The iconic Zhejiang entrepreneur Lu Guanqiu, founder of China’s largest automotive parts company Wanxiang Group, passed away last week, 72 years old. Hurun China rich list founder Rupert Hoogewerf remembers him as ” industrious, down-to-earth and low-profile” , he tells in Asia One.
Asia One:
His success in managing Wanxiang helped Lu rise high in the nation’s rich list. Rupert Hoogewerf, founder and chief researcher of Hurun Rich List, rated Lu as “evergreen” on the list. In the 2017 Hurun Rich List, Lu and his family ranked No 37, with a net wealth of 49 billion yuan (S$10 billion).
“Lu is the first name that popped into my mind when asked about a model of Zhejiang entrepreneurs, although his wealth has been overtaken by Zong Qinghou from Wahaha and Jack Ma from Alibaba,” Hoogewerf said.
“He is industrious, down-to-earth and low-profile. He was the first private company owner who could make his wealth transparent to the public,” he added.
Wanxiang was founded in 1969 with 4,000 yuan by Lu and six other local farmers in rural Zhejiang as a maintenance depot for farm machinery. It began focusing on producing universal joints in 1980, which is a key component in automobiles’ driving systems.
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