Li standing beside the car were widely published both in China and abroad, becoming one of the defining images of China’s early Reform and Opening-up era.
The Ferrari symbolized a generation of Chinese entrepreneurs who were beginning to look outward, embrace the world, and pursue ambitions that had once seemed unimaginable just a decade earlier.
That is why, more than thirty years later, when Li Xiaohua drove that same legendary Ferrari to pick up football coach Dong Lu after the Chinese Football Little Generals won the SIGISMONDI Cup, many people saw more than a luxury car. They saw a symbolic meeting of generations: a pioneer of China’s economic reform honoring young athletes striving to shape the future of Chinese football against the backdrop of the broader challenges facing the sport in China.
Enduring Respect
Among many wealthy businessmen in China, Li Xiaohua continues to enjoy widespread respect—not simply because of his wealth.
First, he built his fortune from nothing. Coming from an ordinary family without political connections or inherited wealth, he achieved everything through his own vision, courage, and effort. To many who lived through the reform era, he represents the pioneering spirit of that generation.
Second, he was willing to take risks when others were afraid. His investments in Hong Kong real estate during a downturn demonstrated a rare ability to see opportunity in uncertainty.
Third, he has given back to society. Over the years, Li Xiaohua has donated to charitable causes and served as an honorary leader of the China Charity Federation. In recognition of his philanthropic contributions, asteroid 3556 was named “Li Xiaohua” by the International Astronomical Union’s Minor Planet Center.
Finally, he continues to invest emotionally in the next generation. After the Chinese Football Little Generals’ victory, Li not only hosted a celebration but personally drove his historic Ferrari to pick up Dong Lu, encouraging the younger generation to pursue their own dreams.
To me, the most admirable thing about Li Xiaohua is not his wealth or his Ferrari. It is that he represents the spirit of an entire generation—people who embraced opportunity, built something from nothing, gave back after succeeding, and never lost faith in the next generation.
That is the memory of an era—and the enduring spirit that helped shape modern China.
6/28/2026