From an ordinary worker to a billionaire worth 6.9 billion yuan, the boss of a company supplying parts to NIO and Tesla is going public.

How did a sino-foreign joint venture automotive parts enterprise on the verge of bankruptcy transform into a core supplier for new energy giants like Tesla and NIO within 20 years?

Recently, Shanghai Yousheng Aluminum Co., Ltd. (hereinafter referred to as "Yousheng Co., Ltd.") has made further progress on its path to going public. The Shanghai Stock Exchange plans to review Yousheng Co., Ltd.'s listing application on June 20. The wealth story of Luo Shibing, the actual controller behind it, is particularly eye - catching. From taking over a struggling enterprise with 420,000 yuan in 2003 to seeing his shareholding value soar to 6.9 billion yuan today, this "technical - oriented" general manager's comeback coincides with the golden decade of China's new energy vehicle boom.

However, behind the impressive customer list (including Tesla, NIO, and GAC) and high - growth performance, there are still hidden concerns on Yousheng Co., Ltd.'s IPO path: 10 institutional shareholders were suddenly introduced within 12 months before the application, and there are gambling agreements; the actual controller once received payments through a personal account and even used company funds to pay tuition fees for his children; a single customer, Tesla, contributes over 30% of the revenue, highlighting the risk of over - dependence...

Tesla and NIO are major customers, with annual revenue approaching 4 billion yuan

How much does it cost to replace a Tesla bumper? According to official data, in the Chinese market, replacing the rear bumper of a Model 3 costs about 4,000 yuan.

As the outermost covering part of a car, the bumper is undoubtedly more likely to be damaged. Therefore, whether it's for original factory installation or repair and replacement, bumper parts are a lucrative business. Yousheng Co., Ltd. mainly focuses on the new energy vehicle field. Its main products include threshold beams, battery trays, sub - frames, and bumpers and other series of automotive parts.

Source: "Prospectus"

In the automotive industry, parts suppliers are divided into different levels, forming a pyramid - shaped structure of division of labor among vehicle manufacturers, first - tier parts suppliers, second - tier parts suppliers, and third - tier parts suppliers.

A higher level naturally means a higher "gold content". Among them, vehicle manufacturers are at the top of the pyramid; first - tier suppliers supply directly to vehicle manufacturers and also participate in the product design and development of vehicle manufacturers, with a relatively high degree of participation in the vehicle manufacturing process; second - tier suppliers mainly provide supporting products to first - tier suppliers; third - tier suppliers are at the bottom of the automotive parts supply system and are relatively small in scale.

Yousheng Co., Ltd. is a first - tier automotive supplier for well - known domestic and foreign vehicle manufacturers such as Tesla, GAC Group, NIO, BAIC New Energy, and Geely Group, as well as well - known enterprises such as Gestamp and Faway Group.

Among them, NIO, GAC Group, BAIC New Energy, and Tesla have been among Yousheng Co., Ltd.'s top five customers for many years. Many of Yousheng Co., Ltd.'s main products are installed in well - known models. For example, NIO ES6, ES8, Tesla Model Y, Model 3, Li Auto L7, L8, L9 series, Hongqi HS5, ARCFOX Alpha S, T, etc.

Source: "Prospectus"

Yousheng Co., Ltd. started cooperating with Tesla in 2020, and since then, the revenue from Tesla has increased rapidly, accounting for nearly 30%. The "Prospectus" shows that from 2022 to 2024, the revenue of Yousheng Co., Ltd. from Tesla was 475 million yuan, 704 million yuan, and 650 million yuan respectively, accounting for 20.2%, 24.23%, and 16.44% of the total revenue respectively.

"The company is an important domestic supplier of new energy vehicle aluminum alloy parts and has established long - term and stable cooperative relationships with leading global new energy vehicle manufacturers and well - known first - tier parts suppliers. At the same time, with its advanced technology and large - scale supply capacity, the company continuously expands new customers in the new energy vehicle field. It established cooperative relationships with leading industry customers in 2022 and 2023 respectively, and there is no situation of over - dependence on major customers." Yousheng Co., Ltd. said.

