Produced by Leida Finance | Text by Zhou Hui | Edited by Meng Shuai

After receiving a 'lesson' from the 107 laid-off fresh graduates, the automotive lighting giant Xingyu Shares, valued at billions, has once again come under fire for multiple inaccuracies in its annual report disclosures.

On September 9, Xingyu Shares corrected the age information of its Vice Chairman and Deputy General Manager, Zhou Yuheng, which was mistakenly listed as 58 in its 2025 annual report. Born in December 1985, his actual age is 40.

Notably, the annual report also stated that the company's Chairman, Zhou Xiaoping, is 65 years old. Zhou Xiaoping and Zhou Yuheng are mother and son, meaning that based on the originally disclosed incorrect age, the age difference between the mother and son would appear to be only 7 years.

Moreover, errors were discovered in Xingyu Shares' annual reports for 2022, 2023, and 2024. These include the ages of three deputy general managers increasing by two years annually and an astonishing 2.44 trillion yuan reported as the total annual labor outsourcing remuneration.

On September 7, Xingyu Shares disclosed details and corrective actions regarding recent improper reassignments and layoffs. This announcement not only revealed the identity of the previously enigmatic 'Human Resources Director,' who had garnered significant external attention, but also imposed a one-year salary deduction on Zhou Xiaoping, who bears management responsibility.

However, as the actual controller of Xingyu Shares, Zhou Xiaoping may still reap substantial earnings through company dividends. iFinD data reveals that in 2025, for instance, Xingyu Shares' cash dividends amounted to 566 million yuan. Based on Zhou Xiaoping's shareholding ratio, she could have received over 270 million yuan last year.

The numerous controversies sparked by the layoff of fresh graduates have also cast a shadow over Xingyu Shares' journey towards an IPO on the Hong Kong Stock Exchange (HKEX). As early as August 14, Xingyu Shares had filed its Hong Kong listing with the China Securities Regulatory Commission, but to date, the company has yet to receive a specific hearing date.

Several individuals close to the HKEX confirmed to Jiemian News that the Listing Division of the HKEX has requested Xingyu Shares to provide supplementary explanations regarding this mass labor dispute, focusing on verifying whether the incident poses a significant compliance risk that was not disclosed in the prospectus.

Mother and Son with a Mere 7-Year Age Gap: Xingyu Shares' Annual Report Disclosures Repeatedly Plagued by Errors

Before fully recovering from the fallout of the fresh graduate layoff controversy, Xingyu Shares found itself back in the spotlight due to errors in its annual report disclosures.

On September 9, Xingyu Shares issued a 'Correction Announcement Regarding Typographical Errors in the 2025 Annual Report.'

The announcement revealed that, upon verification, the section '(I) Changes in Shareholdings and Remuneration of Current and Departed Directors and Senior Management During the Reporting Period' under 'III. Directors and Senior Management' in 'Section IV. Corporate Governance, Environment, and Society' of the company's annual report contained an incorrect age of 58 for Vice Chairman and Deputy General Manager Zhou Yuheng.

Xingyu Shares clarified that Zhou Yuheng was born in December 1985, making his actual age 40, a significant discrepancy from the age disclosed in the annual report.

The company noted in the announcement that these errors did not involve financial data, accounting items, or operational indicators in the periodic reports and would not substantially impact the authenticity, accuracy, or completeness of the company's disclosed periodic reports.

Xingyu Shares deeply apologized for any inconvenience caused to investors due to this correction and emphasized that the company would further strengthen the preparation and review of disclosure documents to enhance the quality of information disclosure.

Notably, when appointing Zhou Yuheng as Deputy General Manager in 2019, Xingyu Shares disclosed that Zhou Xiaoping, the company's chairman, and Zhou Yuheng are mother and son.

In the aforementioned 2025 annual report, Xingyu Shares disclosed Zhou Xiaoping's age as 65. If calculated based on the originally disclosed incorrect age, the age difference between the mother and son would appear to be only 7 years. This absurd and elementary error quickly drew the attention of regulatory authorities.

