"God of Wealth" XPeng and Great Wall have left one after another. Time is running out for the wealthy Zhu Xingming.

In the past month, the domestic industrial control leader with a market value of hundreds of billions has continuously released positive news, but it has not won the enthusiasm of the market.

On February 4, 2026, Inovance Technology (hereinafter referred to as "Inovance") announced that it had completed the signing of a partnership agreement for an industrial investment fund worth 1.6 billion yuan. The fund will be deployed around the upstream and downstream fields of the company, such as robotics and intelligent manufacturing. This move is regarded as an important step for Inovance to deepen its industrial chain investment.

Image source: Inovance Technology announcement

Just over half a month ago, Inovance released the news that the company was planning to go public in Hong Kong. During this period, Chairman Zhu Xingming also elaborated on the company's strategic thinking on how to cross the cycle and face the future through an annual speech.

For Inovance, the above should have been multiple positives, but as a result, it failed to boost the confidence of investors in the secondary market. Wind data shows that from January 19 to February 6, the stock price of Inovance Technology fell by 7.67%.

In fact, compared with the above - mentioned series of positive actions of Inovance, a series of share - reduction actions of the company's directors, supervisors and senior executives in the past six months, as well as Zhu Xingming's property division and equity transfer, have attracted more attention from the market.

Four years ago, Zhu Xingming divorced his wife Zhong Jin and divided 70.3003 million shares of the company worth about 5.568 billion yuan to his ex - wife. Then he signed a "Gift Agreement" with his daughter and planned to gift shares and equity worth about 1.453 billion yuan to his daughter.

Behind this wealth transfer is the harsh reality that Inovance's traditional business has slowed down in growth, and its new energy vehicle business may face "order cuts and price pressure".

The Wealth Map of Tycoon Zhu Xingming

Four years ago, a divorce announcement lifted the veil of tycoon Zhu Xingming's wealth.

On July 9, 2021, Zhu Xingming divorced his wife Zhong Jin and divided about 70.3003 million shares of Inovance to the latter, accounting for 2.6822% of the company's total shares at that time. Calculated based on the closing price of 79.2 yuan per share on the day of the announcement, these shares were worth about 5.568 billion yuan. This also skyrocketed Zhong Jin's net worth, making her rank 1526th on the Hurun Rich List that year.

Image source: Hurun Rich List

At that time, Inovance's announcement showed that after Zhong Jin obtained the shares, whether she reduced the company's shares through centralized bidding or block trading, the total number of shares reduced within any consecutive 90 natural days could not exceed 1% and 2% of the company's total shares respectively.

In other words, after Zhong Jin obtained the shares, if she wanted to reduce her holdings and cash out, she could only conduct multiple small - scale share - reductions. Judging from past operations, she really did so.

From 2021 to the first three quarters of 2025, Zhong Jin reduced her holdings by 3.949 million shares, 9.1849 million shares, 4.28 million shares, 8.5339 million shares and 5.89 million shares respectively. After multiple share - reductions, her shareholding has dropped to 38.4623 million shares.

It can be seen that Zhong Jin began to gradually reduce her holdings of Inovance shares obtained since the year of divorce, and she has reduced nearly half of her holdings in the past four years.

Since Zhong Jin is neither a major shareholder holding more than 5% of Inovance nor a director, supervisor or senior executive, the process of her share - reduction was not disclosed in the announcement.

Only two months after completing the divorce property division with Zhong Jin, Zhu Xingming suddenly announced that in order to show his love for his daughter, he would gift 20.6021 million shares of Inovance and all the property rights and interests of 21.7029% equity in Inovance Investment under his name to his daughter Zhu Hanyue free of charge.

However, Zhu Hanyue promised to unconditionally entrust the voting rights of the gifted shares to Zhu Xingming. In other words, the control of Inovance is still firmly in Zhu Xingming's hands.

This gift plan was implemented step by step over four years. According to the announcement, in 2022, the equity of Inovance Investment was transferred first; in December 2024 and September 2025, Zhu Xingming transferred 11 million shares and 9.6021 million shares of Inovance to Zhu Hanyue respectively through block trading at an average transfer price of 62.06 yuan and 80.14 yuan per share, with the transferred shares worth about 683 million yuan and 770 million yuan respectively.

In total, the Inovance shares gifted by Zhu Xingming to his ex - wife Zhong Jin and daughter Zhu Hanyue reached 90.9024 million shares. This "affectionate" ex - husband and father also won admiration and numerous praises with real money.

However, Yuanmeihui noticed that although Zhu Xingming and Zhong Jin have divorced, there are still intersections between them.

Tianyancha shows that in the shareholder list of Shenzhen Hehui Sports Industry Management Co., Ltd. (hereinafter referred to as "Hehui Sports"), which was established in 2016 and mainly engages in sports, Zhong Jin and Zhu Xingming hold 35% and 1% of the shares respectively, and Zhong Jin is the beneficial owner. Another penetration shows that the indirect controlling shareholder of Hehui Sports is Shenzhen Heshang Wangbang Internet Investment Management Center (Limited Partnership), and Zhu Xingming's shareholding ratio in the company is about 12%.

At present, the shareholding ratios of Zhong Jin and Zhu Xingming in the above - mentioned company remain unchanged.

