Yang Rong - Brilliance Auto

Brilliance Auto

Rong, the founding chairman of Brilliance Auto, was involved with the company during the 1990s and helped transform it from a stagnant state-owned auto plant into one of China's top microbus makers. During this period, the largest shareholder of the company was the Chinese Financial Education Development Foundation with a 39.45 percent holding. Yang controlled the foundation at one time and his involvement in the foundation created confusion about the company's structure and how much power Yang really wielded over the firm.

Some blame Yang's loss of power in 2002 on a failed bid to locate a production base in Ningbo. As Ningbo is near the rich costal city of Shanghai, this was contrary to Chinese state policy encouraging economic growth in the poorer regions, and Rong incurred the wrath of the government of Liaoning in the attempt. In 2002 he was accused of embezzlement, and an arrest warrant was issued precipitating Rong's flight from the country.

While Rong was in control, Brilliance Auto made a number of IPOs. These included listing a subsidiary on the NYSE in 1992, the same subsidiary again on the Hong Kong Stock Exchange in 1999, and that same year a different subsidiary on the Shanghai Stock Exchange.