The richest man in Baoji has brought a new IPO to Chongqing.

A few days ago, Chongqing Yulong Optoelectronics Technology Co., Ltd. (hereafter referred to as "Yulong Technology") passed the IPO review hearing. It is the third enterprise in Chongqing to hit the A-share market this year following Zhixin Co., Ltd. and Zhenbao Technology, and also the second A-share listed company that Wang Yalong, the richest man in Baoji, Shaanxi Province, is about to obtain on the land of Chengdu-Chongqing economic circle.

Behind this capital feast lies an industrial legend spanning two decades.

From dual employees in a state-owned enterprise in Xianyang to the actual controller of two A-share listed companies, a couple from Baoji, Shaanxi Province, have been making bets all the way southwest with their keen insight into the display panel industry chain.

Starting from Xi'an to enter the upstream OLED luminescent materials sector, and then expanding to Chongqing to lay out midstream and downstream intelligent control cards, they not only broke the long-term monopoly of foreign capital on display control cards, but also firmly integrated into BOE's industrial layout system.

Now, the display screen business that the Baoji couple bet on in Chongqing has finally ushered in the harvest period. From the state-owned enterprise in Xianyang to two IPOs, their capital territory is slowly unfolding along the Yangtze River.

A wealthy entrepreneur from Shaanxi, two IPOs in four years

Back to the beginning of the story, Wang Yalong was born in 1971, graduated from Northwestern University with a bachelor's degree in industrial foreign trade, joined the International Trade Department of Xianyang Deflection Group after graduation, and eventually rose to the position of department manager.

In 2001, he quit his job in the state-owned system and plunged into foreign trade business. In the following ten years, he founded a number of trading companies including Shaanxi Tonghui, Shaanxi Hongrui and Shaanxi Jieying.

This experience sounds plain, but it brought him two most valuable assets later: one is the initial capital, and the other is a group of old colleagues who could cooperate with him in the future.

The turning point that truly transformed him from a "trader" to an "industrialist" took place in 2010.

He founded Light Optoelectronics in Xi'an to enter the OLED organic luminescent materials sector — the segment with the highest technical threshold and the highest profit margin in the display panel industry chain.

The reason is that OLED organic luminescent materials need to be purified through multiple processes with extremely high purity requirements. The formulas and patents of terminal materials have long been monopolized by enterprises in the United States, Japan and South Korea, making it one of the segments with the highest technical barriers in the industry chain. For this reason, the closer to the end the terminal materials are, the higher the gross profit margin can reach 60%~70%, and the unit price is even dozens of times that of gold, making it the most profitable segment in the entire industry chain.

In 2012, he resigned from all other businesses and served as the full-time general manager of Light Optoelectronics. This step took a full ten years. On March 18, 2022, Light Optoelectronics was listed on the Sci-Tech Innovation Board with an issue price of 22.05 yuan per share and raised 882 million yuan.

For a person who resigned from a state-owned enterprise to start a business, this is already a sufficiently excellent result. On the 2025 Hurun Rich List, this entrepreneur from Fengxiang, Baoji, Shaanxi, was listed on the list for the first time with a net worth of 6 billion yuan.

But Wang Yalong did not stop.

As early as eight years before Light Optoelectronics was listed, that is, in 2014, he set up another business in Chongqing — Yulong Technology, which produces intelligent control cards and precision devices for display screens, a supporting link that panel manufacturers cannot do without but will not produce by themselves.

The prospectus shows that when Yulong Technology was established, Light Optoelectronics subscribed for 85% of its equity. This is no coincidence.

Wang Yalong is very clear that if the company only holds the upstream luminescent materials, its right to speak in the entire industry chain is limited after all. If a company that produces control devices is laid out in the midstream and downstream at the same time, with one in the south and one in the north, the key links of the industry chain can be truly connected.

A more practical consideration is that Yulong Technology took on a tough task as soon as it settled in Chongqing.

As the first local manufacturer in China, it broke the long-term monopoly of foreign capital on the market of intelligent control cards for displays, and entered the supply system of BOE. Before that, this market was almost entirely controlled by overseas manufacturers.

Less than three months after Light Optoelectronics was listed, Wang Yulong took Yulong Technology to sign a contract with CITIC Securities to launch the second IPO. The first sprint was not smooth — the company's performance dropped sharply in 2022, and in June 2023, Yulong Technology voluntarily withdrew its application for listing on the Main Board of the Shanghai Stock Exchange.

A year and a half later, in March 2025, he set off again with this company, this time switching to the ChiNext Market, and finally reached the current stage.

Wang Yalong places his "second move"

Light Optoelectronics has been listed for more than three years, bringing huge wealth growth to Wang Yalong and his wife. When it was listed in 2022, the issue price of Light Optoelectronics was 22.05 yuan per share. Now, the company's share price has risen to 40 yuan, with a market value of over 16 billion yuan.

Behind the positive market trend is the accelerating realization of performance. With BOE's 8.6-generation high-end OLED production line being put into operation ahead of schedule at the end of 2025, the demand for terminal materials of Light Optoelectronics has increased significantly.

With the acceleration of Yulong Technology's IPO process, Wang Yalong and his wife are about to ring the listing bell for the second time.

For this couple, who were born in 1971 and 1974 and started as dual employees in a state-owned enterprise in Xianyang, this is a clear wealth growth curve: they accumulated the first pot of gold through trading business, the OLED material business made them enter the ranks of people with a net worth of over 1 billion yuan, and once Yulong Technology is listed, it will be the second-stage rocket in this wealth story.

