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This article directly stems from the research process for our Asian single family office database. Our list of venture capital focused single family offices includes the most important family investment vehicles that invest in promising startups, amongst others within the travel and hospitality sector.
You might also like the list of the 800 largest travel venture capital investors, curated by our partner portal ThousandInvestors.
Lu Xiangyan is a Chinese billionaire who amassed his fortune by teaming up with his cousin Wang Chuanfu to launch the publicly listed Chinese manufacturing conglomerate BYD. As of February 2023, Lu has an estimated net worth of $15.8bn, which puts him as the 106th richest person in the world according to Forbes. In this article, we will investigate if Lu manages his wealth through a family office.
Lu manages his wealth through BYD and Youngy Investment Holding Group
After spending a few years working for brokers, Lu founded Guangzhou Youngy Investment Holding Group. In 1995, Lu invested 5 million renminbi in BYD which was founded by his cousin Wang. Both family members acquired their fortune through BYD, Wang remains BYD’s chairman, and Lu a director. BYD went public in 2002 and received some high-profile investments including support from Warren Buffett. Currently, Lu holds an 11.7% stake in the company which puts him as the second largest shareholder. BYD’s success is attributed to the transition from gas-powered vehicles to electric thanks to their battery technologies. His investment firm Youngy specialises in electric vehicles, batteries, lithium battery materials, and manufacturing.
Picture source: Michael Fousert
