Three IPOs in one year! The Li Shufu family racing through capital

On June 25, 2025, Cao Cao Mobility, controlled by Li Shufu, was listed on the Hong Kong Stock Exchange. The next day, Ningbo Fengwo Turbo Technology Co., Ltd. (hereinafter referred to as “Fengwo Co., Ltd.”), controlled by Li Shufu’s two children, had its Shanghai Main Board IPO accepted for filing, drawing considerable attention from the market. Recently, Sichuan WoFei Changkong Technology Co., Ltd. (hereinafter referred to as “WoFei Changkong”), also controlled by Li Shufu, has started listing guidance as well, launching an attempt to break into the STAR Market. Notably, this is also the first STAR Market IPO under the Li Shufu family. From Cao Cao Mobility’s listing to Fengwo Co., Ltd.’s IPO being accepted, and then to WoFei Changkong’s launch of listing guidance—within less than one year—Li Shufu’s family’s capital layout can be described as tightly paced.

Dubbed the “car enthusiast,” Li Shufu was born in 1963. He has worked in industries such as refrigerators, decoration materials, and motorcycles, before entering the automobile sector in 1997. As the founder and chairman of Zhejiang Geely Holding Group Co., Ltd. (hereinafter referred to as “Geely Holding Group”), in recent years Li Shufu has led the group to accelerate technological transformation and ecosystem collaboration. Currently, Li Shufu has several listed companies under his name, including Geely Auto, Zeekr Auto, Qianjiang Motorcycles, and Hanma Technology. By promoting Fengwo Co., Ltd. and WoFei Changkong to pursue listing, the Li Shufu family’s capital landscape is expected to expand further.

Left hand: Main Board. Right hand: STAR Market

WoFei Changkong has recently started listing guidance, planning to list on the STAR Market; meanwhile, Fengwo Co., Ltd. is also advancing its Main Board IPO.

According to the website of the China Securities Regulatory Commission (CSRC), WoFei Changkong has initiated listing guidance, with CITIC Construction Investment Securities as the guidance institution, and is planning to strive for STAR Market listing. It is reported that WoFei Changkong is part of the low-altitude economy industry under Zhejiang Geely Technology Group Co., Ltd. (hereinafter referred to as “Geely Technology Group”), and is committed to R&D of global low-altitude intelligent transportation aircraft and commercialization operations; Geely Technology Group, in turn, is affiliated with Geely Holding Group.

According to the listing guidance filing report, WoFei Changkong was established on April 22, 2016, with registered capital of 360 million yuan, and the legal representative is Xu Zhihao. In terms of equity relationships, as of the date of the issuance of the report, the company’s controlling shareholder is Hubei Geely Taili Flying Car Co., Ltd. (hereinafter referred to as “Geely Taili Flying Car”), holding 40.02% of the company’s equity. Through further tracing of the equity relationships, Geely Technology Group holds 100% equity of Geely Taili Flying Car. As a result, Li Shufu is the actual controller of WoFei Changkong.

A reporter from Beijing Business Today noted that, besides WoFei Changkong, Fengwo Co., Ltd., which is steered by Li Shufu’s two children, Li Xinxing and Li Nii, is also currently launching an attempt against the capital markets. Li Xinxing and Li Nii together are able to control 75% of the company’s voting rights.

The website of the Shanghai Stock Exchange shows that Fengwo Co., Ltd.’s Main Board IPO was accepted on June 26, 2025; it entered the inquiry stage on July 18 of the same year and went through two rounds of inquiries. Because its financial materials have passed their validity period, it needs to submit supplemental materials; as a result, Fengwo Co., Ltd.’s IPO is currently suspended.

Fengwo Co., Ltd.’s prospectus shows that the company’s principal business is the R&D, manufacturing, and sales of turbochargers, and it is also expanding into the fields of electric superchargers and key air suspension core components. For this round of listing attempts, Fengwo Co., Ltd. plans to raise about 656 million yuan; after deducting issuance expenses, the funds will be used for an annual production of 1 million sets of turbochargers, an annual output of 600,000 sets of air suspension component projects, and replenishing working capital.

Financial data shows that in the first half of 2025, Fengwo Co., Ltd. achieved operating revenue of approximately 997 million yuan; corresponding attributable net profit was approximately 114 million yuan.

Acting in step with the moment to further strengthen its move into A-shares and Hong Kong stocks

Judging by Li Shufu family assets’ listed-company layout, it can be said to be acting in step with the moment. Li Shufu already has multiple listed companies under his name, such as Geely Auto, Qianjiang Motorcycles, and Cao Cao Mobility, forming a capital landscape spanning multiple locations including A-shares, H-shares, and U.S. stocks. However, in recent years, his focus has shifted to A-shares and Hong Kong stocks.

On June 25, 2025, the day before Fengwo Co., Ltd.’s IPO was accepted, Cao Cao Mobility was listed on the Hong Kong Exchanges and Clearing.

Founded on May 21, 2015, Cao Cao Mobility is a strategic investment business within Geely Holding Group’s “new energy vehicle shared mobility ecosystem” strategy. In terms of control, the company’s ultimate controlling shareholder is Li Shufu.

Recently, Cao Cao Mobility has also released its 2025 full-year financial data. The company’s revenue mainly comes from mobility services, especially ride-hailing business; in addition, it sells vehicles to local capacity cooperation partners, independent fleet operators, and individual drivers. Specifically, in 2025, the company achieved operating revenue of approximately 20.19 billion yuan, a year-on-year increase of 37.7%; corresponding attributable net profit was approximately -6.35 billion yuan, with losses narrowed year-on-year. As of the close on April 2, Cao Cao Mobility’s share price was HKD 26.2 per share, with a total market value of HKD 15.23 billion.

