According to Forbes Li Shufu is driving up the ranks of China's richest.
After his Geely Automobile reported 2009 sales that exceeded expectations and forecast further growth for 2010, its stock price soared. The chairman of this Hangzhou-based carmaker with overseas aspirations is now worth more than $2 billion, up from $1.3 billion since the November publication of Forbes' list of China's richest people.
If investors keep Geely's share price up, Li will easily make the top 40 of next year's list, joining tycoons like Robin Li, co-founder of search engine giant Baidu, Zong Qinghou, head of food-and-beverage retailer Wahaha, and Zhang Xin, chief of real estate firm Soho China.
Li is however still quite far from challenging Wang Chuanfu, China's richest person who sits atop the corporate hierarchy of another automaker. Wang Chuanfu founder of BYD, a company boosted by American billionaire Warren Buffett's purchase of a 9.9% stake in it has a net worth of $5.8 billion. Read full story...
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