Li Shufu promotes the "One Geely" strategy, and the industrial layout of his son Li Xingxing has attracted attention.

Two seemingly unrelated sudden incidents have thrust Li Xingxing, the son of Li Shufu, who has always kept a low profile, into the spotlight of public opinion.

On October 20th, a fire broke out at the Jiangyin plant of phosphorous chemical company Chengxing Co., Ltd. (600078.SH). According to a notice issued by the Jiangyin Chengjiang Sub - district Office, at around 11 a.m. that day, a small amount of yellow phosphorous spilled from a tank truck carrying yellow phosphorous in the plant and caught fire spontaneously. Six minutes later, firefighters arrived at the scene. By 12:48 p.m., the open fire at the scene was extinguished. The burned area was 8 square meters, and there were no casualties.

On the day of the incident, Chengxing Co., Ltd.'s stock price fell 4.48% to 9.80 yuan per share, and its total market value dropped to 6.6 billion yuan.

Last week, market rumors claimed that the embodied intelligence startup OneStar Robotics had announced its dissolution, which was only a little over five months after its establishment.

The sudden incidents in two different industries point to the same person, Li Xingxing, the son of Li Shufu, the founder of Geely Group. At the age of 40 this year, Li Xingxing's affiliated companies cover multiple industries such as chemicals, energy storage, intelligent robotics, and auto parts. Both Chengxing Co., Ltd. and OneStar Robotics are companies under Li Xingxing's control.

Among them, the control of Chengxing Co., Ltd. comes from a judicial auction. Chengxing Co., Ltd. is a leading enterprise in the domestic phosphorous chemical industry, and its original actual controller was Li Xing, a well - known local entrepreneur in Jiangyin. Due to Li Xing's capital chain rupture, in 2022, the equity of Chengxing Co., Ltd. was put up for judicial auction. Li Xingxing's Yaoning Technology spent 517 million yuan to acquire 25.78% of the company's equity, becoming its actual controller and chairman.

OneStar Robotics was founded by Li Xingxing himself. The company was established in May this year. It received two rounds of financing in August and September this year respectively and launched a wheeled dual - arm robot product called "Xinglun No. 1".

As the "heir apparent" of Geely, Li Xingxing's industrial layout is mainly built around the Geely system, and there are intricate connections between his companies and the Geely system.

However, since last September, Geely Group has started to implement the "One Geely" strategy, and the integration of its various business lines has begun, including the whole - vehicle, battery, and intelligent driving businesses.

Previously, Yaoning Technology under Li Xingxing integrated some of its power battery business into Geely Group.

Some market analysts believe that the sudden dissolution of OneStar Robotics may be because its business direction overlapped with that of Qianli Technology (601777.SH), which Geely is concentrating resources to support.

Building a Capital Layout around Geely

In addition to Chengxing Co., Ltd. and OneStar Robotics, Li Xingxing is also engaged in businesses such as auto parts and new energy through Yaoning Technology. Moreover, Fengwo Co., Ltd., a turbocharger manufacturer controlled by Li Xingxing and his sister Li Ni, is currently striving for an IPO on the Shanghai Stock Exchange.

The above - mentioned companies all belong to the Geely system's layout.

Take OneStar Robotics as an example. After its establishment, the company quickly obtained two rounds of financing. Among the investors were many past investors in Geely - related industries such as Caocao Chuxing and Jingneng Microelectronics. The company's chairman, Pan Yunbin, also comes from within the Geely system and has served as the president of Geely's satellite division and the CEO of Geely's semiconductor company.

Yaoning Technology originated from Geely's auto parts business center and has business segments such as auto parts and new energy. Currently, the company still has business dealings with the Geely system. Its energy storage company, Lixingneng, previously reached a strategic cooperation intention with the Geely system, and the two parties cooperated in the construction of an energy storage project in a new - energy power battery industrial park in Hangzhou.

Fengwo Co., Ltd., controlled by Li Xingxing and his sister Li Ni, also originated from the Geely system. The company was established in 2010 and was initially jointly invested and established by Geely Auto and Jiwo Investment, with Geely Auto holding 90% of the shares. In 2020, after Fengwo Co., Ltd.'s shareholding system reform, Li Ni and her husband, as well as Langma Investment and Kaixin Investment, in which Li Xingxing holds shares, entered the company, jointly controlling 75% of the company's shares.

In terms of business, Fengwo Co., Ltd. has frequent related - party transactions with the Geely system. The prospectus shows that in 2024, the company made related - party sales of 721 million yuan to related companies such as Taizhou Binhai Geely and Yiwu Geely Power, accounting for 34.89% of its total revenue for the period.

Reconstruction under the "One Geely" Strategy

Li Xingxing has built a large - scale capital layout relying on the Geely system. However, as the Geely system "turns around", Li Xingxing's business layout has also been affected.

In order to integrate resources and enhance competitiveness, in September last year, Li Shufu, the founder of Geely, issued the "Taizhou Declaration" in Taizhou, proposing five strategic pillars: strategic focus, strategic integration, strategic synergy, strategic stability, and strategic talent.

After the issuance of the "Taizhou Declaration", Geely Group began to promote the "One Geely" strategy, and the large - scale internal integration of the group was launched. In terms of automobile brands, in February this year, Geely's brands Zeekr and Lynk & Co. were the first to complete the merger of their brand teams. Later, Zeekr also started to integrate with Geely Auto and announced in July this year that it would be privatized and delisted.

In terms of new - energy batteries, Geely comprehensively integrated its battery, energy storage, and charging businesses. Among them, the power battery business was assigned to the newly established battery industry group, Jiyao Tongxing; the energy storage business was assigned to Yaoning Technology; and the charging business was assigned to the Haohan Energy Group.

It is worth noting that the battery business integrated by Jiyao Tongxing also includes the Shield Short - Blade battery business under Yaoning Technology, and Li Xingxing is the actual controller of Yaoning Technology.

In August this year, Geely Group also started to integrate its intelligent driving business. This integration was carried out around Qianli Technology, a listed company under the Geely system. In June this year, the company jointly established Qianli Intelligent Driving with Geely, Megvii Technology, and other companies, integrating the Zeekr intelligent driving team, the Geely Research Institute's intelligent driving team, and Maichi Zhixing under Megvii Technology into this company.

In addition to intelligent driving, robotics is also one of the future focuses of Qianli Technology. In September this year, Qianli Technology held a brand press conference. Yin Qi, the chairman of the company and the founder of Megvii Technology, appeared on stage with Li Shufu and said that Qianli's new positioning is "AI + vehicle + robot".

Qianli Technology also stated in its Hong Kong Stock Exchange prospectus that the robotics market has huge long - term growth potential, and AI will fundamentally improve productivity and reshape the industrial landscape. It will closely monitor the commercialization trend of robotics, plan to launch robot products, and seize more market opportunities.

The dissolution of OneStar Robotics may be due to this layout. Market sources said that "based on the 'Taizhou Declaration' and the large - scale integration strategy of One Geely, Geely believes that the positioning of OneStar conflicts with that of Qianli Technology, which will lead to internal strife."

Currently, Qianli Technology's robotics business has not been launched yet. In July this year, Qianli Technology said on the investor interaction platform that the company is not currently involved in the robotics business.

This article is from the WeChat public account "Damo Finance" (ID: damofinance). The author is Damo Finance, and it is published by 36Kr with authorization.