Lu Xiangyan: is there a family office?

Where comes Lu Xiangyan`s wealth from?

Lu Xiangyan is a Chinese billionaire who amassed his fortune by teaming up with his cousin Wang Chuanfu to found the listed Chinese manufacturing conglomerate BYD. As of February 2023, Lu has an estimated net worth of $15.8 billion, making him the 106th richest person in the world according to Forbes. Since then he could increase his wealth to $16.6 billion in 2024.

After working for different brokers for a few years, Lu founded the Guangzhou Youngy Investment Holding Group. In 1995, Lu invested 5 million renminbi in BYD, which was founded by his cousin Wang. Both family members made their fortunes through BYD, with Wang remaining chairman and Lu a director. BYD went public in 2002 and has attracted some high-profile investments, including backing from Warren Buffett. Lu currently holds an 11.7% stake in the company, making him the second largest shareholder. BYD’s success has been attributed to the transition from gas-powered vehicles to electric ones, thanks to its battery technologies. His investment company Youngy specialises in electric vehicles, batteries, lithium battery materials and manufacturing.

Is there a Lu Xiangyan Family Office?

No there is not a Lu Xiangyan Family Office. Instead he manages his wealth through BYD and Youngy Investment Holding Group. It is to expected that Lu Xiangyans wealth will further increase due to the positive development of his company BYD. As og today the company is one of the largest car manufacturer of the world. In 2023 the company made already more than $85 billion in revenues.

Picture source: Michael Fousert via Unsplash