[In Memoriam] Sudden tragic news! Founder of a billion-dollar lighting company passes away

On February 11, Changzhou Xingyu Automotive Lighting Co., Ltd. (Stock Short Name: Xingyu Shares Stock Code: 601799) issued the 'Announcement on the Passing of an Ally of the Actual Controller'.

星宇股份董事会沉痛公告，公司收到实际控制人的一致行动人周八斤先生的家属通知，周八斤先生于近日逝世，享年90岁。

According to the Xingyu Shares announcement, Mr. Zhou Bajin directly holds 34,915,307 shares of Xingyu Shares, accounting for 12.22% of the total share capital of Xingyu Shares, and is the father and ally of Ms. Zhou Xiaoping, the controlling shareholder and actual controller of Xingyu Shares. As of the date of this announcement, Ms. Zhou Xiaoping and her allies, Mr. Zhou Bajin and Changzhou Xingyu Investment Management Co., Ltd., together hold 155,111,627 shares of Xingyu Shares, accounting for 54.30% of the total share capital of Xingyu Shares.

Xingyu Shares stated that Mr. Zhou Bajin is not a current director, supervisor, or senior executive of the company. Mr. Zhou Bajin's passing will not affect the company's production and operations. Currently, the company's directors, supervisors, and senior executives are performing their duties normally, and the company's production and business operations are proceeding normally. In addition, the company will fulfill its information disclosure obligations in accordance with the share inheritance situation of Mr. Zhou Bajin and relevant laws and regulations. This inheritance matter will not result in a change in the company's control.

It is understood that Mr. Zhou Bajin and Ms. Zhou Xiaoping were the main initiators of Xingyu Shares, and they have a father-daughter relationship. Since the establishment of Xingyu Shares, Ms. Zhou Xiaoping has always served as the chairman and general manager of the company, while Mr. Zhou Bajin once served as the chairman of the first supervisory board, but has not held any position at Xingyu Shares since then.

Deeply Remembering

Xingyu Shares stated in the announcement: " As one of the founders of the company, Mr. Zhou Bajin guarded and selflessly dedicated himself throughout his life, making outstanding contributions to the construction and development of the company. The company's directors, supervisors, senior executives, and all employees pay high respect and sincere gratitude to Mr. Zhou Bajin, express deep sorrow for his passing, and offer heartfelt condolences to Mr. Zhou Bajin's family. "

The departure of Mr. Zhou Bajin brings grief to the industry. As one of the main initiators of Xingyu Shares, his life was closely linked with Xingyu Shares, jointly writing a magnificent chapter of struggle. His pioneering spirit and steadfast character are deeply imprinted in the corporate culture of Xingyu Shares and among lighting professionals. Let us carry forward his spirit with full respect, transform it into light, and continue to forge ahead. Here, we pay the highest respect to this respected predecessor and offer our deepest condolences to the family of Mr. Zhou Bajin.

Tribute and Remembrance!

Reviewing Zhou Bajin's career, as early as 1993, Zhou Bajin and his daughter, Zhou Xiaoping, the current Chairman and General Manager of Xingyu Shares, jointly established a small enterprise — Wujin Xingyu Headlight Factory. At that time, Zhou Bajin served as the factory director, while Zhou Xiaoping was responsible for sales. In 1997, Xingyu Headlight Factory underwent restructuring; Zhou Xiaoping and her father bought out the shares from the school, turning Wujin Xingyu Headlight Factory into a purely private enterprise. Through the joint efforts of the father and daughter, this small headlight factory gradually grew and developed, eventually becoming one of the leaders in China's headlight industry. In 2011, Xingyu Shares went public on the Shanghai Stock Exchange.

Data shows that Xingyu Shares focuses on the design, development, manufacturing, and sales of automotive (mainly passenger car) headlights and electronic products. It is a leading comprehensive solution provider and assembly manufacturer of automotive headlights in China. Products mainly include automotive headlights, rear combination lamps, fog lights, daytime running lights, interior lights, ambient lights, etc.

The company's clients include Volkswagen Group, FAW-Volkswagen, SAIC Volkswagen, Daimler, Beijing Benz, BMW Group, Brilliance BMW, General Motors, SAIC-GM, FAW Toyota, GAC Toyota, Nissan Motor Co., Ltd., Dongfeng Nissan, GAC Honda, Dongfeng Honda, FAW Hongqi, Chery Automobile, Geely Automobile, Seres, Li Auto, NIO, XPeng Motors, and a well-known international new energy vehicle manufacturer, among many other domestic and international automobile manufacturers.

In 2023, Xingyu Shares achieved a historic breakthrough in revenue, reaching 10.248 billion yuan, officially entering the 10-billion-yuan club of China's lighting industry. In the same year, the net profit attributable to shareholders was 1.102 billion yuan, an increase of 17.07% compared to 2022. In the first three quarters of 2024, Xingyu Shares continued to show sustained growth, achieving revenue of approximately 9.225 billion yuan, a year-on-year increase of 27.48%; net profit attributable to shareholders of the listed company reached approximately 977 million yuan, a year-on-year increase of 25.02%.

It is also worth noting that Mr. Zhou Bajin and his family were included in the 2022 Forbes Global Billionaires List, ranking 778th with a net worth of $3.8 billion at that time.