Besides Cao Cao Mobility, another Hong Kong-listed company under Li Shufu, Geely Auto, has its ultimate controlling party as Geely Holding Group. In 2025, Geely Auto achieved operating revenue of approximately 3452.32 billion yuan, a year-on-year increase of 25%; corresponding attributable net profit was approximately 168.52 billion yuan, a year-on-year increase of 0.24%.

In the A-share market, while advancing two A-share IPOs, Li Shufu also controls two other listed companies, Qianjiang Motorcycles and Hanma Technology. Specifically, the actual controllers of Qianjiang Motorcycles and Hanma Technology are both Li Shufu, while the controlling shareholders are Geely Technology Group and Zhejiang Yuanji New Energy Commercial Vehicle Group Co., Ltd., respectively.

It is understood that Qianjiang Motorcycles is dedicated to the R&D, manufacturing, sales, and services of high-performance motorcycle core technologies; Hanma Technology’s current main business involves the R&D, production, and sales of heavy trucks, special vehicles, and automotive parts.

In addition, another A-share listed company, Qianli Technology, also has close ties to Li Shufu. In terms of equity relationships, Qianli Technology’s controlling shareholder is Chongqing Manjianghong Private Equity Investment Fund Partnership (Limited Partnership), and the actual controller is Chongqing Manjianghong Enterprise Management Co., Ltd. However, through tracing the equity relationships, Geely Technology Group holds 49% equity of Chongqing Manjianghong Enterprise Management Co., Ltd.

According to available information, Qianli Technology is accelerating the intelligent transformation of automobiles by focusing on AI technology applications; it has opened up a new segment of technology business and formed two core business areas: the technology business segment and the terminal business segment.

From the latest financial information of these three A-share listed companies, Qianjiang Motorcycles ranked first in net profit in 2025. The company is expected to realize attributable net profit of approximately 960 million to 1.03 billion yuan, up 41.86% to 52.2%; Qianli Technology ranked second, with its attributable net profit in 2025 reaching approximately 84.40 million yuan, up significantly by 110.93% year-on-year; while Hanma Technology is expected to achieve attributable net profit of approximately 47.58 million yuan, down 69.74% year-on-year.

In addition, the U.S.-listed companies under Li Shufu’s control include Zeekr Auto, Yika Tong Technology, and Lotus, with their listing dates concentrated in 2021 and 2022.

Entering the commercial space race

In the hot sector of commercial space, Li Shufu’s forward-looking layout can also be seen.

With the vision of “leading a green and intelligent mobility ecosystem,” Geely Holding Group, founded in 1986, has grown into a global innovative technology enterprise integrating the design, R&D, production, sales, and services of complete automobiles, powertrains, and key components, and covering businesses including mobility services, digital technology, financial services, and education.

In terms of industrial layout, Geely Holding has five major segments: passenger vehicles, commercial vehicles, technology, mobility, and education. Among them, the core main entity of the technology segment is Geely Technology Group. Focusing on three physical industries—new materials (resources), motorcycle intelligent manufacturing, and the low-altitude economy—it also simultaneously makes strategic investments in innovative businesses such as power semiconductors and commercial space.

Specifically, among the representative companies in the segment is Zhejiang Space-Time Dao Yu Technology Co., Ltd. (hereinafter referred to as “Space-Time Dao Yu”). Established in 2018, it is a global satellite communications service provider focused on the construction and operation of low-orbit communication constellations, providing satellite communications services to users worldwide. Space-Time Dao Yu independently designs, develops, builds, and operates a global low-orbit satellite IoT constellation. From 2022 to 2025, through six consecutive successful launches, it has completed the deployment of constellation Phase I. As of now, Space-Time Dao Yu has 64 satellites in orbit (including experimental satellites). The reliability of all satellites in orbit is 100%, the network reliability is 100%, and it has achieved communication coverage for any location on Earth globally except the north and south poles.

According to the Tianyancha shareholder information, Space-Time Dao Yu’s controlling shareholder is Guangdong Space Exploration Technology Co., Ltd. (hereinafter referred to as “Space Exploration”), while Geely Technology Group holds 80% of its shares; the actual controller of Space-Time Dao Yu is Li Shufu.

Additionally, in the hot semiconductor sector, Geely Technology Group focuses on chip design and module innovation in the new energy field. By leveraging capabilities in chip design + product manufacturing + automotive-grade certification, it develops products such as automotive IGBT modules, SiC devices, photovoltaic inverter modules, and medium- and low-voltage MOS, providing high-performance power products and services for customers such as new energy vehicles, electric motorcycles, photovoltaics, energy storage, and robotics.

Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that both semiconductors and commercial space belong to high-tech fields strongly supported by national policies, with broad policy dividend benefits and significant market growth space. If large groups can lay out in advance, they can enjoy policy-level funding support and tax incentives, seize first-mover advantages in emerging tracks, cultivate new profit growth points, reduce dependence on traditional core businesses, and improve their companies’ diversification of development and ability to withstand risks.

Bai Wenxi, vice chairwoman of the China Enterprise Capital Alliance, further pointed out that power semiconductors are core components of new energy vehicle electronic control systems, while commercial space focuses on high-precision positioning and communication needs for vehicle networking and intelligent driving, helping to build an integrated “car-star-cloud” ecosystem.

Regarding related issues, a reporter from Beijing Business Today sent interview requests to Fengwo Co., Ltd. and Geely Holding Group, but as of the time of the reporter’s submission, no response from the companies had been received.

Beijing Business Today Ma Huanchuan Li Jiaxue