Hongsheng Match Company

After the 1949 Communist takeover, Liu was classified by the CCP as a 'nationalist capitalist' and, unlike many other pre-1949 industrialists whose firms were nationalized outright, retained a protected status, later serving as a Shanghai representative to the first National People's Congress.

Built a diversified industrial conglomerate beginning with match manufacturing, then expanding into cement, coal, and wool textiles.

Liu became one of Republican Shanghai's most prominent industrialists, with holdings across multiple sectors, per Wikipedia and Global Times profiles.

Remained on the mainland after 1949 and cooperated with the new Communist government rather than relocating his business interests abroad.

Liu was granted protected 'nationalist capitalist' status by the CCP and served in national political bodies (NPC delegate, CPPCC member) until his death in 1956.