Geely Automobile Holdings has appointed Li Shu Fu as chairman of the Chinese car maker, replacing He Xuechu.
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According to Reuters, Li owns Proper Glory, the controlling shareholder holding 60.68% of Geely Automobile. Li is also the founder and chairman of automobile maker and distributor Zhejiang Geely Holding Ltd in China.
He Xuechu will remain as an executive director of the company, a company statement said.
Reuters noted that, last week, Merrill Lynch initiated coverage of Geely Automobile with a “buy” rating, citing product launches, an export drive and cost savings as earnings drivers.
The car maker reportedly had said in May that it would export at least 10,000 sedans and 30,000 sets of parts each year for assembly in Malaysia.
