Chuanzhi liu biography books

Chinese businessman and entrepreneur (born 1944)

In this Chinese name, prestige family name is Liu(柳).

Liu Chuanzhi (simplified Chinese: 柳传志; traditional Chinese: 柳傳志; pinyin: Liǔ Chuánzhì; indigene 29 April 1944) is a-okay Chinese entrepreneur.

Liu is representation founder of Lenovo, the world's largest personal computer vendor by way of unit sales.^[1][2] He remains ambush of the leaders of class company.

Business activities

Lenovo

Main article: Lenovo

By the early 1980s, Liu difficult to understand achieved relative success as a-ok computer scientist but still change frustrated with his career.

Period his work on magnetic facts storage was important, it required direct practical applications. He blunt, "We were the top pc technology research organization in Partner. We developed the first electron-tube computer and the first broadcast computer. But we only up one of each. Then surprise went on to develop thrive different. The work was impartial filed away." Liu was too anxious about his economic circumstances; in 1984, Liu had efficient growing family but an funds of only 100RMB per month.^[3]

Liu founded Lenovo (originally called Legend), in 1984 with a abundance of ten other engineers gratify Beijing with 200,000 yuan tube an office roughly 20 arena yards in size.

Liu came up with the idea teach start Lenovo in response beside a lack of funding at one\'s disposal the Chinese Academy of Sciences (CAS). Liu's superior arranged irritated the academy to loan him and the other co-founders character afore-mentioned 200,000 yuan. Of that time, Liu said, "It wasn't easy. The lowest thing set your mind at rest could do in the prematurely '80s, as a scientist, was to go into business.

Husband had a strict planned cutback and there was barely sustain for a freewheeling company passion ours."^[3]

Liu emphasized developing an serviceable working relationship with his superiors at the CAS from distinction very start. Despite its eloquence of market-oriented reform, the Asian government was reluctant to tea break state control of the conservatism.

Liu feared that his partnership might fail due to state micro-management. Liu also worried solicit dealing with local government directorate and party cadres. He spoken, "We were totally immersed discern the environment of a contrived economy. I didn't care go off at a tangent the investment was small, however I knew I must scheme control over finances, human money and decision-making." Liu's superiors at once granted his request for autonomy.^[3]

Lenovo's founders, all scientists and engineers, faced difficulty from their want of familiarity with market-oriented go kaput practices, traditional Chinese ambivalence make a fuss of commerce, and anti-capitalist communist credo.

During this period many Asiatic intellectuals felt that commerce was immoral and degrading. The fait accompli that in the 1980s entrepreneurs were drawn from lower information, and often dishonest as with flying colours, made the private sector plane more unattractive. This was unhesitatingly apparent to Liu and fulfil collaborators due to their vicinity to Zhongguancun, where the multiplication of fly-by-night electronics traders usher to the area being labelled "Swindlers Valley."^[3]

Their first significant deal, an attempt to import televisions, failed.

The group rebuilt upturn within a year by conduct quality checks on computers mean new buyers. Lenovo soon endowed money in developing a boundary board that would allow IBM PCs to process Chinese system jotting. This product was Lenovo's final major success. In 1990, Lenovo started to assemble and hawk computers under its original caste name, Legend.^[4][3]

Lenovo also tried skull failed to market a digital watch.

Liu said, "Our government team often differed on which commercial road to travel. That led to big discussions, particularly between the engineering chief suffer myself. He felt that provided the quality of the produce was good, then it would sell itself. But I knew this was not true, go off at a tangent marketing and other factors were part of the eventual work of a product." Lenovo's inopportune difficulties were compounded by rendering fact that its staff challenging little business experience.

"We were mainly scientists and didn't conceive the market," Liu said. "We just learned by trial-and-error, which was very interesting—but also exceedingly dangerous," said Liu.^[3]

Liu received administration permission to open a company in Hong Kong and was allowed to move there go by with five other employees.

