Zhejiang Yongli Precision Manufacturing Co., Ltd.'s IPO application has been approved during the Beijing Stock Exchange's 33rd review meeting of 2026. The automotive shock absorber pipe fittings supplier has cleared the threshold for capital market entry, but what draws more attention than its business operations is its almost undisguised family structure.
Prior to this issuance, Wang Xinghai, Wang Xiaoyuan, Wang Yuanyuan, Wang Fangfang, Sun Shijun, and Shi Ge collectively control 95% of the company's voting rights. This proportion essentially represents absolute control over company operations and decision-making rather than mere majority ownership.
Founder Wang Xinghai, 77, still firmly holds 32.67% equity. Although he has stepped back from frontline management and only serves as a director, he remains the company's foundation. Surrounding him is a typical embedded family structure: daughter Wang Xiaoyuan serves as chairperson, another daughter Wang Yuanyuan heads the sales department, Wang Fangfang serves as deputy sales department head, while both sons-in-law hold core management positions—Sun Shijun as director and general manager, and Shi Ge as director and deputy general manager.
From equity to operations, this forms a complete and closed chain. Key positions within the company are not open to external professional managers but are filled through layered integration of family members and marital relations. While such structures are not uncommon in manufacturing, the 95% voting rights concentration in an IPO candidate appears particularly direct and unadorned.
The family network extends further. Ningbo Tuopu Group maintains connected transactions with Yongli Precision, and its actual controller Wu Jianshu is Wang Xinghai's brother-in-law. According to the 2025 Hurun Global Rich List, Wu Jianshu ranks 382nd with a fortune of 59 billion yuan, making him Ningbo's wealthiest individual. This indicates that Yongli Precision exists within a broader kinship capital network beyond being merely family-controlled.
Examining career trajectories reveals almost no trace of external professionals. Wang Xiaoyuan joined the company in 2009, rising from deputy sales head to chairperson; Wang Yuanyuan transitioned from banking into the company's sales system; Wang Fangfang advanced from administrative roles to management. Each path demonstrates internal circulation within a closed system.
This structure partly explains the company's development approach. Yongli Precision doesn't chase market trends or emphasize concepts, focusing instead on automotive shock absorber pipe fittings and serving clients including Tenneco, Mando, KYB, and Byd Company Limited. During the reporting period, the company held approximately 30% market share in shock absorber pipe fittings, with nearly 50% application in new energy vehicles. It resembles a long-term embedded "invisible supplier" within industrial chains rather than a capital-driven expansion enterprise.
Financial data confirms this pattern. From 2023 to 2025, the company recorded revenues of 508 million yuan, 568 million yuan, and 540 million yuan respectively, with net profits of 92.9483 million yuan, 94.806 million yuan, and 109 million yuan. While 2025 revenue decreased by 4.87%, net profit increased by 14.98% year-over-year. The IPO aims to raise 380 million yuan, primarily for chassis and steering system production capacity expansion, continuing existing development logic.
Ping An Insurance (Group) Company Of China, Ltd. serves as the IPO sponsor, with Zhang Jiawen and Zhang Xin as sponsoring representatives, marking Ping An Securities' first successful IPO project this year.
As a manufacturing enterprise with founders, children, and sons-in-law comprising the core control layer enters capital markets, it presents not a typical growth narrative but a more direct model where equity, operations, and family relationships highly overlap, with corporate boundaries almost identical to family boundaries.
Amid rapid new energy vehicle industry development, Yongli Precision has completed product application structure transformation while gaining capital market access. Beyond this path, the company more clearly demonstrates how it centers around a family to establish a stable, closed control system, transplanting this structure unchanged into the listed company framework.
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