Automotive parts leader "Shuanglin Co., Ltd." files for listing on the Hong Kong Stock Exchange, planning to "re-list" in Hong Kong after A-shares.

Source: Live Report

On March 26, 2026, Shuanglin Co., Ltd. submitted its 2nd listing prospectus to the Hong Kong Stock Exchange, intending to list on the Main Board of the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities and GF Securities. The company had previously submitted a listing prospectus to the Hong Kong Stock Exchange on September 24, 2025.

The company was listed on the ChiNext board of the Shenzhen Stock Exchange in 2010, with the code: 300100.SZ. As of the close on March 27, the company’s latest market value was 17.508 billion yuan.

The company is a manufacturer of transmission-driven components. In 2024, revenue was 4.91 billion yuan, net profit was 498 million yuan, and gross margin was 17.25%; in 2025, revenue was 5.484 billion yuan, net profit was 503 million yuan, and gross margin was 20.3%.

The company is a manufacturer of transmission-driven components. With strong innovation and manufacturing capabilities, the company provides high-quality products to the global automotive market, such as (i) transmission-driven components, including transmission components, new energy drive systems, and wheel bearing components; and (ii) interior and exterior trims.

According to information from Frost & Sullivan, based on 2024 revenue:

The company is (i) China’s largest supplier of automotive seat HDM, with a market share of 32.8%; (ii) China’s third-largest supplier of wheel bearing, with a market share of 6.9%; and (iii) China’s largest company in the new energy drive system market for new energy vehicles, with a market share of 9.5%.

The company’s products mainly include transmission-driven components and interior and exterior trims. Among them, the transmission-driven components business is the company’s strategic focus, including transmission components, new energy power systems, and wheel bearing components.

As of December 31, 2025, the company operates 20 production facilities in China, including plants located in Zhaoqing, Qingdao, Linyi, Jining, Wuhu, Wuxi, Ningbo, Shanghai, Tianjin, Chongqing, Suzhou, Liuzhou, Shenyang, Xiangyang, and Jingzhou. In addition, the company is localizing production at facilities in Thailand to expand overseas production capacity. During the periods in the performance record, the company established two production plants in Thailand. This facility has a total of six production lines, supporting localized production.

The company’s revenue mainly comes from the sales of (i) transmission-driven components and (ii) interior and exterior trims. Revenue from sales of transmission-driven components comes from (i) transmission components, (ii) wheel bearing components, and (iii) new energy drive systems. During the periods in the performance record, the vast majority of the company’s revenue came from sales of transmission-driven components and interior and exterior trims.

Financial Performance

For the three years ended December 31, 2025:

Revenue was approximately RMB 4.139 billion, RMB 4.910 billion, and RMB 5.484 billion, respectively, with 2025 year-over-year +11.67%;

Gross profit was approximately RMB 684 million, RMB 847 million, and RMB 1.113 billion, respectively, with 2025 year-over-year +31.42%;

Net profit was approximately RMB 82 million, RMB 498 million, and RMB 503 million, respectively, with 2025 year-over-year +1.13%;

Gross margin was 16.52%, 17.25%, and 20.30%, respectively;

Net profit margin was 1.98%, 10.13%, and 9.18%, respectively.

Industry Overview

According to Frost & Sullivan’s report, China’s automotive parts sales increased from RMB 397.74 billion in 2020 to RMB 483.33 billion in 2024, with a CAGR of 5.0%. During the forecast period, China’s automotive parts market size is expected to further increase to RMB 596.59 billion in 2029, with a CAGR of 4.5% from 2025 to 2029.

The sales of China’s automotive seat HDM market increased from RMB 0.8 billion in 2020 to RMB 1.4 billion in 2024, with a CAGR of 15.3%. During the forecast period, the China automotive seat HDM market is expected to further increase to RMB 1.9 billion in 2029, with a CAGR of 5.4% from 2025 to 2029.

Competition in the global automotive seat HDM market is relatively concentrated. In 2024, the top five automotive seat HDM suppliers in the global automotive seat HDM industry accounted for approximately 80.4% of the global total market share. In the global automotive seat HDM industry, the Company ranked second by sales revenue, with a market share of 15.1% in 2024.

The Company has ranked first consecutively for three years in 2022, 2023, and 2024 among suppliers of China automotive seat HDM.

Directors and Senior Management

The company’s board of directors consists of ten directors, including four executive directors, two non-executive directors, and four independent non-executive directors.

In the shareholders’ structure prior to the company’s Hong Kong listing:

Wu Jianbin directly held 4.49%, and Wu Weijing directly held 0.03%. In addition, the three individuals indirectly held 44.43% through Shuanglin Group. Among them, Wu Jianbin, Wu Weijing, and Wu Xiaojing respectively held 90%, 5%, and 5% of Shuanglin Group. The three are acting in concert and collectively control 48.95% of the company’s shares, making them the controlling shareholders of the company; the remaining 51.05% is held by A-share shareholders.

According to LiveReport big data statistics, Shuanglin’s intermediary team comprises a total of 9 firms, including 2 sponsor firms. Data performance of sponsor projects for the past 10 instances is average; the company’s law firms total 2, and the comprehensive project data performance needs improvement. Overall, the historical data performance of the intermediary team is fairly satisfactory.

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