Thanks to the rapid development of the new energy industry, the revenue and net profit of Yousheng Co., Ltd. have also increased rapidly. From 2022 to 2024, it achieved revenues of 2.35 billion yuan, 2.905 billion yuan, and 3.95 billion yuan respectively. The net profit in 2022 was 233 million yuan, increased to 321 million yuan in 2023, and further increased to 405 million yuan in 2024.

Companies like Shanshan and Fortune Capital invested, and there were gambling agreements before the IPO

The company's outstanding performance has made Yousheng Co., Ltd. a favorite among capital investors.

The "Prospectus" shows that Yousheng Co., Ltd. went through multiple rounds of financing before the IPO. Fortune Capital, Electric & Broadcast Media (000917.SZ), Shanshan Co., Ltd. (600884.SH) and other companies all invested and became shareholders. In the twelve months before the application, 10 new shareholders were added.

Source: "Prospectus"

In September 2020, Jinpu Lingang Fund and Jinpu Kechuang Fund increased the registered capital of Yousheng Co., Ltd. by 8.4 million yuan and 3.6 million yuan at a price of 70 million yuan and 30 million yuan respectively. The subscription price was 8.33 yuan per share, and the two funds jointly held 8.29% of the shares of Yousheng Co., Ltd.

The fund managers of Jinpu Lingang Fund and Jinpu Kechuang Fund are both Shanghai Jinpu Intelligent Technology Investment Management Co., Ltd. The actual controller is Hou Haoxiang, the founding partner of Houxue Capital. In December 2023, Hou Haoxiang was included in the "Forbes China 2023 Top 100 Venture Capitalists" list, ranking 79th.

In just two years, the investment price of Yousheng Co., Ltd. tripled. In December 2022, 10 shareholders, including Shanhui Venture Capital, Fortune Capital Huicai, and Shanchuang Zhizhi, became shareholders of Yousheng Co., Ltd. through capital increase because they were optimistic about the company's future development. The subscription price was 33.63 yuan per share, and the total subscription amount was 370 million yuan.

Source: "Prospectus"

Among them, the fund managers of Fortune Capital Chuanglian Fund, Caitou Chenyuan, Shenzhen Fortune Capital Chuangcheng, Hangzhou Fortune Capital Chuangcheng, and Fortune Capital Chuangying Fund are all Fortune Capital, which jointly holds 14.28% of the shares of Yousheng Co., Ltd. The actual controller of Fortune Capital is Electric & Broadcast Media.

Shanhui Venture Capital and Shanchuang Zhizhi jointly hold 2.46% of the shares of Yousheng Co., Ltd. Their executive partners and fund managers are both Shanghai Shanshan Chuanghui Venture Capital Management Co., Ltd., which is 40% owned by listed company Shanshan Co., Ltd. The legal representative is Gong Yi, who is the general manager of Shanshan Co., Ltd. Venture Capital Co., Ltd. and a supervisor of Shanshan Co., Ltd.

Anji Pujie subscribed for 148,670 shares of Yousheng Co., Ltd. with an investment of 50 million yuan. The shareholding ratio is 1.03%, and the actual controller of Anji Pujie is individual investor Zhang Yibin.

Moreover, the investors of Fortune Capital Chuanglian Fund include Jinlei Co., Ltd. (300443.SZ); the investors of Jinpu Kechuang Fund also include Zhejiang Yongqiang Co., Ltd. (002489.SZ).

It is worth noting that when the above - mentioned investment institutions increased their capital in Yousheng Co., Ltd., most of them signed gambling agreements with the company, and the agreed contents include the right of repurchase, the right of co - sale, restrictions on equity transfer, the right of first refusal and the right of tag - along, the right of pre - emption, etc. These agreements will automatically terminate from the date when Yousheng Co., Ltd. submits the listing application materials to the stock exchange and other securities regulatory agencies.

