Yu Yong
Yu Yong | |
|---|---|
| Born | February 27, 1961[1] Wafangdian, China[1] |
| Occupation | Businessman |
Yu Yong (Chinese: 于泳; born 1961)[2][3] is a Chinese businessman. He is the founder and head of the Cathay Fortune Corp., also known as Hongshang Industrial Holdings Group which is an investor in the mining company China Molybdenum.[4] Cathay Fortune's operations are based out of Shanghai.[5] As of March 2024, Forbes estimated his net worth at US$10.0 billion.[2]
In 2012, Cathay made a AUS$830 hostile bid to takeover the Australia-based Discovery Metals. The bid was made with loans from the China-Africa Development Fund.[6][5] Cathay walked away from the deal, due to concerns about the Boseto copper project in Botswana.[7]
In addition to his extensive interests in the mining industry, Yu has also been involved in other business ventures and investment undertakings. He is a major shareholder in Contemporary Amperex Technology (CATL), a Chinese battery maker that went public in 2018. Prior to its initial public offering (IPO) in 2018, Yu acquired a 1.69% stake in Contemporary Amperex Technology via a pre-IPO sale.[8] His holding company Cathay Fortune is also the largest shareholder at 40% of China Express Airlines.[9]
Beyond his forays in the industrial manufacturing and mining industries, Yu has also ventured into real estate development, and is a major investor in the Shanghai real estate market[citation needed]. His holding company, Cathay Fortune, is also involved in the financial services sector and has investments in several Chinese banks and financial institutions.[citation needed]
Despite his entrepreneurial and investment success, Yu has faced some controversies in his business dealings. His hostile bid for the Australian mining company, Discovery Metals, was met with resistance from the Australian government and shareholders.[citation needed] Additionally, his involvement in the Boseto copper project in Botswana was criticized for its potential negative impact on the local environment and communities.[citation needed]
Personal life
[edit]Yu is married and lives in Shanghai, China.[2]
References
[edit]- ^ a b "Bloomberg Billionaires Index: #318 Yu Yong". Bloomberg. Archived from the original on 28 April 2022. Retrieved 13 June 2022.
- ^ a b c "Forbes profile: Yu Yong". Forbes. Retrieved 2 March 2024.
- ^ "于泳家族：十年前资本狙击洛钼 种下财富基因". Phoenix News. 21 July 2014. Archived from the original on 9 August 2017. Retrieved 9 August 2017.
- ^ "China Molybdenum triples on Shanghai debut; stock deemed undervalued". Reuters. 9 October 2012. Archived from the original on 6 January 2017. Retrieved 5 January 2017.
- ^ a b Melbourne, in; Beijing, in (23 October 2012). "Cathay Fortune Mining Bid Turns Hostile". WSJ. Archived from the original on 4 September 2013. Retrieved 12 June 2022.
- ^ "Cathay Fortune Lobs $848 Million Offer for Australia's Discovery Metals". WSJ. 4 October 2012. Archived from the original on 12 June 2022. Retrieved 12 June 2022.
- ^ Stewart, Robb M. (24 April 2013). "Cathay Fortune Says Ready to Bid Again for Discovery Metals". WSJ. Archived from the original on 12 June 2022. Retrieved 12 June 2022.
- ^ "Why One Chinese Company Dominates Electric Car Batteries". World Nation News. 22 December 2021. Archived from the original on 22 December 2021. Retrieved 12 June 2022.
- ^ "于泳：富人榜再现神秘人_公司新闻_股票频道_全景网". 全景网_资本市场路演互动平台_专业财经资讯网站 (in Chinese). 8 May 2014. Retrieved 26 December 2023.
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