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Li Jianxi inherited the Samsung company founded by his father Li Bingzhe in 1987 and transformed it into a world-renowned company.

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Li Jianxi inherited the Samsung company founded by his father Li Bingzhe in 1987 and transformed it into a world-renowned company.

The chairman of South Korean electronics giant Samsung Group and the richest man in South Korea, Lee Jianxi, who has been in the hospital for a heart attack for many years, died on Sunday (Oct. 25) at the age of 78.

Samsung released a statement stating that Li Jianxi passed away on Sunday in the company of his son Li Jayyong, who was also vice president of the Samsung Group. The statement also described Li Jianxi as a “visionary man”, making Samsung a world-class company from a local company. South Korean President Moon Jae-in extended his deep condolences to Lee Kin-hee’s family and said that in the difficult economic period of the new COVID-19 coronavirus epidemic, Lee’s leadership ability will become a model for Korean companies.

Li Jianxi’s father, Li Bingzhe, was the founder of the Samsung Group. After Li Bingzhe passed away in 1987, Li Jianxi succeeded his father as the group’s president, and the group continued to expand under his leadership. The Yonhap News Agency found that the Samsung Group’s total market value increased from 900 billion won that year to 318.76 trillion won ($ 282.6 billion; $ 18,900 yuan) in 2014; “Forbes” estimated Li Jianxi’s personal net worth to be almost $ 21 billion.

Lee Jae-yong is believed to inherit his father and become the new president of the Samsung Group. However, he was involved in the former President Park Geun-hye’s corruption case and has not yet been resolved. He was later accused of manipulating the stock price in a 2015 merger. These incidents cast uncertain factors on whether the leadership of the Samsung Group can be successfully transferred.

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