China’s Overseas M&A Moment: Buying Up the World’s Corporations?
“We were like a poor farm boy pursuing a famous movie star,” said Li Shufu, Chairman of Chinese automaker Geely. Li was comparing Sweden’s Volvo to a famous movie star being pursued by his lesser-known Chinese firm, Geely during its 2010 acquisition. But Li was not always a prominent business figure in the global automobile industry. He began his entrepreneurial endeavors in 1982 at age 19 when he bought a camera with his high school graduation money and began a small-scale photography business, taking photos of tourists for a modest fee. This operation later evolved into a photography studio where he also sold handmade camera accessories. His real-world “postgraduate studies” in entrepreneurship continued in 1984 when he invested his earnings from the photography business to open a refrigerator parts company. At first he produced parts for other factories, but eventually he founded his own refrigerator company.
KeywordsChinese Company Chinese Firm Chinese Consumer Auction Process International Brand
Unable to display preview. Download preview PDF.
- 16.McGregor, James. One Billion Customers. New York: Free Press, 2005. 58. Print.Google Scholar