Wang Jun, the former chairman of Citic Group, one of China's largest state-owned conglomerates, died on Monday at the age of 78.
He was born in Hunan in 1941 to the Communist revolutionary elder and former China Vice President Wang Zhen.
Jun established Citic Group with Rong Yiren in 1979, who became Vice President of China later in 1993.
Jun assumed chairmanship of the group in 1995 and stepped down in 2006.
He was also chairman of the Poly Group, a state-owned conglomerate with businesses ranging from arms trading to antiquities.
Citic Group has eight subsidiaries listed in Hong Kong including Citic Limited (0267), Citic Telecom International (1883), Citic Resources Holdings (1205) and China Citic Bank Corporation (0998).
Citic also operates franchises of McDonald's businesses in the mainland and Hong Kong.