Geely chairmn Li Shufu attends a business event in Shanghai October 30, 2009. [Agencies]
Geely Automobile's net income for 2009 rose to 1.18 billion yuan ($173 million), up by 35 percent year-on-year, it said in a Hong Kong Stock Exchange statement on Monday. Revenue more than tripled to 14.1 billion yuan from 4.29 billion yuan.
Geely Automobile closed at HK$3.95 (51 cents) yesterday. Based on this price, Li's stake amounted to 12.77 billion yuan, increasing tenfold since the beginning of 2009 when the Geely-Volve deal was first reported.
Zhejiang Geely Holding Co, parent company of Geely Automobile, finalized an agreement with Ford to pay $1.8 billion for Volvo on March 29, marking the biggest overseas acquisition by a Chinese automaker. Li has attracted a lot of attention ever since.
