After Geely went public through Guorun, PG owned 68% of the listed company Geely Automobile, while Li Shufu and He each held 32%. But since the other 36% of the shares are in the hands of He's investment partner, who is the actual controller of PG? Of course, Li Shufu is not stupid. When He Chuxue controlled PG, the listed company Geely Automobile only controlled a part of Geely's non-core business, and Geely's core business, Japanese Automobile and Shanghai Huapu, was still in the hands of Geely Group in the hands of Li Shufu.
At the beginning of 2005, Li Shufu hoped to get more funds through listed companies, but in order to get more funds, he needed to inject other core assets of Geely into listed companies. If he wants to inject core assets into listed companies, Li Shufu must master the control of PG, otherwise Li Shufu will lose a lot. Therefore, on May, 2005 1 1, Geely Group (72.7% of Geely Group is owned by Li Shufu) acquired the remaining 68% of PG.
Then Geely injected the remaining core assets into the listed company, thus completing the overall listing of Geely.
Therefore, Geely Group now owns 0/00% equity of Appropriate Glory Holding Company/KLOC, which means that the actual controller of Appropriate Glory Holding Company is Li Shufu.
In other words, Geely Holding owns PG 100% and PG owns 68% of Geely (Hong Kong).