Later that day, the Shanghai Stock Exchange issued a 'Regulatory Work Letter Regarding Related Matters of Changzhou Xingyu Automotive Lighting Systems Co., Ltd.,' targeting the listed company, its directors, senior management, controlling shareholder, and actual controller.

Leida Finance noted that Xingyu Shares' 2024 annual report also contained information disclosure errors. In the section on labor outsourcing, the total annual remuneration paid by Xingyu Shares for labor outsourcing was reported as a staggering 2.44 trillion yuan, approximately 184 times the company's revenue for that year.

Additionally, Xingyu Shares' 2022 annual report disclosed that the ages of then-Deputy General Managers Zhou Yuheng, Lin Shudong, and Gao Peng (also Board Secretary) were 37, 44, and 39, respectively.

However, in the 2023 annual report a year later, the ages of these three individuals had changed to 39, 46, and 41, respectively, with each age increasing by two years annually.

According to other announcements disclosed by Xingyu Shares, Lin Shudong and Gao Peng were born in March 1978 and February 1983, respectively.

To date, Xingyu Shares has yet to provide explanations or corrections for the aforementioned erroneous information.

As of the close on September 11, Xingyu Shares' stock price was 71.68 yuan per share, having fallen over 50% from its year's high, with a total market capitalization of approximately 20.478 billion yuan.

'Human Resources Director' Identity Revealed: Chairman Faces One-Year Salary Deduction but Still Receives Substantial Dividends

The series of public controversies involving Xingyu Shares recently can be traced back to the recent layoff of fresh graduates. Despite issuing apologies on August 27 and September 2, Xingyu Shares failed to quell the public outcry.

After the incident was exposed, the Changzhou Human Resources and Social Security Bureau issued a notice on August 25 stating that Xingyu Shares had suspended the company's Human Resources Director.

However, an investigation by CNR found that the company's recent HKEX prospectus did not list a 'Human Resources Director' among its directors and senior management. Xingyu Shares then found itself embroiled in controversy over allegedly finding someone to 'take the blame' due to public pressure.

On September 7, Xingyu Shares issued an announcement on its official website, apologizing for the third time regarding the layoff of fresh graduates. In this apology, the identity of the 'Human Resources Director' finally 'surfaced.'

The announcement stated that Xingyu Shares decided to impose a one-year salary deduction on General Manager Zhou Xiaoping, who bears management responsibility, adjust the responsibilities of Deputy General Manager Li Shujun, who bears direct responsibility, and impose a six-month salary deduction, dismiss Human Resources Director Yu Zhiming (previously suspended), and demote and reassign Li Mei, the Head of the Human Resources Department.

According to iFinD information, Yu Zhiming was born in June 1965. From 1986 to 2005, he served as a technician and assistant engineer at Changzhou Lanxiang Machinery Factory, an engineer, Quality Control Office Director, and Assistant Factory Director at Changzhou Traction Motor Factory, and Deputy General Manager of Sales at Changzhou Jiashan Xinke Co., Ltd.

From 2005 to 2022, Yu Zhiming served as Deputy General Manager of Xingyu Shares, Board Secretary from November 2014 to April 2016, and a director since December 2014.

According to Xingyu Shares' 2025 annual report, Yu Zhiming resigned from his director position in April last year, and the annual report did not disclose any other positions he held in the company. Based on the above resume, Yu Zhiming had never served as the 'Human Resources Director' of Xingyu Shares.

Therefore, some netizens did not accept Xingyu Shares' disclosure of the 'Human Resources Director's' identity. Some questioned whether Yu Zhiming, now 61, had retired and whether he was still employed by the company, suggesting that this penalty might be a 'scapegoat.'

In response to external doubts, on September 8, a staff member from the Human Resources and Social Security Bureau of the Changzhou National High-Tech Industrial Development Zone (Xinbei District) told Nandou N Video, 'We investigated and found that Xingyu Shares has a Human Resources Director position, and Yu Zhiming is the company's Party Secretary and Human Resources Director.'

