On July 29, 2026, Changzhou Xingyu Automotive Lighting Systems Co., Ltd. (hereinafter referred to as "Xingyu Shares" or "Xingyu Automotive Lighting"), an A-share listed company based in Xinbei District, Changzhou, Jiangsu Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its second application following the lapse of its initial filing on January 26, 2026.
Xingyu Shares (601799.SH) was listed on the Shanghai Stock Exchange on February 1, 2011. As of the market close on July 29, 2026, its total market capitalization stood at approximately RMB 27 billion.
Xingyu Automotive Lighting Prospectus Link
Core Business
Founded in 2000, Xingyu Automotive Lighting is China's largest integrated supplier of automotive lighting products and one of the key participants in the global automotive lighting market. The company designs, manufactures, and sells automotive lighting products and related electronic components to original equipment manufacturers (OEMs) worldwide. As of March 31, 2026, the company had established supply partnerships with nine of the world’s top ten OEMs, ranked by group-level vehicle sales in 2025.
According to data from Frost & Sullivan,
In 2025, measured by sales revenue, Xingyu Shares held market shares of 11.6% and 4.6% in the Chinese and global automotive lighting markets, respectively, ranking first in China and seventh globally;
In 2025, measured by sales revenue, Xingyu Shares ranked first in both the global and Chinese intelligent automotive lighting markets, with a 28.4% market share in China.
As of March 31, 2026, Xingyu Shares operated 12 manufacturing facilities across China and Serbia and maintained 16 R&D centers globally, serving downstream customers in major automotive consumer markets across Asia, Europe, and the Americas.
Shareholding Structure
According to disclosures in the prospectus, prior to its Hong Kong listing, Xingyu Shares’ equity structure was as follows:
Ms. Zhou Xiaoping directly holds 42% of the shares and indirectly holds 6.19% through Xingyu Investment. Her mother, Ms. Sun E Xiao, holds 6.11% and acts in concert with Ms. Zhou, resulting in a combined stake of approximately 54.30%, making her the controlling shareholder.
Other A-share shareholders hold 45.70% of the shares.
Directors and Senior Management
The board of directors of Xingyu Co., Ltd. will consist of nine directors, including:
4 executive directors:
Ms. Zhou Xiaoping (Chairperson of the Board and General Manager);
Mr. Zhou Yuheng (Vice Chairperson of the Board and Deputy General Manager) (son of Ms. Zhou Xiaoping);
Mr. Li Shujun (Executive Deputy General Manager);
Mr. Xu Huiyi (Employee Director, Executive Director and General Manager of Jilin Xingyu);
1 Non-Executive Director:
Mr. Wang ShiHai (Managing Director of SDIC CMF Investment Management and Managing Director of SDIC Innovation Investment);
4 Independent Non-Executive Directors:
Mr. Ma Peilin (Director and CEO of Shuangliang Group);
Prof. Han Jian (Professor of Management, China Europe International Business School);
Prof. Li Xiang (Professor of Accounting and Dean of the School of Accounting, Nanjing University of Finance & Economics);
Ms. Wu Ying'en (Secretary to the Board of Shandong Hi-Speed New Energy (01250.HK) and Co-President of Hong Kong Office).
In addition to executive directors, senior management includes:
Mr. Liu Shuting (Deputy General Manager);
Mr. Lin Shudong (Deputy General Manager);
Mr. Chen Liujun (Deputy General Manager);
Mr. Li Gang (Deputy General Manager);
Mr. Cao Jin (Deputy General Manager);
Mr. Gao Peng (Deputy General Manager, Chief Financial Officer, Secretary to the Board, and Joint Company Secretary).
Company performance
According to the prospectus, Xingyu Shares reported revenue of RMB 10.248 billion, RMB 13.253 billion, RMB 15.257 billion, and RMB 3.430 billion for the years ended 2023, 2024, 2025, and the first three months of 2026, respectively, with corresponding net profits of RMB 1.102 billion, RMB 1.408 billion, RMB 1.624 billion, and RMB 355 million.
Intermediary Team
The main intermediaries for Xingyu Shares’ IPO are as follows:
Huatai International acted as its sole sponsor;
Guowei as its auditor;
Junhe acted as its PRC legal counsel;
JunHe (Hong Kong) acted as its Hong Kong legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Jingtian & Gongcheng (Hong Kong) served as its Hong Kong legal counsel for the securities offering;
New Bright Capital as its compliance adviser;
Frost & Sullivan served as its industry consultant.