Early Life
Lu Weiding's father, Lu Guanqiu, founded the precursor to Wanxiang Group in 1969. Lu Weiding grew up in the shadow of his father, the founder of Wanxiang Group, a company that started as a small blacksmith shop. After a period of rebellion, Lu Weiding was sent to school in Singapore, which, as he admitted, "saved him from becoming a disappointment and failure".
Rise to Success
In 2003, Lu Weiding became the president of Wanxiang Group after his father stepped down. He was listed by Time and CNN as one of the top 20 most influential figures in global business in 2003. Wanxiang Group became one of China's largest non-government-controlled conglomerates with interests including auto parts, real estate, agribusiness and finance.
Key Business Strategies
Lu Weiding chairs China Wanxiang, which has interests in insurance and fintech. Wanxiang acquired A123 Systems, a U.S.-based lithium-ion battery maker, in December 2012. In February 2014, Wanxiang acquired Karma Automotive (formerly Fisker Automotive). The company has shown a commitment to clean energy and diversified ventures. Wanxiang Group's business covers new energy vehicles and auto parts, modern agriculture and financial technology.
Philanthropy
Lu Weiding is known for his philanthropic activities. He made a single donation of $720 million through shares of a subsidiary to a charitable trust in memory of his father, making him the country's most generous philanthropist. In 2016, he established the Yidan Prize with a $320 million donation. In July 2019, Lu Weiding announced that all the assets of the Wanxiang Group Company up to 2018 would be donated to establish the Lu Guanqiu Wanxiang Charity Fund.
