Jiangsu Tycoon Tang Aoqi Passes Away, Wife Waives Inheritance, Children Share 2 Billion Yuan in Shares

On December 3, Xinquan Co. (603179.SH, market value approx. CNY 34.9 billion) announced that its controlling shareholder Tang Aoqi passed away on October 26, 2025, at the age of 80. Tang held a 51% stake in Xinquan Investment, with 50% belonging to his spouse Zhu Yuqin and 50% as his estate.

Zhu Yuqin voluntarily waived her inheritance rights, gifting her 25.5% stake (worth about CNY 2.218 billion) equally to Tang Zhihua and Tang Meihua, with each receiving 12.75%. After this change, the company’s ultimate controller is Tang Zhihua.

Born in 1945, Tang Aoqi began his entrepreneurial journey in 1982 with a 4,000-yuan loan from villagers to sell pigs. In 1993, he and his son Tang Zhihua founded the predecessor of Xinquan Co. Today, Xinquan ranks among China’s top automotive interior and exterior component suppliers, operating 26 domestic and 5 overseas subsidiaries, and cooperating with major automakers including FAW Jiefang, BAIC Foton, Geely, BYD, and NIO.

In H1 2025, Xinquan achieved CNY 7.459 billion in revenue (up 21.01% YoY) and net profit attributable to shareholders of CNY 422 million (up 2.80% YoY), with adjusted net profit of CNY 415 million (up 1.20% YoY). The stock price has surged over 60% this year, with a market capitalization of CNY 34.894 billion.