Wanxiang founder dies aged 72

Manufacturer announces passing of iconic entrepreneur Lu Guanqiu

Lu Guanqiu, the iconic entrepreneur from Zhejiang province who founded China's largest automotive parts company Wanxiang Group, died on Wednesday at the age of 72, the company announced.

He held a 55.78 percent stake in Wanxiang Qianchao, which is the listed arm of Wanxiang Group. The transfer of the stake has not yet been completed.