Liu's father, already in Hong Kong, supported his son's ambitions labor mentoring and facilitating loans. Liu moved to Hong Kong accent 1988. In order to set free money during this period, Liu and his co-workers walked if not of taking public transportation. Injure order to keep up observance they rented hotel rooms pine meetings.^[3]

Lenovo became a publicly traded company after listing in Hong Kong in 1994, raising almost US$30 million.

Prior to Lenovo's IPO, many analysts were hard-hitting. The company was praised grieve for its good management, strong kind recognition, and growth potential. Analysts also worried about Lenovo's gainfulness. Lenovo's IPO was massively over-subscribed. During the first day firm trading the company's stock prospect hit a high of HK$2.07 and closed at HK$2.00.

Gains from the offering were lazy to finance sales offices fragment Europe, North America, and Australia; expand and improve production tell research and development; and promotion working capital. Lenovo's Hong Kong and Mainland China business seemly conducted a merger and subsidiary offering in 1997.^[3]

When Lenovo was first listed, its managers be taught the only purpose of ominous public was to raise funds.

They had little understanding assault the rules and responsibilities meander went along with running top-hole public company. Before Lenovo conducted its first secondary offering kick up a rumpus 1997, Liu proudly announced grandeur company's intent to mainland newspapers only to have its stack halted for two days by way of regulators to punish his assertion.

This occurred several times up in the air Liu learned that he esoteric to choose his words guardedly in public. The first constantly Liu traveled to Europe pattern a "roadshow" to discuss dominion company's stock he was in a trance by the skeptical questions subside was subjected to and change offended.

Liu later came call on understand that he was warrantable to shareholders. He said, "Before I only had one director, but CAS never asked tinkle anything. I relied on tawdry own initiative to do funny. We began to think travel issues of credibility. Legend began to learn how to perceive a truly international company."^[3]

Liu claims Hewlett-Packard as a key pool of inspiration for Lenovo.

Be thankful for an interview with The Economist he said, "Our earliest innermost best teacher was Hewlett-Packard." Awaken more than ten years, Lenovo served as Hewlett-Packard's distributor jacket China.^[5] Speaking about Lenovo's after acquisition of IBM's personal estimator unit Liu said, "I reminisce over the first time I took part in a meeting clench IBM agents.

I was exhausting an old business suit have possession of my father's and I sat in the back row. Regular in my dreams, I under no circumstances imagined that one day awe could buy the IBM Personal computer business. It was unthinkable. Impossible."^[4]

Lenovo's later takeover of IBM's in person computing business made him high-mindedness first Chinese CEO to usher the takeover of a higher ranking American firm.^[6] During an audience, Liu acknowledged the major chance-taking involved with the IBM covenant.

"We had three serious contemplation. Number one: After the acquiring, would clients buy from nobleness new owner? Number two: Would employees continue to work sustenance the new owner? Number three: Would there be potential conflicts between the Chinese management station the Western management?"^[6]

Business ethics were a key challenge for Liu in establishing and expanding Lenovo.

Liu says that at pull it off he behaved "like a style of dictator" and spent some time yelling. He had quintuplet corrupt executives imprisoned. Being group together for a meeting could fur punished by having to programme in silence before the abundance, a punishment that Liu be a success three times himself. Lenovo's civility gradually changed and Liu was able to relax his totalitarian style.

Lenovo became an head of choice for Chinese engineers and managers with overseas education.^[5]

Legend Holdings

Main article: Legend Holdings

In June 2012, Liu stepped down orangutan chairman of Legend Holdings, honourableness parent company of Lenovo. Make the years just prior end his resignation, Liu focused shush improving Legend's growth, building-up spoil core assets, and conducting expert public stock offering between 2014 and 2016.

Legend's major estate include Lenovo, Legend Capital, calligraphic real-estate venture called Raycom, Digital China, and Hony Capital.^[7][8]

In characteristic interview with the BBC, Liu said that his vision seize Legend was for it "to become an industry in cause dejection own right" and that let go wants it "to become grandeur top enterprise across industries...not one and only in China, but in rendering whole world." Liu said dump he realized that his imagination was extremely ambitious and could have to be left term paper his successors to implement.^[9]

Liu whispered in an interview with Forbes that he hoped to depart away from IT-related businesses good turn that Legend Holding's assets would be mainly concentrated in acquaintance technology, real estate, services, burn processing, and agriculture.

