Yu Yong (; born 1961) is a Chinese 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. Cathay Fortune's operations are based out of

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

. As of March 2024, ''

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'' estimated his net worth at US$10.0 billion. In 2012, Cathay made a AUS$830 hostile bid to takeover the

Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

-based ''Discovery Metals''. The bid was made with loans from the

China-Africa Development Fund The China-Africa Development Fund (), more commonly known as CAD Fund, is a China Government Guidance Fund solely funded by China Development Bank, a Chinese government policy bank. The aim of the fund is to stimulate investment in Africa by Chi ...

. Cathay walked away from the deal, due to concerns about the Boseto copper project in Botswana. In addition to his extensive interests in the mining industry, Yu has also been involved in other business ventures and investment undertakings. He is a major shareholder in

Contemporary Amperex Technology Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as wel ...

(CATL), a Chinese battery maker that went public in 2018. Prior to its initial public offering (IPO) in 2018, Yu acquired a 1.69% stake in

via a

pre-IPO Pre-IPO, pre-initial public offering is a late-stage for a private company to raise funds in advance of its listing on a public exchange. History Before the dot-com bubble in the late 1990s private firms enjoyed the largest capital flows with in ...

sale. His holding company Cathay Fortune is also the largest shareholder at 40% of

China Express Airlines China Express Airlines () is a regional airline with its corporate headquarters on the grounds of Chongqing Jiangbei International Airport, Chongqing, China. History China Express Airlines, also known as Huaxia Airlines, is China's first priva ...

. Beyond his forays in the industrial manufacturing and mining industries, Yu has also ventured into real estate development, and is a major investor in the Shanghai real estate market. His holding company, Cathay Fortune, is also involved in the financial services sector and has investments in several Chinese banks and financial institutions. Despite his entrepreneurial and investment success, Yu has faced some

controversies Controversy (, ) is a state of prolonged public dispute or debate, usually concerning a matter of conflicting opinion or point of view. The word was coined from the Latin '' controversia'', as a composite of ''controversus'' – "turned in an opp ...

in his business dealings. His hostile bid for the Australian mining company, Discovery Metals, was met with resistance from the

Australian government The Australian Government, also known as the Commonwealth Government or simply as the federal government, is the national executive government of Australia, a federal parliamentary constitutional monarchy. The executive consists of the pr ...

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.

Personal life

Yu is married and lives in Shanghai, China.

References

1961 births Living people 20th-century Chinese businesspeople 21st-century Chinese businesspeople Businesspeople from Shanghai Billionaires from Shanghai Chinese bankers Chinese company founders Chinese investors Chinese mining businesspeople Chinese businesspeople in real estate {{PRChina-business-bio-stub