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Li Shufu (simplified Chinese: 李书福; traditional Chinese: 李書福; pinyin: Lǐ Shūfú; born 25 June 1963), is a Chinese businessman, and the chairman of Zhejiang Geely Holding Group Co. Ltd. and Volvo Cars.

Li Shufu
Born (1963-06-25) 25 June 1963 (age 55)[1]
ResidenceHangzhou, China
NationalityChinese
OccupationChairman, Zhejiang Geely Holding Group Co. Ltd..
Years active1986–present
Net worthUS$ 17.4 billion (February 2018)[2]
Board member ofGeely Automobile
Spouse(s)Li Wang [3]

Contents

BiographyEdit

Li Shufu was born in Taizhou, Zhejiang, China in 1963. He was launched as the founder and chairman of Geely Automobile in 1986, which is the second largest private automobile manufacturer in China.[4] Currently, He resides in Hangzhou, the capital city of Zhejiang province.

In 2013, Hurun Report ranked Li the No. 63 richest person in mainland China, with a net worth of US$ 2.6 billion.[5]

Li announced in November 2018 that he has entered into an agreement with the China Aerospace Science and Industry Corp. to build a new line of supersonic bullet trains. The plan is for the trains to run using newly developed technology. Li said, "Core technology can't be bought. The more you use others' technology, the more reliant you become. We have to innovate on our own. The journey will be tough but the prospects are promising."[6]

Business careerEdit

On 28 March 2010, Geely signed a deal worth US$ 1.8 billion to buy Volvo Cars from American automobile manufacturer Ford Motor Company.[7] It was the largest foreign purchase by a Chinese car manufacturer. Along with $900m of working capital from Geely and a commitment to build a Volvo factory in China, Li had a target of driving sales to 600,000 by 2015 in the domestic market.[8]

According to the Financial Times, Li has become Daimler's largest shareholder, with a 9.7% stake in the German automaker.[9]

Football sponsorshipEdit

Geely Group sponsored Chin'sa Jia B League team Guangzhou F.C. in 2001. However, after the 2001 China Jia B League Match Fixing, at the end of the season, Li ended his involvement sponsoring football and was quoted as saying, "We won't come back until the Chinese football environment gets better."[10]

Personal lifeEdit

Li is married and lives in Hangzhou, China.[2]

He writes poetry.[11]

Criticism of domestic automotive industryEdit

Li has criticized the automotive industry joint venture system in China, which has led to large profits for the foreign original equipment manufacturers (OEMs) and their Tier 1 suppliers at the expense of innovation, quality and technology advancement by Chinese automotive OEMs. According to Li, this has led to complacency by domestic automotive OEMs in reliance on profits from the foreign partners through joint ventures instead of driving their own organisations to hire the best talent and improve. Chinese automotive brands have become complacent, he said, knowing they would control half of joint ventures run with profitable overseas manufacturers that generate healthy sales fuelled by foreign brands.[12] “This actually is not so constructive for the healthy growth of the ‘kids’,” Li said. “It has defeated its own purpose by harming the Chinese players“. He has previously argued for state-owned automotive manufacturers to tie up with private Chinese partners.[13]

ReferencesEdit

  1. ^ "沃尔沃李书福专访". peeple.com.cn. Retrieved 23 February 2018.
  2. ^ a b "Li Shufu". forbes.com. Retrieved 26 February 2018.
  3. ^ "What's in a Name? A Lot If It Links a Billionaire to China's Xi". Bloomberg News. Retrieved 17 October 2018.
  4. ^ Keith Bradsher (28 March 2010). "Chinese Automaker Geely to Buy Volvo: Ford Agrees to Sell Volvo to a Fast-Rising Chinese Company". www.nytimes.com. NY Times. Retrieved 26 February 2018.
  5. ^ "Li Shufu - Hurun report". Hurun Report. 2013. Archived from the original on 31 December 2015.
  6. ^ Archer, Joseph (6 November 2018). "Chinese car billionaire signs deal to build 'supersonic' trains". The Telegraph. Retrieved 9 December 2018.
  7. ^ "Volvo sale signed by Geely and Ford" (stm). BBC News. 28 March 2010. Retrieved 28 March 2010.
  8. ^ "China's lucky man bags Volvo". The Economist. 7 August 2010. Retrieved 2 April 2013.
  9. ^ "Is Chinese state behind Geely's Daimler swoop?". Financial Times. Retrieved 27 March 2018.
  10. ^ "Sports-Yearender: Bittersweet Year for Chinese Soccer League", People's Daily
  11. ^ https://www.ft.com/content/e83a97f2-bb2a-11e3-948c-00144feabdc0
  12. ^ https://www.ft.com/content/28d8629e-d498-11e4-9bfe-00144feab7de#comments-anchor
  13. ^ https://www.ft.com/content/28d8629e-d498-11e4-9bfe-00144feab7de