'However, the Human Resources Director position is not within the scope of external disclosure, so it was not announced. Additionally, Yu Zhiming is a retired rehire, which is why he is still employed at 61.'

Notably, many netizens were also dissatisfied with Xingyu Shares' penalty decision, considering it 'meaningless and too lenient, like scratching an itch.'

Xingyu Shares' 2025 annual report showed that Zhou Xiaoping received a total pre-tax remuneration of 1.1 million yuan from the company last year, meaning a one-year salary deduction will result in her losing this portion of income.

However, Tianyancha data shows that Zhou Xiaoping is the actual controller of Xingyu Shares, so she can still receive substantial earnings from the company's annual dividends.

Taking 2025 as an example, by the end of that year, Zhou Xiaoping directly held 120 million shares in the company, accounting for approximately 42% of the total share capital. Additionally, she indirectly held 6.19% through Changzhou Xingyu Investment Management Co., Ltd.

iFinD data shows that in 2025, Xingyu Shares' cash dividends amounted to 566 million yuan. Based on this estimate, Zhou Xiaoping could have received over 270 million yuan.

Unprecedented Delay in Listing Hearing: HKEX IPO Journey Takes a Turn

For Xingyu Shares, the layoff incident has triggered a series of chain reactions, and the company's Hong Kong listing journey has also become more uncertain due to this controversy.

In December last year, Xingyu Shares announced that to deepen its international strategic layout, enhance its global brand influence, actively leverage international capital markets to diversify financing channels, and support high-quality development, the company was planning to list in Hong Kong.

On August 14 this year, Xingyu Shares disclosed through an announcement that its Hong Kong listing had been filed with the China Securities Regulatory Commission.

According to Jiemian News, following the regular pace of HKEX IPOs, Xingyu Shares could have received a hearing schedule from the Hong Kong Stock Exchange within one to two weeks thereafter. However, nearly four weeks have passed since Xingyu Shares received its filing notification, and the company has yet to receive a specific hearing date.

Prior to this, media reports stated that some laid-off fresh graduates from Xingyu Shares had sent relevant complaint materials to the Hong Kong Stock Exchange's email address. After receiving the complaint emails, the Hong Kong Stock Exchange forwarded the materials to the Listing Division for review.

Several individuals close to the HKEX confirmed to Jiemian News that the Listing Division of the HKEX has requested Xingyu Shares to provide supplementary explanations regarding this mass labor dispute, focusing on verifying whether the incident poses a significant compliance risk that was not disclosed in the prospectus.

Jiemian News pointed out that Xingyu Shares' incident has transcended a simple labor dispute and evolved into a multi-faceted crisis involving ESG compliance and overseas client relationships.

In recent years, the Hong Kong Stock Exchange has continuously increased the weight of ESG in listing reviews, with labor rights, environmental protection, and corporate governance being key areas of scrutiny. Mass labor disputes represent a clear risk red line. Several companies planning to list have been required to provide supplementary disclosures due to labor compliance issues, and some have even delayed their listing processes.

For mainland Chinese manufacturing companies seeking to list in Hong Kong, labor compliance is no longer optional but a core factor affecting the success of their listings.

Zhou Jianbing, Chief Analyst at Guojin Securities, even stated bluntly, 'This incident has a direct impact on Xingyu Shares' Hong Kong listing, and a short-term listing is unlikely.'

Zhou Jianbing pointed out that the key to whether Xingyu Shares can list smoothly now depends on whether the Hong Kong Stock Exchange considers it a significant defect in corporate governance and issues an inquiry letter.

According to Xingyu Shares' semi-annual report, the company achieved revenue of 6.884 billion yuan in the first half of this year, with the growth rate slowing from 18.2% year-on-year in the same period last year to 1.87%. Net profit attributable to shareholders was 669 million yuan, down 5.26% year-on-year, with the growth rate turning negative, indicating initial signs of performance pressure.

Leida Finance will continue to monitor Xingyu Shares' subsequent developments.