Jeff Towson's  Instablog

Jeff Towson
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I am a private equity investor,Peking University professor, and author. My academic research is on Chinese consumers and competitive dynamics. My investments are in US-Asia healthcare and consumer product deals. I live in New York and Beijing. My info and publications can be found at... More
My company:
Towson Capital
My blog:
Jeff's Blog
My book:
One Hour China Book
  • The Unknown Chinese Billionaire Who Just Bought A123 0 comments
    Jan 5, 2013 8:18 PM

    Lu Guanqiu of WanxiangChinese Wanxiang just won the auction for A123's assets for $260M. A couple of factoids that should catch your attention:

    - Wanxiang was founded by Lu Guanqiu, who is the richest person in Zhejiang at $2.6B. He is virtually unknown in the West today. But this is a situation that is becoming common. A Chinese billionaire the West is basically unaware of snapping up US assets. Recall Wanda's recent purchase of AMC Theatres.

    - Wanxiang offered $450M for A123 earlier this year.

    - Wanxiang is still virtually unknown in the West. At this time there is not even a wikipedia entry for them.

    Bloomberg article is here.

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