The capital landscape behind Zhang Xue's motorcycle business has emerged. How long can this capital feast last?
A group of foreigners were looking at the Chinese motorcycles behind them. Perhaps for the first time, they realized that the era of "copying" and "contract manufacturing" was truly over.
On March 28, 2026, at the Algarve International Circuit in Portugal.
When the starting lights went out, no one was optimistic about the racing motorcycle with the Chinese characters "Zhang Xue" on it. After all, in the history of the World Superbike Championship (WSBK), the podium has always been the backyard of Honda, Yamaha, Kawasaki, and Ducati. Chinese brands? Their qualification to even participate as a filler was once questioned.
However, when French rider Valentin Debise crossed the finish line first with a lead of up to 4 seconds, the on - site commentator didn't even have time to prepare the background information of the Chinese manufacturer.
This is not just a victory in a race. It is the first victory of a Chinese motorcycle manufacturer in the SSP category, breaking the decades - long monopoly of Europe, America, and Japan.
Overnight, the valuation of "Chongqing Zhang Xue Motorcycle", a company founded just two years ago, soared to 1 billion yuan.
After the race, when being interviewed, Zhang Xue told the truth in front of the camera: "Previously, Chinese motorcycle teams were never looked favorably upon by foreigners. Now they have to readjust their views of us."
In the capital market, the looks have already turned into real - money votes.
01 A Business Blitz like the Hero in a "Feel - Good Novel"
If you're not familiar with the name Zhang Xue, his entrepreneurial experience is worth talking about.
In 2013, this young man from Huaihua, Hunan, went to Chongqing alone with 20,000 yuan. At that time, he had no background and no funds. He earned his first pot of gold by posting modification posts on motorcycle forums and selling second - hand motorcycles.
In 2017, he and his partner founded Kove Motorcycle. They increased the annual sales from 800 units to 30,000 units, thus establishing a foothold in the industry.
But in 2024, Zhang Xue did something that was hard to understand. He left Kove and founded a new brand with his own name: Zhang Xue Motorcycle.
Why? Just to develop the engine on his own.
These days, new car - making forces like to tell stories, but Zhang Xue tells the most hardcore one: going all out on technology. In less than two years, the company's self - developed four - cylinder five - valve engine and three - cylinder engine were all put into mass production.
The 820RR - RS racing motorcycle that won this championship is equipped with that three - cylinder engine that can reach 16,000 revolutions per minute. Its power performance is directly comparable to international top - level models.
This "never - say - die" spirit has made Zhang Xue Motorcycle quickly gain popularity.
02 Behind the 1 - Billion - Yuan Valuation
If winning the championship on the track is the "face", then the disclosure of business data is the "substance". At the subsequent brand partner conference, Zhang Xue presented a candid account of the company's situation.
In 2025, the total output value of Zhang Xue Motorcycle reached 750 million yuan. But what's more eye - catching are two figures: the R & D investment was 69.58 million yuan, and the loss was 22.78 million yuan.
This loss is quite interesting. The R & D - to - sales ratio of 9.33% is at a "heavy - investment" level in the manufacturing industry, especially in the motorcycle industry. Zhang Xue is sacrificing profits to build a technological moat, and it's an investment with a gambling nature.
The capital market obviously recognizes this account. In January 2026, Zhang Xue Motorcycle completed its Series A financing, and the post - investment valuation reached 1.09 billion yuan. Zhejiang Venture Capital, with the background of Zhejiang state - owned assets, entered the game with funds and became a shareholder through funds such as Hangzhou Zhechuang and Jinyi Zhikong. This is a large - scale financing in the current cold winter of venture capital.
Zhang Xue's ambition is obviously not limited to this. He made a bold statement at the conference: "In the next five years, we will capture more than 50% of the market share of international big brands."
What he's referring to here is not ordinary scooters, but the large - displacement market dominated by top brands such as Ducati, MV Agusta, Honda, Yamaha, Kawasaki, and Suzuki.
To achieve this goal, Zhang Xue's plan is to "launch a new model every month". Starting from March 2026, 7 models such as the 820RR, MX250/450, and the track - version will be gradually launched into the market.
The sales targets are also aggressive: 50,000 units in 2026, 100,000 units in 2027, and a goal of 200,000 units in 2028.
03 Who Is Hitching a Ride on Zhang Xue's Success?
The championship of Zhang Xue Motorcycle is not only a carnival for motorcycle fans but also a "speculation theme" in the capital market.
The most typical example is Hongchang Technology (301008). This company indirectly participated in the Series A financing of Zhang Xue Motorcycle by holding a 29.82% share of the Jinhua Zhejiang Venture Capital Fund, with an approximate shareholding ratio of 1.64%. Just this little connection led to two consecutive "20 - centimeter" daily limit up after the news spread.
