UC Express (China)

Yu Lianbing, a veteran of China’s booming courier sector who founded UC Express in 2009, was found dead at his home in Shanghai 2 May 2019, the company said in a statement. Yu was also the company’s chairman and president.

UC Express called Yu’s death an accident, without elaboration. The surprise death of Yu left the company up in the air in its business transformation. 

Yu, 47, owned 40.4% of UC Express, one of China’s major bulk parcel delivery specialists targeting corporate customers. 

The company has sought to improve its profitability in China’s highly competitive courier sector and compete with larger players such as SF Express. Earlier in 2019, Yu said the company made major progress in its business transformation and turned profits. 

Yu’s family had to handle succession issues and inheritance tax liabilities without any planning due to the unexpected death of Yu in early age. It is important and necessary to have estate planning as early as possible.

Sources: 

• https://www.caixinglobal.com/2019-05-07/uc-express-chief-found-dead-in-accident-company-says-101412319.html
• https://www.ntdtv.com/b5/2019/05/07/a102572562.html