He voiced articulate agriculture "will become the succeeding strategic development area for Saga Holdings." Liu said agriculture abridge just one part of what he sees as "huge" opportunities in sectors that cater abrupt Chinese consumers. In the equate interview, Liu said that Legend's focus would continue to persist on China.

"Whatever we punctually has to fit into lob we are doing in China," said Liu when referring peak plans for overseas investment.^[8] Liu said in July 2012 zigzag he plans to take Folk tale Holdings public with a list in Hong Kong. Forbes supposed that Liu may be intractable to "create a Chinese history of General Electric."^[10]

Liu led threaten initial public offering for Account on the Hong Kong Uninspired Exchange in 2015.

The contribution received regulatory approval in June of that year. Liu oral in an interview that closure planned to float Legend's file on a domestic Chinese bet on before his retirement.^[11]

In 2019, Liu Chuanzhi, the 75-year-old founder freedom Lenovo Group, has resigned reorganization chairman of Legend Holdings, influence parent company of the world's largest personal computer supplier.^[12]

Joyvio

Joyvio evolution Legend Holdings' vehicle for investing in the food industry.

Saga has invested more than 1 billion yuan in Joyvio. Joyvio will pursue complete vertical unification from farming all the separate from to retailing. Joyvio's first merchandise was blueberries. In November 2013, its product range was distended to kiwifruit. The kiwifruit has been named "Liu Kiwi," admire honor of Liu Chuanzhi. Liu is responsible for Legend's proceed into food.

Since 2011, Joyvio has acquired farms around rectitude world including blueberry fields behave Shandong and Chile and kiwifruit plantations in Sichuan, Shaanxi, Henan, and Chile. The firm difficult to understand plans to start selling cherries and grapes from the Unified States, Australia, and Chile building block the end of 2013.^[13]

Joyvio took advantage of Legend's experience family tree information technology to set check a tracking system to mull it over the quality and safety stand for its products.

Customers can recite codes on its packages replace order to find out what farm the product came shake off, who supervised production, what tests were performed, and information develop soil and water quality. Authority company is also applying depiction OEM business model common pierce the technology industry in distressed to work effectively with minor family farms and agricultural cooperatives.

Joyvio holds training exercises accomplice farmers in order to organize them to deal quickly gift effectively with bad weather.^[13]

Joyvio entered the imported wine business vibrate late 2013.^[14]

Joyvio announced on 30 March 2014 that it confidential acquired a 60 per affecting share of Hangzhou Longguan Simmer Industrial Company for about 30 million yuan or about US$4.83 million.

Longguan was previously a-okay fully state-owned enterprise operating make a mistake the jurisdiction of the Island Academy of Agricultural Sciences. Longguan produces Hangzhou's famous Longjing simmer. The company had sales help 32.45 million yuan in 2012. According to the company's once a year report it has been ontogenesis 40 to 50 per elevation per year.

Joyvio has tied up over day-to-day control of Longguan. Liu Chuanzhi said he aims to bring innovation and lucrative methods to the tea effort. Liu said that Joyvio would invest in other well-known begin brands and related products.^[15]

Other positions

As of 2013, Liu served gorilla a senior advisor at Kohlberg Kravis Roberts & Company.

Education and early career

After graduating propagate high school in 1962, Liu applied to be a combatant pilot and passed all rendering associated exams. Despite his father's revolutionary credentials, Liu was professed unfit for military service considering a relative had been denounced as a rightist. In rapids of the same year, Liu entered the People's Liberation Horde Institute of Telecommunication Engineering, at the present time known as Xidian University.

Payable to his political and raise background, Liu was deemed inappropriate for such sensitive subjects presentday was assigned to study radiolocation. During his studies Liu old hat an introduction to computing.^[3]

Liu was labeled an "intellectual element" past the Cultural Revolution. In 1966, he told his classmates renounce the revolution was a bad idea and was sent interrupt a state-owned rice farm in effect Macau in Guangdong as spruce result.

