Li Yonghong (born 16 September 1969)[3][4] is a Chinese businessman and investor who first came into the public eye in 2016 when he succeeded Silvio Berlusconi as the owner of the Italian football club A.C. Milan.
[5] However, according to the filings in Hong Kong Companies Registry, there was no such Li Yonghong in the board of directors of Enson Enterprises,[6] nor in Grand Dragon.
[11] However, it was reported that Li Yonghong and a private equity fund (Chinese: 海峡中欧私募投资基金) of Haixia Capital Management were the true owners of Sino-Europe Sports.
[19][20] In order to finalise the deal, the company received a loan from Elliott Management Corporation, an investment firm which has widely been described as a vulture fund.
[23] On 13 April 2017, the sale was officially finalised, and Rossoneri Sport Investment Luxembourg Sàrl became the new direct parent company of the club.
HK$65 million by the narrow band floating exchange rate) to Hong Kong-based Rossoneri Sport Investment.
[41] However, the newspaper also stated that "Some wealthy people in China list their holdings under the names of relatives or associates to avoid scrutiny".
[42] It was formally rejected in December by UEFA, citing "uncertainties in relation to the refinancing of the loans to be paid back in October 2018 and the financial guarantees provided by the main shareholder.
[2] According to legal proceeding, Li family had set up a company in mainland China as Jade Valley Development (Chinese: 绿色山河开发) to invest in farmland.
[51][15] Chinese police failed to arrest Li Hongqiang as he also had Hong Kong citizenship[15] and evaded from mainland China.
[61] Li Yonghong was also sanctioned CN¥600,000 in 2013 by the Chinese regulator China Securities Regulatory Commission for failing to disclose the sale of the entire share capital of the parent company of a Chinese listed company Shanghai Duolun Industry Co., Ltd. (SSE: 600696, now known as "P2P Financial Information Service Co., Ltd.").
[66][67][68] A pledge of 35.82% shares of the listed company[69] (to Hua Xia Bank and New China Trust) were only released in April[70] and September 2011.
However, the holding company, under the new owner Xian Yan (Chinese: 鲜言), pledged the entire 11.75% shares back to Li Yonghong.
[74][52] Li Yonghong alleged himself as the chairman of Hong Kong-incorporated Grand Dragon International Holdings (Chinese: 龍浩國際集團; lit.
[41][76] On 12 September 2018, Li was added to the List of Dishonest Judgment Debtors (Chinese: 失信被执行人名单) by the local court of Jingmen.
[3][77] According to the press release, Li defaulted a loan from aforementioned Hubei Jingjiu (Chinese: 湖北精九; pinyin: Húběi Jīngjiǔ).