Li Shufu is a Chinese

Chinese people

The term Chinese people may refer to any of the following:*People with Han Chinese ethnicity ....

 industrialist and businessman and the Chairman of Zhejiang Geely Holding Group Co. Ltd..

Biography

Li Shufu was born in Taizhou

Taizhou, Zhejiang

Taizhou is a prefecture-level city in middle eastern Zhejiang province, People's Republic of China...

, Zhejiang

Zhejiang

Zhejiang is an eastern coastal province of the People's Republic of China. The word Zhejiang was the old name of the Qiantang River, which passes through Hangzhou, the provincial capital...

, People's Republic of China

People's Republic of China

China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...

 in 1963. Li is the founder and current Chairman of the Geely Automobile

Geely Automobile

Zhejiang Geely Holding Group is a holding company and parent of Geely Automobile Holdings Ltd a private automobile manufacturer. Geely may often round out the top ten Chinese automakers....

, which is the second largest private automobile manufacturer in China. Currently, Li resides in Hangzhou

Hangzhou

Hangzhou , formerly transliterated as Hangchow, is the capital and largest city of Zhejiang Province in Eastern China. Governed as a sub-provincial city, and as of 2010, its entire administrative division or prefecture had a registered population of 8.7 million people...

, the capital city of Zhejiang Province.

In 2011, Forbes

Forbes

Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

 ranked Li No. 35 richest person in Mainland China

Mainland China

Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...

 and had a net worth of US$ 1.9 billion.

Volvo takeover

On 28 March 2010, Geely signed a deal worth US$ 1.8 billion to buy Volvo Cars

Volvo Cars

Volvo Car Corporation, or Volvo Personvagnar AB, is a Swedish automobile manufacturer founded in 1927, in Gothenburg, Sweden. It is owned by Zhejiang Geely Holding Group. Volvo was originally formed as a subsidiary company to the ball bearing maker SKF. When Volvo AB was introduced on the Swedish...

 from American automobile manufacturer Ford Motor Company

Ford Motor Company

Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...

. It was the largest foreign purchase by a Chinese car manufacturer.