80-year-old jiangsu tycoon passes away, wife gives up inheritance rights, divides over 2 billion yuan shares equally between son and daughter

On the evening of December 3rd, Xinquan Co., Ltd. announced that the actual controller, Mr. Tang Aoqi, passed away on October 26, 2025. Of the 51% equity he held in Xinquan Investment, 50% belongs to his spouse, and the other 50% is considered inheritance.

Due to Ms. Zhu Yuqin's renunciation of her inheritance rights, Mr. Tang Zhihua and Ms. Tang Meihua jointly inherit Mr. Tang Aoqi's estate, with Mr. Tang Zhihua inheriting 12.75% of the equity in Xinquan Investment and Ms. Tang Meihua inheriting 12.75% of the equity in Xinquan Investment.

At the same time, Ms. Zhu Yuqin will transfer 51% of her shares in Xinquan Investment to Mr. Tang Zhihua and Ms. Tang Meihua as a gift. After this equity change, the actual controller of the company will be changed to Mr. Tang Zhihua.

It is worth noting that the 54-year-old Tang Zhihua and his father Tang Aoqi are both founders of the company and have long served as the chairman and general manager of Xinquan Shares.

The wife waives the right of inheritance.

Divide shares worth over 2 billion yuan equally among the children.

Before this equity change, the actual controllers of Jiangsu Xinquan Automotive Trim Co., Ltd. (hereinafter referred to as "the company" or "Xinquan") were Mr. Tang Aoqi and his son Mr. Tang Zhihua.

Before this equity change, the company's controlling shareholder, Jiangsu Xinquan Zhihe Investment Co., Ltd. (hereinafter referred to as "Xinquan Investment"), along with its persons acting in concert, Tang Zhihua and Tang Meihua (daughter of Mr. Tang Aoqi and sister of Tang Zhihua), held 127.1536 million shares, 44.3241 million shares, and 9.0537 million shares of the company respectively, totaling 180.5314 million shares; the shareholding percentages were 24.93%, 8.69%, and 1.77% respectively, with a combined shareholding percentage of 35.39%.

The controlling shareholder of the company, Xinquan Investment, has a shareholding structure where Tang Aoqi holds 51% and Tang Zhihua holds 49%.

Before this equity change, the equity control relationship of the company's controlling shareholder, actual controller, and their persons acting in concert is shown in the diagram below:

One of the actual controllers of the company, Mr. Tang Aoqi, passed away on October 26, 2025, in this equity change situation. According to the relevant provisions of the Civil Code and the notarization issued by the Changzhou Notary Office in Changzhou, Jiangsu Province, People's Republic of China, on December 3, 2025, (2025) Su Chang Changzhou Notary Certificate No. 17074, the specific situation is as follows:

Mr. Tang Aoqi holds 51% of the shares in Xinquan Investment, which belongs to the community property of the couple. Among these, 50% (i.e., 25.5% of Xinquan Investment) belongs to his spouse, Ms. Zhu Yuqin; the remaining 50% (i.e., another 25.5% of Xinquan Investment) is part of Mr. Tang Aoqi's estate and should be jointly inherited by his legal heirs, Ms. Zhu Yuqin, Mr. Tang Zhihua, and Ms. Tang Meihua.

Due to Ms. Zhu Yuqin's voluntary waiver of her inheritance rights, Mr. Tang Zhihua and Ms. Tang Meihua, as legal heirs, jointly inherit Mr. Tang Aoqi's estate (25.5% equity in Xinquan Investment), with Mr. Tang Zhihua inheriting 12.75% equity in Xinquan Investment and Ms. Tang Meihua inheriting 12.75% equity in Xinquan Investment.

Ms. Zhu Yuqin has gratuitously gifted the equity belonging to her in the jointly owned property (51% equity of Xinquan Investment registered under Tang Aoqi's name) to Mr. Tang Zhihua and Ms. Tang Meihua; among them, Ms. Zhu Yuqin gifted 12.75% equity of Xinquan Investment to Mr. Tang Zhihua and 12.75% equity of Xinquan Investment to Ms. Tang Meihua.

