China Auto Billionaire Expands Global Footprint By Doubling Aston Martin Stake

China Auto Billionaire Expands Global Footprint By Doubling Aston Martin Stake

Share to Linkedin Zhejiang Geely Holding Group Chairman Li Shufu (L) and then Ford CFO Lewis Booth shake hands in ... [+] 2010, the year Geely bought the Volvo brand from Ford. Photo: BJORN LARSSON ROSVALL / SCANPIX/AFP via Getty Images China auto billionaire Li Shufu has built up one of the industry's largest global footprints with control or substantial stakes in Volvo and Polestar, Mercedes-Benz, Lotus, Geely Auto and Lynk. Zhejiang Geely Holding Group, his private holding company, said today it has added to its holdings in yet another automaker: Aston Martin Lagonda. Zhejiang Global now holds 17% of the British luxury brand, the holding company said in a statement, about double the share it first purchased last year. Aston Martin's shares rose by 21% at the London Stock Exchange on the news today. Geely Holding paid £234 million, or about $290 million, to become the third-largest shareholder after a consortium of investors led by Aston Martin chair Lawrence Stroll, and Saudi Arabia's Public Investment Fund, the FT reported. Geely bought 42 million shares from Stroll's consortium, as well as 28 million new shares at 335 pence each, the FT said. "Geely can offer us a deep understanding of