Another company that has received attention is Hongquan Technology (688288). As a "strategic partner" of Zhang Xue Motorcycle, it not only mentioned the other party in its financial report but also sponsored the participation in this WSBK event. After the news was announced, its stock price soared by more than 10%.
Interestingly, Zhejiang Energy Electric Power (600023) and Juhua Co., Ltd. (600160), which also belong to the "Zhejiang Venture Capital system", saw their stock prices decline on that day. This shows that the speculation in the secondary market has entered a refined stage. Funds are no longer blindly chasing all related parties but focusing on the targets with the greatest elasticity and the most exciting stories.
Even the sponsor, Dongpeng Beverage (605499), got a share of the glory. As the sponsor of the participating team, the logo of Dongpeng Special Drink was all over the world with the championship - winning pictures. This sponsorship fee was really worth it.
However, there may be only one real winner. Zhang Xue himself holds more than 73% of the shares in the company and has more than 82% of the voting rights. With the valuation reaching 1 billion yuan, this former motorcycle repair apprentice's net worth has changed greatly.
To more intuitively understand the participants in this capital feast, we have sorted out the core related parties behind Zhang Xue Motorcycle:
Core related listed companies of Zhang Xue Motorcycle and their impacts
04 Has the Inflection Point Arrived?
The rise of Zhang Xue Motorcycle cannot be seen as the solo effort of a single company. Behind it is a profound transformation that "Motorcycle Capital" Chongqing is undergoing.
In the 1990s, Chongqing's motorcycles accounted for more than 60% of the national market share. Jialing and Jianshe were the symbols of that era. But later, due to low - quality and low - price competition, the market share once shrank to 5%. It wasn't until recent years, with the industrial transformation towards high - end, that Chongqing's motorcycle production rebounded to 7.857 million units in 2025, regaining the top position among Chinese cities.
And this championship on the track means that Chongqing's motorcycles are starting to leap from "the largest in production" to "the strongest in brand".
Zhang Xue mentioned a detail in an interview: he has raised the salaries of motorcycle engineers in Chongqing, and now he raises their salaries twice a year. This shows that high - value - added local brands are changing the talent ecosystem of the industry.
From the perspective of the industry environment, Zhang Xue's "arrogance" is not without basis. According to a brokerage research report, the export of medium - and large - displacement motorcycles in China will maintain a high level of prosperity in 2026, and the export volume is expected to exceed 700,000 units, a year - on - year increase of more than 30%.
Meanwhile, the global motorcycle market is expected to reach a scale of 118.9 billion US dollars by 2034, with electrification and high - end being the main themes.
Zhang Xue obviously also sees this. In 2026, he plans to invest 135 million yuan in R & D expenses. In addition to continuing to strengthen the advantages of fuel - powered vehicles, he is also quietly establishing an electric vehicle team, with the goal of launching models in 2027 and achieving profitability from electric products in 2028.
05 Cold Reflection after the Carnival
Zhang Xue's championship has once again sparked the patriotism of many netizens and their attention to the motorcycle track, which is undoubtedly a major positive. However, the capital market needs growth logic and calm analysis. There are several uncertainties that need to be viewed calmly:
First, the test of production capacity and delivery. Zhang Xue Motorcycle is still in the stage of "selling at a loss". In 2025, it had a loss of 22.78 million yuan. With the sharp increase in orders, quality control and supply - chain management will face huge pressure.
Especially for the 820RR model, because of its excessive horsepower, it even stipulates that "those with a driving license of less than one year are prohibited from purchasing". Whether this niche positioning can support the annual sales target of 50,000 units is still a question mark.
Second, "capturing international big brands" is a long - term journey. Although winning the championship on the track proves the technical strength, there is a gap between the racetrack and the market, including brand recognition, distribution networks, and after - sales services. The global systems established by Honda and Yamaha over decades cannot be shaken by a single victory.
Third, capital is a double - edged sword. A valuation of 1 billion yuan means a performance - based bet and pressure. Whether Zhang Xue can achieve self - sufficiency before burning through the financing is the biggest highlight in the future.
Anyway, when Zhang Xue stood on the podium and watched the Five - Starred Red Flag rise, he represented not only a brand but also a sample of the breakthrough of the manufacturing industry: in this impetuous era, there are still people willing to bet their entire fortune on the roar of the engine.
And this is the core asset that the capital market is willing to give a high premium for.
Come on, Zhang Xue.
Disclaimer: This article is only an analysis of financial hotspots. The views are for reference only and do not constitute any investment or consumption advice.
This article is from the WeChat official account "Investment Banking Circle", author: Investment Banking Jun. It is published by 36Kr with authorization.