Li Shufu

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Li Shufu
Born (1963-06-25) 25 June 1963 (age 55)[1]
ResidenceHangzhou, China
NationalityChinese
EducationYanshan University
OccupationChairman, Zhejiang Geely Holding Group Co. Ltd..
Years active1986–present
Net worthUS$14.3 billion (February 2019)[2]
Board member ofGeely Automobile
Spouse(s)Li Wang [3]

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

Early life[edit]

Li Shufu was born in Taizhou, Zhejiang, China in 1963. He earned a master's degree from Yanshan University.[2]

Career[edit]

Li 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.

On 28 March 2010, Geely signed a deal worth US$1.8 billion to buy Volvo Cars from American automobile manufacturer Ford Motor Company.[5] 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.[6]

In 2013, Hurun Report ranked Li the 63rd richest person in mainland China, with a net worth of US$2.6 billion.[7]

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."[8]

In 2018, according to the Financial Times, Li has become Daimler's largest shareholder, with a 9.7% stake in the German automaker.[9]

Football sponsorship[edit]

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 life[edit]

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

He writes poetry.[11]

Economic views[edit]

Li has criticized the automotive industry joint venture system in China as producing large profits for foreign original equipment manufacturers (OEMs) and 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 by relying on profits from foreign partners through joint ventures instead of driving their own organisations to hire talent and improve, knowing they would control half of joint ventures run with profitable overseas manufacturers that generate healthy sales.[12] He has previously argued for state-owned automotive manufacturers to partner with privately-run companies.[13]

References[edit]

  1. ^ "沃尔沃李书福专访". people.com.cn. Retrieved 23 February 2018.
  2. ^ a b c "Forbes profile: Li Shufu". forbes.com. Retrieved 18 February 2019.
  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. ^ "Volvo sale signed by Geely and Ford" (stm). BBC News. 28 March 2010. Retrieved 28 March 2010.
  6. ^ "China's lucky man bags Volvo". The Economist. 7 August 2010. Retrieved 2 April 2013.
  7. ^ "Li Shufu - Hurun report". Hurun Report. 2013. Archived from the original on 31 December 2015.
  8. ^ Archer, Joseph (6 November 2018). "Chinese car billionaire signs deal to build 'supersonic' trains". The Telegraph. Retrieved 9 December 2018.
  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. ^ "Subscribe to read". Financial Times. Retrieved 18 February 2019.
  12. ^ "Subscribe to read". Financial Times. Retrieved 18 February 2019.
  13. ^ "Subscribe to read". Financial Times. Retrieved 18 February 2019.