New stock news | Shuanglin Co., Ltd. (300100.SZ) submits application to Hong Kong Stock Exchange again, specializing in manufacturing automotive transmission and drivetrain components.

According to the disclosure of the Hong Kong Stock Exchange on March 26, Shuanglin Co., Ltd. (referred to as Shuanglin Co., Ltd. (300100.SZ)) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and GF SEC as joint sponsors. The company submitted its application to the Hong Kong Stock Exchange on September 24, 2025. Company Profile The prospectus shows that Shuanglin Co., Ltd. is a manufacturer of transmission drive components, providing high-quality products to the global automotive market, such as transmission drive components, including transmission assemblies, new energy drive systems, hub bearing components, and interior and exterior finishes. According to Frost & Sullivan data, based on revenue in 2024, the company was the largest supplier of automotive seat HDM in China, with a market share of 32.8%; the third largest supplier of hub bearing in China, with a market share of 6.9%; and the largest company in China's new energy vehicle drive systems market, with a market share of 9.5%. In terms of product portfolio, the company's products mainly include transmission drive components and interior and exterior finishes. The company considers its interior and exterior finishes business as its core business, with transmission drive components as a strategic focus, including transmission assemblies, new energy drive systems, and hub bearing components. Transmission drive components cover core systems that achieve power conversion, motion control, and vehicle dynamics. The company's transmission components convert motor power for linear motion used in seat adjustment, and achieve precise power transmission through flexible shafts and intelligent control algorithms. HDM, hub bearings, and new energy drive systems are branches of the overall automotive components market, with market shares in China of 0.03%, 0.3%, and 0.4% in 2022, 2023, and 2024 respectively. Through technological homogeneity and process compatibility, the company has also expanded its product range to include key components used in humanoid Siasun Robot & Automation and low-altitude economy drive systems, but these products have not yet been commercialized. As of December 31, 2025, the company operates 20 production facilities in China, including factories in Zhaoqing, Qingdao, Linyi, Jining, Wuhu, Wuxi, Ningbo, Shanghai, Tianjin, Chongqing, Suzhou, Liuzhou, Xinyin, Xiangyang, and Jingzhou. In addition, the company is localizing production through facilities in Thailand to expand overseas capacity. The company's customers mainly come from the automotive manufacturing industry, including automobile manufacturers, auto parts manufacturers, and wholesalers. For the fiscal years ending December 31, 2023, 2024, and 2025, revenue from the top five customers accounted for approximately 52.9%, 56.5%, and 51.6% of total revenue for each respective period. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 4.139 billion, RMB 4.91 billion, and RMB 5.484 billion, respectively. Profit For the fiscal years 2023, 2024, and 2025, the company recorded annual profits of approximately RMB 81.938 million, RMB 4.98 billion, and RMB 5.03 billion, respectively. Gross Profit Margin For the fiscal years 2023, 2024, and 2025, the company's corresponding gross profit margins were 16.5%, 17.3%, and 20.3%, respectively. Industry Overview Market Size of the Automotive Components Industry The sales of automotive components in China increased from RMB 3.9774 trillion in 2020 to RMB 4.8333 trillion in 2024, with a compound annual growth rate of 5.0%. It is expected that the market size of automotive components in China will further increase to RMB 5.9659 trillion in 2029, with a compound annual growth rate of 4.5% from 2025 to 2029. With the continuous increase in sales and market penetration of Shanxi Guoxin Energy Corporation automobiles, the demand for higher quality, higher performance, and more intelligent automotive components is increasing. The dual growth of sales and value of automotive components is driving the rapid expansion of the entire market. HDM is mainly installed in the sliding rails at the bottom of car seats to achieve automatic adjustment of the front and rear positions of electric car seats, mainly consisting of a series of precision worm and worm wheel nut threads. Automotive seat HDM accounts for 0.03% of the total Chinese automotive components market. The sales of automotive seat HDM in China increased from RMB 800 million in 2020 to RMB 1.4 billion in 2024, with a compound annual growth rate of 15.3%. It is expected that the Chinese automotive seat HDM market will further increase to RMB 1.9 billion in 2029, with a compound annual growth rate of 5.4% from 2025 to 2029. Automotive hub bearing units are important safety components of automobiles, mainly responsible for bearing weight and providing precise guidance for hub rotation. Automotive hub bearings account for 0.3% of the total Chinese automotive components market. The sales of automotive hub bearings in China increased from RMB 12.2 billion in 2020 to RMB 14.4 billion in 2024, with a compound annual growth rate of 4.2%. It is expected that the Chinese automotive hub bearing market will further increase to RMB 16.1 billion in 2029, with a compound annual growth rate of 2.1% from 2025 to 2029. In 2024, the demand for electric drive systems in Shanxi Guoxin Energy Corporation automobiles was RMB 90.3 billion, accounting for 67.6% of the global market share. It is expected to reach RMB 215.3 billion in 2029, with a compound annual growth rate of 15.7% from 2025 to 2029. New energy systems for small electric vehicles account for 0.4% of the total Chinese automotive components market. In 2024, the sales of new energy systems for small electric vehicles in China were RMB 17.6 billion. It is expected to reach RMB 44.1 billion in 2029, with a compound annual growth rate of 18.7% from 2025 to 2029. Automotive Interior and Exterior Market The sales of the global automotive interior and exterior market increased from RMB 544 billion in 2020 to RMB 688.7 billion in 2024, with a compound annual growth rate of 6.1%. It is expected that the global automotive interior and exterior market will further increase to RMB 755.8 billion in 2029, with a compound annual growth rate of 1.7% from 2025 to 2029. Board of Directors Information The board of directors consists of 10 directors, including 4 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Directors have a term of 3 years and can be re-elected, with the cumulative term of independent non-executive directors not exceeding 6 years. Equity Structure As of March 18, 2026, Shuanglin Group directly held 44.43% of the company's issued shares, with Mr. Wu Jianbin and Ms. Wu Weijing directly holding approximately 4.49% and 0.03% of the issued shares, respectively. Shuanglin Group is held by Ningbo Zhiyuan and Ninghai Baolai with 57.14% and 42.86% respectively. Ningbo Zhiyuan is held by Mr. Wu Jianbin (executive director and chairman and general manager of the company), Ms. Wu Weijing (non-executive director and sister of Mr. Wu Jianbin), and Ms. Wu Xiaojing (sister of Mr. Wu Jianbin) holding 90%, 5%, and 5% respectively. Ninghai Baolai is held by Mr. Wu Jianbin, Ms. Wu Weijing, and Ms. Wu Xiaojing holding 90%, 5%, and 5% respectively. Therefore, the controlling shareholders collectively have the right to exercise approximately 48.95% of the voting rights. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, GF Securities (Hong Kong) Co., Ltd. Company Legal Adviser: Hong Kong and U.S. Law: Jia Yuan LLP; Chinese Law: Jingtian & Gongcheng Law Firm Joint Sponsors' Legal Adviser: Hong Kong and U.S. Law: Gallant Law Firm; Chinese Law: Jingtian Gongcheng Law Firm Auditors and Reporting Accountants: KPMG Independent Industry Consultants: Frost & Sullivan (Beijing) Consultancy Co., Ltd. Shanghai Branch Compliance Adviser: SOMERLEY CAP Limited