BEIJING -- Geely Automobile Holdings, long the subject of
speculation about its political ties, has moved to dispel a
widely held belief its chairman's wife was related to Chinese
President Xi Jinping.
The carmaker, which owns a major stake in Germany's Daimler, Sweden's Volvo Cars
and the firm that makes London black cabs, revealed
in a filing the name of Chairman Li Shufu's spouse was Li Wang,
and she jointly holds 4.9 million shares in the firm.
Chinese and international media have named Li's wife as Peng
Lijuan, spurring speculation she was related to China's first
lady, Peng Liyuan. The two share a surname and similar first
"We are trying to correct the rumours that Li Shufu's wife
is President Xi's sister-in-law," a Geely spokesman told
One of China's fastest-rising carmakers, Geely has been on a
global spending spree over the past few years, even as Chinese
authorities have cracked down on capital outflows and
"irrational" overseas deals.
Any suggestion its success was due to political influence
would be highly sensitive, especially given that Xi is
overseeing a crackdown on corruption that has snared scores of
high-profile officials and business leaders.