Li Shufu

Li Shufu is the chairman of Geely Automobile Holdings of Hangzhou, one of China's largest non-government-controlled automakers. Li's wealth has fallen from a year ago amid a slower growth in China's auto market that has pulled Geely's shares down. In the first half of 2011, Geely shipped 213,000 cars, an increase of 9% from a year earlier. Li hails from Zhejiang Province, near Shanghai; started his career making refrigerator parts. Li’s Zhejiang Geely Holding Group Co. said Wednesday December 27 2017 it plans to buy a stake in Volvo AB from activist investor Cevian Capital AB, making it the truckmaker’s largest shareholder. The deal is valued at about 3.25 billion euros ($3.9 billion). The Chinese company said it plans to use the new tie-up with Volvo AB to enhance the truckmaker’s electrification, autonomous driving and connectivity, technologies that it’s been pursuing at the car operation. While Geely will be the biggest shareholder, it will rank second to investment firm Industrivarden AB in voting rights because Industrivarden owns more of the Class A shares that have greater voting power than the Class B stock.