The draft prospectus for the hearing shows that Wang Yalong and Li Hongyan currently directly hold 59.31% of the equity of Yulong Technology, and indirectly control 14.86% of the equity through multiple shareholding platforms including Yulong Enterprise Management, Gongqingcheng Ruilin, Gongqingcheng Juncheng, Gongqingcheng Xiahe, Gongqingcheng Gaozhan, and Hainan Ruilin No.4, with a total control right of 74.16%.

It is worth mentioning that among these shareholding platforms, Hainan Ruilin No.4 is jointly held by Li Hongyan and her son Wang Shuhao — the name of Wang Shuhao appears in the equity list of the prospectus for the first time, which means that the wealth territory of this family has begun to pass down to the next generation.

Since its establishment, Yulong Technology has received support from many investors. In 2022, Xi Gaotou invested through Baoji Xi Gaotou Fengshi High-Tech Industrial Investment Fund, bringing financial support to this enterprise with Baoji imprint. In addition to Xi Gaotou, Chang'an Huitong, which is also a Shaanxi capital institution, is also among the investors.

In addition, leading institutions such as CICC Capital and Legend Capital are all its investors.

What is more noteworthy comes from Liangjiang Capital based in Chongqing, which leads to the story between Yulong Technology and Chongqing.

According to the public information of the group, the fund company sorted out the enterprises in Liangjiang New Area systematically in 2020, selected Yulong Optoelectronics (the former name of Yulong Technology), identified it as a typical representative of advanced manufacturing and production service-oriented enterprises in the new area, and then completed the investment delivery.

The official account of Liangjiang Capital shows that during the growth of Yulong Optoelectronics, Liangjiang Capital provided capital support in stages and from multiple dimensions through its multiple funds, from early investment to later follow-up investment, resonating with the enterprise, and giving full play to the industrial cultivation efficiency of local "patient capital".

The story of Chongqing:

A road named after a customer

And an industrial bet spanning more than ten years

Yulong Technology is registered in the Water and Soil High-Tech Industrial Park of Chongqing Liangjiang New Area, and this site selection is not arbitrary.

In 2012, BOE settled its 8.5-generation LCD panel production line in the Water and Soil New Town of Liangjiang New Area, and continued to increase investment afterwards. It has invested more than 80 billion yuan in Chongqing, and has laid out 7 projects successively, with product lines covering multiple generations of technologies such as TFT-LCD and flexible AMOLED.

Nowadays, there is a main road in the Water and Soil New Town directly named "BOE Avenue" — the weight of an enterprise that can have a road named after it in the local industrial territory is self-evident. In 2016 and 2024, China's top national leader visited Chongqing twice. The destination of the inspection in 2016 was Chongqing BOE; during the inspection in 2024, Chongqing was required to firmly grasp scientific and technological innovation, and optimize and strengthen its pillar industries.

This top-down positioning provides a continuous policy foundation for Liangjiang New Area to gather enterprises in the upstream and downstream of the display industry chain.

Around BOE, Chongqing has spent more than ten years building a complete industrial ecology from glass substrates, display panels to display modules: Liangjiang New Area, Banan District and Bishan District undertake different links respectively, with more than 40 supporting enterprises.

In 2021, the output value of key new display enterprises in Chongqing has exceeded 62.7 billion yuan; by 2023, Chongqing and Sichuan further proposed to jointly push the electronic information industry to a trillion-yuan output value scale, and build industrial clusters such as integrated circuits and new displays through chain complementation, chain construction and chain strengthening.

In the latest "33511" modern manufacturing cluster plan of Liangjiang New Area, new display is clearly listed as a key direction, requiring to make up for the special material link for display panels, and promote the industrialization of technologies such as flexible display and silicon-based micro-display; according to the 2026 key project construction plan of Liangjiang New Area, only the 6th-generation AMOLED (flexible) production line project of BOE Chongqing has an annual investment scale of tens of billions of yuan.

Supporting enterprises like Yulong Technology have grown up embedded in this continuously expanding industrial chain.

In addition to the "proximity advantage" in industrial supporting, the "Several Policy Measures for Promoting High-Quality Industrial Development" and special investment attraction policies for electronic information and other sectors issued by Liangjiang New Area in recent years also clearly provide eligible major industrial projects with fixed asset investment support, R&D expense support, loan discount, rent support and other benefits — providing a relatively systematic policy toolbox for enterprises in the zone. Together with the direct equity participation of the aforementioned Liangjiang Service Industry Fund, many traces of Chongqing state-owned capital and industrial policies can be seen in the growth path of Yulong Technology.

Nowadays, the production capacity of Yulong Technology has expanded from Liangjiang New Area in Chongqing to Hefei, Anhui Province, and its business has also extended to the field of new energy vehicles — public information shows that the company has passed the supplier certification of Seres and realized product supply, trying to get rid of its dependence on the single panel industry.

No matter how diversified it will be in the future, the factory next to BOE Avenue is still the starting point of the Xi'an couple's story: with the connections and trade experience accumulated in the state-owned enterprise system, they followed the expansion pace of an industrial chain along the Yangtze River, and gradually walked to the door of the ChiNext Market.

This article is from the WeChat official account "Rongzhong Finance" (ID: thecapital), written by Abu, edited by Wuren, and published with authorization from 36Kr.