On September 10, Changzhou Xingyu Auto Lamp Co., Ltd. (Xingyu Auto Lamp) issued a statement correcting an error in the age information of a senior executive in its 2025 annual report. The announcement revealed that the age difference between the chairman and his son is only 7 years, sparking further controversy surrounding Xingyu Auto Lamp.
In the correction notice titled “Correction Announcement Regarding Text Errors in the 2025 Annual Report,” Xingyu Auto Lamp stated that there was an error in the age information of Vice Chairman and Vice General Manager Zhou Yuheng, who is 58 years old. The company apologized for any inconvenience caused to investors.
In the 2025 annual report released by Xingyu Auto Lamp on March 20, Chairman and General Manager Zhou Xiaoping was listed as 65 years old, while Vice Chairman and Vice General Manager Zhou Yuheng was listed as 58 years old, indicating a mere 7-year age gap between the two.
When Zhou Yuheng was appointed as Vice General Manager of Xingyu Auto Lamp in 2019, the company explicitly disclosed that he and Chairman Zhou Xiaoping are mother and son.
Public data shows that based on previous information, Zhou Xiaoping was born in March 1961 and Zhou Yuheng was born in December 1985, making their age gap approximately 24 years and 9 months.
After the news broke, it drew public attention, with many questioning how Xingyu Auto Lamp could make such a basic mistake in their annual report. Prior to this incident, the company had already garnered widespread attention for the forced resignation of 107 recent graduates it hired.
Xingyu Auto Lamp recruited a total of 440 recent graduates this year, with most of them entering positions in research and development, technology, and management training. However, just over a month into their employment, the company forced 107 of them to resign.
On September 7, Xingyu Auto Lamp issued another public apology and announced disciplinary action against four senior executives, but the controversy has not been resolved.
On September 9, Tencent News quoted an IPO lawyer in Hong Kong analyzing the situation, stating that Xingyu Auto Lamp’s current situation could potentially delay its listing process on the Hong Kong Stock Exchange. Several other IPO lawyers and regulators in Hong Kong expressed similar views.
Before the labor dispute surfaced on August 15, Xingyu Auto Lamp confirmed that it had obtained approval for overseas issuance from the China Securities Regulatory Commission. According to various IPO professionals in Hong Kong, usually, after obtaining approval from the CSRC, a company can schedule a hearing within 1 to 2 weeks, which is the final crucial stage for a Hong Kong stock market listing. However, as of now, three weeks have passed since Xingyu Auto Lamp obtained approval, and the company has not yet received a specific hearing date.
Following the revelation of violent layoffs at Xingyu Auto Lamp on August 26, industry insiders told “The Paper” that the unconventional staff adjustment coincided with a critical window for the company’s second attempt at a Hong Kong IPO, leading to market suspicions of short-term financial manipulation. The precise personnel adjustments were aimed at reducing labor costs in the short term, improving per capita efficiency data, beautifying financial statements, and paving the way for the Hong Kong IPO review.
On July 29, 2026, Xingyu Auto Lamp submitted its second listing application to the Hong Kong Stock Exchange, restarting its suspended plan for the “Mainland A+ Hong Kong H” dual listing after six months. Just one week later, the company initiated a concentrated campaign to persuade recent graduates to resign.
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. is primarily engaged in the manufacturing of automotive parts and accessories. It was founded in 1993 and is headquartered in Changzhou City. In February 2011, it went public on the Shanghai Stock Exchange.