After a previous unsuccessful attempt, Fu Xiaoqing is leading Hangzhou Tengli Transmission Technology Co., Ltd. (hereinafter referred to as "Tengli Transmission") in another bid for an IPO, with the company's ChiNext listing application recently accepted. Behind this renewed push for an A-share listing, Tengli Transmission conducted substantial dividend payouts in 2023, 2024, and the first half of 2025, totaling 88.4205 million yuan, while also planning to raise funds to supplement working capital. Furthermore, Tengli Transmission's "family-style" IPO is prominent, as the company's actual controller and their parties acting in concert collectively control nearly 90% of the voting rights.
The Shenzhen Stock Exchange website shows that Tengli Transmission's ChiNext IPO application was accepted on December 26th.
According to the prospectus, Tengli Transmission was established in 2010 and is primarily engaged in the R&D, production, and sales of key automotive transmission system parts and their assemblies. Parts products mainly include cages and intermediate shafts, among other key components, while transmission system assemblies include constant velocity drive shaft assemblies and propeller shaft assemblies.
It is worth noting that this marks Tengli Transmission's second attempt to list on the ChiNext board. Reviewing the previous IPO attempt, the company's application was accepted on April 27, 2023, and entered the inquiry stage on May 26 of the same year. After undergoing three rounds of inquiry, the company withdrew its listing application on July 20, 2024, halting its initial attempt.
Behind this renewed IPO effort, Tengli Transmission's performance has shown steady growth. Financial data indicates that for 2022, 2023, 2024, and the first half of 2025, Tengli Transmission's revenue was approximately 510 million yuan, 606 million yuan, 619 million yuan, and 378 million yuan, respectively. The corresponding net profit attributable to shareholders was approximately 65.9101 million yuan, 83.1635 million yuan, 83.9265 million yuan, and 48.3165 million yuan, respectively.
Notably, in 2023, 2024, and the first half of 2025, Tengli Transmission's dividend payouts were approximately 33.684 million yuan, 35.3682 million yuan, and 19.3683 million yuan, respectively, totaling about 88.4205 million yuan. Alongside these cash dividends, Tengli Transmission plans to allocate 80 million yuan of the raised funds to supplement working capital.
Regarding the use of proceeds, Tengli Transmission aims to raise approximately 684 million yuan. After deducting issuance expenses, the funds are intended for investment in the Constant Velocity Drive Shaft and Parts Production Base Construction Project, the Automotive Parts Production Base Upgrade and Renovation Project, the R&D Center Construction Project, and to supplement working capital.
Compared to the previous IPO attempt, Tengli Transmission has added the "Automotive Parts Production Base Upgrade and Renovation Project" to this round of fundraising projects, while the total targeted fundraising amount has also increased from 429 million yuan to 684 million yuan.
Tengli Transmission's "family-style" IPO has consistently been a key focus of market attention.
In terms of control, Fu Xiaoqing directly holds 57.18% of Tengli Transmission's shares, holds a 75% stake in Hangzhou Tongli Equity Investment Partnership (Limited Partnership) (hereinafter "Tongli Investment") and serves as its executive partner, thereby controlling 7.13% of the company's shares through Tongli Investment. In total, he controls 64.3% of the company's voting rights. Fu Xiaoqing's elder sister, Fu Xiaoyan, directly holds a 10% stake in the company. Through her 25% stake in Tongli Investment, she indirectly holds a 1.78% stake, resulting in a total direct and indirect holding of 11.78%. Fu Xiaoyan's spouse, Jiang Nan, directly holds a 15% stake in the company. These two individuals are considered parties acting in concert with the actual controller.
Calculations show that Fu Xiaoqing, Fu Xiaoyan, and Jiang Nan collectively control nearly 90% of the company's voting rights.
Their resumes indicate that Fu Xiaoqing, born in November 1975, serves as Chairman, General Manager, and is a core technical personnel member. Fu Xiaoyan, born in June 1971, currently holds the positions of Director and Assistant General Manager. Jiang Nan, born in October 1970, currently serves as a Director and Deputy General Manager of Tengli Transmission.
Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, stated that when a controlling family collectively holds a high proportion of voting rights in an IPO company, there is a potential risk of improper control.
Another point of note is that Tengli Transmission highlighted a risk in its prospectus regarding potential administrative penalties due to exceeding the permitted ratio of labor dispatch workers.
Specifically, at the end of 2024, the number of Tengli Transmission's labor dispatch workers exceeded 10% of its total workforce, which does not comply with the relevant provisions of the "Interim Provisions on Labor Dispatch."
Tengli Transmission stated that it has undertaken corresponding rectifications, converting suitable labor dispatch personnel to formal employees with signed labor contracts, and will further increase the recruitment of formal employees. Since January 2025, the company has not experienced a situation where the proportion of labor dispatch workers exceeds 10%.
Furthermore, the actual controller, Fu Xiaoqing, has issued a commitment letter, promising to unconditionally bear any losses, fines, and related expenses associated with the labor dispatch issue and to ensure that Tengli Transmission's business will not be adversely affected.
Regarding company-related inquiries, a reporter sent an interview request to Tengli Transmission, but as of the time of writing, no response had been received from the company.
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