Geely dispels rumors about political ties with Chinese President

Chinese automaker Geely Automobile Holdings has been subjected to speculation about its political ties. The automaker has moved to dispel a widely held belief its chairman’s wife was related to Xi Jinping, who is the President of China.

The automaker, which owns a stake in Daimler and the firm that makes London black cabs, disclosed in a filing the name of Chairman Li Shufu’s spouse was Li Wang, and she jointly held 4.9 million shares in the company.

Chinese and international media have named Li’s wife as Peng Lijuan, prompting speculation she was related to China’s first lady, Peng Liyuan. The two share same similar surname and first name.

“We are trying to correct the rumors that Li Shufu’s wife is President Xi’s sister-in-law,” a Geely spokesman informed Reuters.

One of China’s fastest-rising automakers, Geely has been on a international spending spree over the past few years, even as Chinese officials have cracked down on capital outflows and irrational overseas deals.

Any suggestion its success was due to political influence would be sensitive, given that Xi is overseeing a crackdown on corruption that has snared a number of high-profile officials and business leaders.