After this equity change, the actual controller of the company has changed from Mr. Tang Aoqi and Mr. Tang Zhihua to Mr. Tang Zhihua. Following this equity change, Mr. Tang Zhihua directly holds 44.3241 million shares of the company, accounting for 8.69% of the company's total share capital, and indirectly holds 18.57% of the company's total share capital through Xinquan Investment, with a combined total holding of 27.26% of the company's total share capital. Ms. Tang Meihua directly holds 9.0537 million shares of the company, accounting for 1.77% of the company's total share capital, and indirectly holds 6.36% of the company's total share capital through Xinquan Investment, with a combined total holding of 8.13% of the company's total share capital.

After this equity change, the equity structure of Xinquan Investment is as follows: Mr. Tang Zhihua and Ms. Tang Meihua hold 74.50% and 25.50% of the shares, respectively. After this equity change, the equity control relationship of the company's controlling shareholders, actual controllers, and persons acting in concert is shown in the following diagram.

Xinquan Co., Ltd. stated that this equity change does not lead to a change in the company's controlling shareholder. The actual controller of the company has changed from Mr. Tang Aoqi and Mr. Tang Zhihua to Mr. Tang Zhihua. Additionally, this equity change will not result in changes to the company's main business structure, will not have a significant impact on the company's daily production and business activities or financial status, will not cause changes in company management, will not affect the independence of the listed company's personnel, finances, and assets, and does not harm the interests of minority investors.

The equity change still needs to complete the industrial and commercial change registration procedures for the controlling shareholder, Xinquan Investment.

80-year-old founder passes away

当年借村民卖猪的4000元创业

On October 27th, Xinquan Co., Ltd. announced that the company received notification from the family of Tang Aoqi, one of the company's founders and actual controllers, stating that Tang Aoqi passed away on October 26th, 2025, at the age of 80.

The announcement shows that Tang Aoqi founded Xinquan Co., and after more than forty years of dedication to the automotive industry, he devoted his life to the development of Xinquan Co., making outstanding contributions to the establishment, growth, and expansion of the company.

The resume shows that Tang Aoqi was born in 1945 and ventured into business in 1982, becoming one of the earliest entrepreneurs in Jiangsu after the reform and opening up. It is introduced that in 1982, Tang Aoqi took over three tractor rooms allocated by the village at that time, borrowed 4,000 yuan from villagers who sold pigs, and started his entrepreneurial journey. Starting from a small workshop, he embarked on the path of entrepreneurship, braving the storms.

In 1993, Tang Aoqi and his son Tang Zhihua founded the predecessor of Xinquan Co., Ltd. Today, Xinquan Co., Ltd. is one of the top 20 industrial sales and tax-paying enterprises in Danyang City, Jiangsu Province. The company was listed on the Shanghai Stock Exchange main board in 2017 and is recognized as one of the top hundred excellent automotive parts suppliers in the country.

Xinquan Co., Ltd. was established on April 28, 2001, specializing in the design, manufacturing, and sales of automotive interior and exterior trim system components and molds; self-operating and agency services for the import and export of various goods and technologies.

Currently, the company has 26 domestic subsidiaries and 5 overseas subsidiaries. At present, Xinquan Co., Ltd. has entered the ranks of the top tier automotive interior suppliers in China, establishing good cooperative relationships with the top five domestic medium and heavy truck companies such as FAW Jiefang, BAIC Foton, Shaanxi Heavy Duty Truck, China National Heavy Duty Truck, Dongfeng Motor, as well as automakers like Geely Automobile, Chery Automobile, Shanghai Automotive, Jiangling Ford, FAW-Volkswagen, Shanghai Volkswagen, GAC Group, BYD, Great Wall Motors, Changan Ford, NIO, and Li Auto.

In terms of performance, in the first half of 2025, Xinquan Co., Ltd.'s operating revenue increased by 21.01% year-on-year to 7.459 billion yuan, net profit attributable to the parent company increased by 2.80% year-on-year to 422 million yuan, and net profit after deducting non-recurring items increased by 1.20% year-on-year to 415 million yuan.

As of the close on December 3rd, the stock price of Xinquan Co., Ltd. was 68.4 yuan, an increase of over 60% for the year, with a total market value of 34.894 billion yuan.