Xusheng Group becomes state-owned enterprise controlled, Guangzhou government becomes the actual controller

(Source: Apsoto Automotive Community)

On the evening of April 1st, the Ascend Group announced that the change of control has been officially completed, with Guangzhou Industrial Control Group becoming the new controlling shareholder, and the Guangzhou Municipal Government as the actual controller.

According to the announcement, on April 1st, the original controlling shareholder of Ascend Group, Xu Xudong, and his concerted parties completed the industrial and commercial registration and the filing procedures for the Articles of Association of Ningbo Meishan Bonded Port Area Xusheng Holding Co., Ltd. (hereinafter referred to as “Xusheng Holding”). As of now, all equity transfer matters related to this transaction have been finalized.

Looking back at the process of this control change, on December 22, 2025, the company’s controlling shareholder, actual controller Xu Xudong, and his concerted parties signed relevant control acquisition agreements and share transfer agreements with Guangzhou Industrial Control Group and Guangzhou Industrial Control Auto Parts Group Co., Ltd. (hereinafter “Control Auto Parts Group”).

The transaction plan includes two parts: first, Xu Xudong and Chen Xingfang transferred their holdings in Xusheng Holding to Guangzhou Industrial Control Group and Control Auto Parts Group respectively; second, Xuri Industrial and Xu Xudong transferred some shares of the listed company to Control Auto Parts Group through agreements.

After this equity change, Guangzhou Industrial Control Group and its concerted parties hold a total of 27.0455% of the listed company’s shares. The original controlling shareholder and actual controller Xu Xudong and his concerted parties hold a total of 21.6162%. The controlling shareholder of the listed company has changed from Xu Xudong to Guangzhou Industrial Control Group, and the actual controller has changed to the Guangzhou Municipal Government.

From the specific shareholding structure, after the control change, Xusheng Holding still holds 22.0442% of the company’s shares, but this entity is now held by Guangzhou Industrial Control Group and Control Auto Parts Group with 67% and 33%, respectively. Additionally, Control Auto Parts Group directly holds 5.0013% of the company’s shares. The direct shareholding ratio of the original actual controller Xu Xudong decreased from 10.0238% to 7.5232%, and Xuri Industrial’s shareholding ratio decreased from 16.5936% to 14.0930%.

Ascend Group is a leading domestic automotive lightweight parts manufacturer, mainly engaged in die casting, forging, and extrusion processes, covering new energy vehicle three-electric systems, chassis, and bodywork, with layouts in energy storage, robotics, and low-altitude economy. It has production bases in China, Mexico, and Thailand, with core clients including top global new energy vehicle companies.

Founded by Xu Xudong in 2003, Ascend Group originated from its predecessor, and in 2013, it entered the Tesla supply chain, achieving rapid growth, and listed on the Shanghai Stock Exchange in 2017. On the same day as the control rights change announcement, Ascend also announced that in March, it reached a key milestone with a major platform project for a global high-end new energy OEM strategic customer, “progressing rapidly towards PPAP and mass production delivery.”

The acquirer, Guangzhou Industrial Control Group, is a state-owned capital investment company affiliated with Guangzhou Municipality, ranked among the Fortune Global 500, with multiple listed companies under its umbrella. It has formed an industrial cluster exceeding 50 billion yuan in sectors such as auto parts and high-end equipment. Acquiring Ascend Group is an important move to improve its layout in the lightweight and intelligent new energy vehicle industry chain. In the future, it will empower Ascend Group through customer resources, financing, and industrial synergy.

Guangzhou Industrial Control Group regards Ascend Group as a lightweight platform enterprise, developing the automotive lightweight industry horizontally and extending vertically into the aluminum asset industry chain. Ascend Group will share customer networks with Guangzhou Industrial Control Group’s subsidiaries, such as Tianhai Electronics, Wanhua Tire, and Fudi Technology, to promote the development of industries like robotics, energy storage, low-altitude economy, and commercial aerospace, actively expanding into the Greater Bay Area market.

This control change essentially involves a private enterprise introducing state-owned capital, leveraging government resources, industry chains, and policies to respond to intensified industry competition and explore new business fields.

This article is compiled from corporate announcements, China Securities Journal, and other media sources.