Cross-Border Acquisitions by Chinese Companies: Geely’s Acquisition of Volvo

Henrik Cronqvist (First Author), Lei Yang (Participant Author), Chun Xie (Participant Author), Nanyan Yao (Participant Author)

Research output: Other contributionCase Studies


This case tells the story of the cross-border acquisition of Volvo by a Chinese private enterprise, Geely. It describes the entrepreneurial spirit of Geely’s founder, Mr. LiShufu (李书福), his persistence in creating a car manufacturing company, and the rise of Geely as the very first private domestic company in China which had a car manufacturing license. The case also mentions that Geely completed a “backdoor listing” on the Hong Kong Stock Exchange, and its globalization process through a series of cross-border acquisitions. Then, the situation of Geely in 2009, a brief story of Volvo and Geely’s pursuit of Volvo is presented. Meanwhile, Li Shufu’s long-standing dream of being a global player in the automobile industry, and in a more macro background, Chinese companies’ efforts to catapult themselves onto the world stage through mergers and acquisitions, are brought to the attention of the readers for an in-depth analysis.
Original languageEnglish
Number of pages14
Publication statusPublished - 1 Jan 2015

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China Europe International Business School


  • Back-Door Listing
  • Cross-border merger and acquisition
  • Entrepreneurial Spirit
  • Geely
  • Globalization
  • Volvo

Case studies discipline

  • Accounting

Case studies industry

  • Manufacturing


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