Image source: Tianyancha

Most of the institutions that Zhu Xingming has invested in the past are invested and deployed around the upstream and downstream of Inovance. Hehui Sports is a rare "exception". From the public information, it is not yet known what role this enterprise plays in Zhu Xingming's capital map.

According to Tianyancha, in the past few years, Zhu Xingming has invested in many institutions such as Suzhou Industrial Park Waniu Investment Co., Ltd. and Nantong Zeyong and Minghui Zhiyuan Investment (Shenzhen) Co., Ltd. (hereinafter referred to as "Minghui Zhiyuan"), mainly deploying around fields such as intelligent manufacturing.

Among them, Minghui Zhiyuan, which was established in 2022, is a bit "special". Its actual controller, Pan Li, used to be the person in charge of the Guangzhou Hanxing Middle Road Securities Business Department of Guotai Haitong Securities. The two previous share transfers of Zhu Xingming to his daughter were both sold through this business department.

Another statement says that Pan Li may be Zhu Xingming's current wife. Regarding this, Yuanmeihui also sent a letter to Inovance for verification, but as of press time, no reply has been received.

From the above, it can be seen that tycoon Zhu Xingming's wealth is not limited to Inovance (shareholding), and his investment tentacles have extended in multiple directions.

Loosening in the New Energy Vehicle Business

Zhu Xingming has always been sensitive to trend changes.

Previously, in order to transform and leverage the second growth curve, under Zhu Xingming's leadership, Inovance bet heavily on the new energy vehicle business. At that time, the market was not optimistic about Inovance's choice - not only was the company's profit dragged down, but the stock price also once hit rock bottom. But Zhu Xingming still firmly said: "As long as Inovance is not delisted, we will definitely carry on the automobile business to the end."

This persistence gave Inovance a chance for a second explosion.

The financial report data shows that in 2024, Inovance's revenue increased from 30.42 billion yuan in the previous year to 37.041 billion yuan, a year - on - year increase of 21.77%. Among them, the new energy vehicle and rail transit business contributed greatly, with the revenue soaring from 9.92 billion yuan in the previous year to 16.642 billion yuan, a year - on - year increase of 67.76%. This business has thus replaced the general automation business and has become Inovance's largest revenue contributor.

In the first three quarters of 2025, the above - mentioned business continued to rise year - on - year, achieving a revenue of 14.8 billion yuan, a year - on - year increase of 38%.

In contrast, Inovance's traditional elevator electrical business, which is the company's foundation, has also declined after the real estate market downturn. In 2024, the revenue of this business decreased by 6.65% year - on - year; in the first three quarters of 2025, it was basically flat year - on - year.

At the beginning of the 2026 annual speech, Zhu Xingming said bluntly: "Two years ago, after the end of the epidemic, we optimistically expected the market to recover and Inovance's performance to grow rapidly, but the reality made me feel frustrated. During that period, I lived in a 'world of ice and fire': the new energy vehicle business maintained a rapid development trend, becoming the 'fire' supporting the company's development; while the company's traditional business on which it depends for survival lingered in the ice and snow."

Based on the outstanding performance of the new energy vehicle business, in September 2025, Inovance successfully spun off its subsidiary, Suzhou Inovance United Power System Co., Ltd. (hereinafter referred to as "United Power"), which undertakes this business, and listed it on the Growth Enterprise Market.

United Power does have its own "strengths". In terms of business, its main products include core components of power systems such as electric drive systems (including electronic control, motors, three - in - one/multi - in - one drive assemblies) and power supply systems.

In 2024, in the domestic new energy passenger vehicle market, United Power's market shares of electronic control, motor and drive assembly products were 10.7%, 10.5% and 6.3% respectively, ranking first, first and second among third - party suppliers, and second, second and fourth in the overall ranking respectively.

The prospectus shows that from 2022 to 2024, United Power achieved revenues of 5.027 billion yuan, 9.365 billion yuan and 16.178 billion yuan respectively; and the net profit attributable to the parent company was - 179 million yuan, 186 million yuan and 936 million yuan respectively.

Behind the outstanding performance, there are also hidden worries. From 2022 to 2024, the total sales of the company to its top five customers accounted for 71.73%, 76.03% and 67.81% of the current revenue respectively. The customers are relatively concentrated and mostly leading vehicle manufacturers.

Image source: United Power prospectus

Judging from the situation of the top five customers, except for Li Auto's increasing contribution to revenue year by year, the sales contributions of the other vehicle manufacturers fluctuated significantly.

For example, XPeng Motors contributed 662 million yuan in revenue to United Power in 2022, which dropped to 552 million yuan in 2023, and dropped out of the list of the top five customers in 2024; Great Wall Motors' revenue contribution soared from 553 million yuan in 2022 to 1.671 billion yuan in 2023, but was no longer in the top five list in 2024.

Even GAC Group, a "loyal" customer, has reduced its orders. From 2022 to 2023, GAC's revenue contribution to United Power increased from 725 million yuan to 2.336 billion yuan, but did not continue to rise in 2024. Instead, it shrank to 1.672 billion yuan year - on - year.

Behind the fluctuations in the orders of the top five customers, it may be directly related to the vehicle manufacturers' increasing efforts in self - research. According to the disclosure of United