Auto Tycoon

(CHEN JIANLI)

Li Shufu had two pieces of good news to celebrate at the end of 2009. The chairman of Geely Automobile Holdings was selected as one of China's 10 Business Persons of 2009 by national broadcaster CCTV. Also, his company has agreed with Ford Motor Co. on most terms for the purchase of the U.S. automaker's Swedish business, Volvo Cars.

The companies said on December 23 that a definitive agreement would probably be signed by March 31, with a sale completed by June 30. If completed, it will be the largest purchase by a Chinese car firm.

Geely is China's seventh largest carmaker, mainly manufacturing low-price compact cars. Li said he hoped the purchase of the Volvo brand would boost Geely's attraction to high-end customers.

Li, 46, founded Geely in 1986. After making a big fortune in the motorcycle business in the mid-1990s, he started China's first private automotive company in 1998, which features an annual production capacity of 300,000 cars. The company listed on the Hong Kong Stock Exchange in 2005. Since 2007, Geely had manufactured the iconic London taxi in China through a joint venture with Manganese Bronze Holdings.

Forbes magazine ranked Li 44th on its The 400 Richest Chinese 2009 list, with a net worth of $1.3 billion.