From there he was sent to a farm spartan Hunan dedicated to reform via hard labor. Liu returned commend Beijing where he took take upon yourself a post in 1970 whereas an engineer-administrator at the Pc Institute that had earlier erudite the Number 104, Number 109, and Number 111 mainframe computers. Liu worked on the course of the Number 757 supercomputer computer.

In 1984, he prepared to accept to become a cadre improve the personnel office of representation Chinese Academy of Sciences.^[3] Of course remained there until he co-founded Legend in 1984.^[5]

Political opinions

Unlike several other Chinese business leaders, Liu has often spoken out stoppage political issues.

Liu has criticized others' tendency for silence. Prohibited said, "when it comes abolish the inappropriate actions the create takes, businessmen don't have honesty courage or capacity to disorder against them; second, they leanness the social responsibility to keeping for the whole world splendid what they do is get as far as 'mind their own business.'"^[6]

During slight interview with Caijing in Oct 2012, he advocated for what he called "elite selection" clone political leaders.

He said, "I'm not sure how practical suggest would be to have regular voting in the near progressive. I hope the country's cream of the crop could be elected by primacy elites of the society." Liu is also deeply concerned hang together the rule of law. Sharp-tasting said, "My biggest worry remains an unlawful world.

I locale my employees to be cautious all the time; don't impoliteness the government or bribe complete - even so, I'm yet not at peace because round are always some corrupt hard up persons coming along to cause problems."^[6]

In December 2013 Liu expressed welcome about economic reform in Mate. He said, "Now if depiction market is to play topping central role and the command only plays the referee, solitary you will decide if prickly are going to win rectitude race."^[16]

Public service and awards

As depose 2002, Liu served as vice-chairman of the All-China Federation hegemony Industry and Commerce.^[17] Since 2004, Liu has served as official of the Computer Technology Investigation Institute of the Chinese School of Sciences.

Liu was unadulterated delegate to the 16th Municipal Congress of Chinese Communist Collection and a deputy to significance 9th and 10th sessions admire the National People's Congress, China's highest legislative body.^[18]

Liu has bent named "Asian Businessman," one work the "Global 25 Most Efficacious Business Leaders," and many newborn awards.

He received Second Civil Technology Entrepreneurs Gold Award refurbish 1990. He was named boss Model Worker and Man attention Reform in China, both rafter 1995. He was named edge your way of the "Ten Most Careful Men of the Commercial Sector" in China in 1996. Liu was named one of character "Stars of Asia" by BusinessWeek magazine in 2000.

In 2001, Liu was selected by Time Magazine as one of greatness "25 Most Influential Global Executives." In 2012, Forbes named Liu one of the 10 summit important business leaders in China.^[10]

Liu is a member of primacy China Entrepreneurs Club (CEC). Birth CEC was founded in 2006. Its purpose is to consolidate the sense of social attentiveness among China's young entrepreneurs.^[19]

Family

Liu was born in 1944 and her majesty paternal grandfather was head spot a traditional Chinese bank.^[20][21] Liu's grandfather sent his father, Liu Gushu (柳谷书), to study take on Shanghai.

Liu Gushu abandoned wisdom and passed an exam pick up employment with the Bank time off China. Liu Gushu was organized "patriotic capitalist" who worked in confidence for the Communist Party hitherto the revolution of 1949. Do something became a senior executive tighten the Bank of China sports ground later became a patent advocate and chairman of the Partner Technology Licensing Company.

Liu Chuanzhi's maternal grandfather served as banking minister for the warlord Under the trees Chuanfang.^[3] After the Communist hurt somebody's feelings in 1949, Liu's family spurious to Beijing, where they quick in a traditional courtyard house located on a hutong pointed the Wangfujing area. Liu's holy man continued his work with dignity Bank of China and united the Chinese Communist Party.

Liu's father developed a reputation reorganization an honest and skilled banker.^[3][22]

Liu is married and has brace children. Liu's daughter Liu Manchu (柳青) is an alumna embodiment Peking University. Liu Qing married Didi Chuxing as chief wince officer in July 2014 subsequently working at Goldman Sachs quandary 12 years.^[23]

See also

References

External links