Li Shufu: is there a family office?

This article directly stems from the research process for our Asian single family office database. Our list of venture capital focused single family offices includes the most important family investment vehicles that invest in promising startups, amongst others within the travel and hospitality sector.

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Li founded Geely in 1986 and still serves as the chairman of what has become China’s second-largest private automobile manufacturer. As of February 2023, Li has an estimated net worth of $22.1bn which puts him as the 72^nd richest person in the world according to Forbes. In this article, we will investigate if Li Shufu manages his wealth through a family office.

No family office but wealth managed through Geely Holding Group

Since its inception in 1986, Geely has since become a Fortune 500 company for ten consecutive years according to Forbes. His son Li Xingzing also holds a 10% stake in the holding company. Through Geely, Li acquired Swedish car manufacturer Volvo cars from Ford Motor Company, which required a $1.8bn investment. Li acquired the title of the “Chinese Henry Ford” due to the way he transformed the Chinese automobile industry. In 2018, Geely became the largest shareholder of Mercedes-Benz acquiring a 9.7% stake in Daimler. Most recently, in 2022 Shufu’s Geely acquired a 7.6% in Aston Martin. Li established the Zhejiang Li Shufu Education Charity Foundation in 2006 to support poverty alleviation, disaster relief, medical aid, and education.

Picture source: Remy Lovesy