Source: "Prospectus"

From an employee to a boss, the company paid tuition fees for the actual controller's children

The "Prospectus" shows that Luo Shibing and his wife Jin Liyan are the actual controllers of Yousheng Co., Ltd., jointly controlling 70.44% of the shares of the company. It is truly a family - owned business.

In fact, the Luo Shibing and Jin Liyan couple are the second - generation actual controllers of Yousheng Co., Ltd. Luo Shibing was born in 1970 in Shanghai. In 1994, he joined Shanghai Ziming Machinery Co., Ltd. as an assistant to the general manager; in October 1998, he served as the deputy general manager of Cardio Medical; in 2000, he became the general manager of Shanghai Jiao Tong Global Telecom Information Technology Co., Ltd.

In 2002, Luo Shibing joined Yousheng Co., Ltd. as the general manager. This job change allowed Luo Shibing to transform from a general manager to the actual controller of an IPO - bound company.

Source: Canstock Photo

Yousheng Co., Ltd. (the predecessor of Yousheng Co., Ltd.) was established in 1992 as a sino - foreign joint venture, with Xu Jing Industrial Company and Yousheng Pacific USA holding 60% and 40% of the shares respectively. In the early stage of development, it mainly focused on the industrial aluminum profile business. After several changes in equity, the foreign shareholder of Yousheng Co., Ltd. became First Asia.

In 2003, the second year after Luo Shibing joined Yousheng Co., Ltd., the company was in poor operation, which made the foreign shareholder want to transfer its equity.

Luo Shibing happened to be interested in taking over. On July 3, 2003, First Asia Fund transferred its 100% equity in First Asia to Chen Guirong at a price of 60,800 US dollars. First Asia held 55% of the shares of Yousheng Co., Ltd. Chen Guirong is the wife of Luo Shibing's brother and held the shares on behalf of Luo Shibing.

"The company's determination of the equity price is based on the company's asset value, profitability, growth potential and other factors, and the pricing is reasonable." Yousheng Co., Ltd. said.

On July 30 of the same year, Chen Guirong transferred the shares of First Asia to Sunrise USA. Sunrise USA was established on July 21, 2003, and its shareholder and legal representative are both Zhan Qinghua, who is Luo Shibing's mother.

"Considering that if Luo Shibing, as a company executive, directly and publicly acquired the equity of the company held by the foreign party, it might make it difficult for the company to obtain approval for the renewal of its bank loans, which would directly affect the company's continuous operation. After consideration, Luo Shibing arranged for Zhan Qinghua and Chen Guirong to acquire the equity of the foreign - owned company on his behalf at that time." Yousheng Co., Ltd. said.

After the transfer was completed, the actual controller of Yousheng Co., Ltd. changed to Luo Shibing, and Luo Shibing completed a perfect transformation from an employee to a boss.

Under the leadership of Luo Shibing, Yousheng Co., Ltd. gradually extended to the deep - processing business at the back - end, established the strategic plan of focusing on the automotive aluminum alloy parts industry, and continuously explored the market. In 2010, the company began to establish a cooperative relationship with Vibracoustic, an international well - known first - tier automotive parts supplier.

In 2012, it developed its first aluminum alloy threshold beam, which was put into mass production in 2015 and used in Cadillac models. In 2016, Yousheng Co., Ltd. provided threshold beam parts for NIO, officially starting its layout in the field of new energy vehicle aluminum alloy body parts.

In addition to the Luo Shibing and Jin Liyan couple, many relatives of Luo Shibing also hold shares or work in the company. Yang Xiaoling, the wife of Luo Shibing's elder brother, indirectly holds 0.28% of the shares; Luo Chujia, the daughter of Luo Shibing's elder brother, indirectly holds 0.09% of the shares; Luo Deng, Luo Shibing's nephew, serves as a director of the company.