Yu Yong
Yu Yong | |
|---|---|
| Born | Template:Birth year and age China |
| Occupation(s) | Entrepreneur, investor |
| Years active | 20th century–present |
| Known for | Founder of Cathay Fortune Corp. |
Yu Yong (; born 1961) is a prominent Chinese entrepreneur and the creator of Cathay Fortune Corp., also referred to as Hongshang Industrial Holdings Group. This company is an investor in the mining firm China Molybdenum.[1] Cathay Fortune is headquartered in Shanghai. According to Forbes as of March 2024, Yu's estimated net worth stands at US$10.0 billion.[2]
In 2012, Cathay Fortune initiated a hostile takeover bid valued at AUS$830 million targeting Australia-based Discovery Metals. This acquisition attempt was partially funded through loans from the China-Africa Development Fund.[3] However, concerns regarding the Boseto copper project in Botswana led to the withdrawal of this bid.[4]
Yu's investments extend beyond mining into various sectors. He holds a significant position in battery producer Contemporary Amperex Technology, having acquired a 1.69% stake before its initial public offering in 2018.[5] Additionally, Cathay Fortune owns a 40% share, making it the largest investor in China Express Airlines.[6]
In real estate, Yu has made substantial investments primarily within the Shanghai market. Through Cathay Fortune, he also holds equity interests in multiple Chinese banking and financial institutions.
His business operations have encountered controversies, including opposition from Australian authorities and shareholders during the attempted acquisition of Discovery Metals, as well as criticism concerning environmental and social effects linked to the Boseto copper project in Botswana.
Personal life
Yu is married and lives in Shanghai, China.
References
- ↑ "China Molybdenum triples on Shanghai debut; stock deemed undervalued". Reuters. 9 October 2012.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedForbes - ↑ "Cathay Fortune Lobs $848 Million Offer for Australia's Discovery Metals". WSJ. 2012-10-04.
{{cite web}}: Missing or empty|url=(help) - ↑ "Cathay Fortune Says Ready to Bid Again for Discovery Metals". WSJ. 2013-04-24.
{{cite web}}: Missing or empty|url=(help) - ↑ "Why One Chinese Company Dominates Electric Car Batteries". World Nation News. 2021-12-22.
{{cite web}}: Missing or empty|url=(help) - ↑ "于泳：富人榜再现神秘人_公司新闻_股票频道_全景网". 2014-05-08.
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