Wanxiang Group Founder and Chairman Lu Guanqiu Dies Aged 72
Dou Shicong
DATE:  Oct 26 2017
/ SOURCE:  Yicai
Wanxiang Group Founder and Chairman Lu Guanqiu Dies Aged 72 Wanxiang Group Founder and Chairman Lu Guanqiu Dies Aged 72

(Yicai Global) Oct. 26 -- Lu Guanqiu, founder of Wanxiang Group Corp., a major Chinese auto parts firm based in Hangzhou, Zhejiang province, has died at the age of 72. With a total wealth of CNY65 billion (USD9.79 billion), Lu and his family ranked 10th on the Hurun China rich list in 2015 and 18th last year.

A manager at the firm confirmed the death and advised that it would issue an obituary shortly, online media outlet Ifeng reported on Oct. 25.

Lu was born in 1995 in the Xiaoshan district of Hangzhou. He went on to found a small workshop to manufacture agricultural machinery in the late 1970s, which would be the predecessor to the Wanxiang Group. Over the years, his company grew to become one of the country's largest auto parts makers with US auto giant General Motors Co. [NYSE:GM] among its client list.

The group currently owns four A-share-listed companies, including its core subsidiary Wanxiang Qianchao Co. [SHE:000559], which went public in 1994. The group set up a wholly-owned US division in 1993 and has acquired dozens of local enterprises.

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Keywords:   MSCI,Lu Guanqiu,AUTOMOTIVE,DEATH