Yu Yong

Yu Yong (Chinese: 于泳; born 1961)[2][3] is a Chinese billionaire businessman. He is the founder and head of the Cathay Fortune Corp., also known as Hongshang Industrial Holdings Group which is an investor in the mining company China Molybdenum.[4] Cathay Fortune's operations are based out of Shanghai.[5] As of 2023, he had a net worth of US$4.7 billion, according to Forbes.[2]

In this Chinese name, the family name is Yu.
Yu Yong
Born (1961-02-27) February 27, 1961[1]
Wafangdian[1]
CitizenshipChina

In 2012, Cathay made a $830 AUD hostile bid to takeover the Australia-based Discovery Metals. The bid was made with loans from the China-Africa Development Fund.[6][5] Cathay walked away from the deal, due to concerns about the Boseto copper project in Botswana.[7]

In addition to his mining interests, Yu Yong has also been involved in other business ventures. He is a major shareholder in Contemporary Amperex Technology (CATL), a Chinese battery maker that went public in 2018. Prior to its initial public offering (IPO), Yu Yong acquired a 1.69% stake in Contemporary Amperex Technology via a pre-IPO sale before it went public in 2018.[8]

Yu has also been involved in real estate development, and is a major investor in the Shanghai real estate market. His company, Cathay Fortune, is also involved in the financial sector and has investments in several banks and financial institutions in China.

Despite his success, Yu Yong has faced some controversies in his business dealings. His hostile bid for the Australian mining company, Discovery Metals, was met with resistance from the Australian government and shareholders. Additionally, his involvement in the Boseto copper project in Botswana was criticized for its potential negative impact on the local environment and communities.

References
  1. "Bloomberg Billionaires Index: #318 Yu Yong". Bloomberg. Archived from the original on 28 April 2022. Retrieved 13 June 2022.
  2. "The World's Billionaires". Forbes. 21 March 2023. Archived from the original on 25 April 2022. Retrieved 21 March 2023.
  3. "于泳家族：十年前资本狙击洛钼 种下财富基因". Phoenix News. 21 July 2014. Archived from the original on 9 August 2017. Retrieved 9 August 2017.
  4. "China Molybdenum triples on Shanghai debut; stock deemed undervalued". Reuters. 9 October 2012. Archived from the original on 6 January 2017. Retrieved 5 January 2017.
  5. Melbourne, in; Beijing, in (23 October 2012). "Cathay Fortune Mining Bid Turns Hostile". WSJ. Archived from the original on 4 September 2013. Retrieved 12 June 2022.
  6. "Cathay Fortune Lobs $848 Million Offer for Australia's Discovery Metals". WSJ. 4 October 2012. Archived from the original on 12 June 2022. Retrieved 12 June 2022.
  7. Stewart, Robb M. (24 April 2013). "Cathay Fortune Says Ready to Bid Again for Discovery Metals". WSJ. Archived from the original on 12 June 2022. Retrieved 12 June 2022.
  8. "Why One Chinese Company Dominates Electric Car Batteries". World Nation News. 22 December 2021. Archived from the original on 22 December 2021. Retrieved 12 June 2022.


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