Li Shufu Resigns as Chairman of Geely Automobile's Board

en.Wedoany.com Reported - On the 7th, Geely Automobile Holdings Limited issued an announcement stating that, effective from the 18th, Li Shufu has resigned from his positions as Chairman of the Board and Executive Director of Geely Automobile.

In recognition of Li Shufu's outstanding contributions to the company's development over the years, he has been appointed as the company's Lifetime Honorary Chairman. As the company's principal and controlling shareholder, Li Shufu will continue to fully support the company's long-term development and will continue to serve as Chairman of Zhejiang Geely Holding Group.

An Conghui has been appointed as Chairman of Geely Automobile's Board, and he will lead the new board of directors.

Public records show that Li Shufu was born in June 1963, a native of Taizhou, Zhejiang, and is the founder of Geely Automobile.

An Conghui joined Geely Holding Group in 1996 and has held key positions including Chief Engineering Commander, General Manager, Vice President, and President.

On the 17th, Geely Automobile Holdings Limited announced its interim results for 2026. The company's total revenue for the first half of the year reached RMB 173.6 billion, a year-on-year increase of 15%, setting a new record high. Core net profit attributable to shareholders reached RMB 9.68 billion, surging 46% year-on-year, outpacing revenue growth; the core net profit margin attributable to shareholders was 5.6%, up 27% year-on-year. Gross margin improved to 17.9%, and revenue per vehicle increased 16% year-on-year to RMB 112,000. Against the backdrop of overall industry pressure, Geely Automobile, leveraging the "One Geely" strategy, has seen its four major brands work in synergy, achieving notable results in premiumization and globalization, and continuing to lead the industry's high-quality development.

Li Shufu reviewed Geely Automobile's development since its listing via video at the interim results meeting: "Geely Automobile was listed in Hong Kong on May 19, 2005, with a share price of HKD 0.4. On August 12, 2026, Geely's share price was HKD 18.06. The company's market capitalization grew from HKD 1.6 billion to HKD 194.8 billion. Dividends to shareholders increased from HKD 40 million to HKD 5.4 billion, with financing far less than dividends."

It is worth noting that Geely's handover from the founder to a professional management team this time marks a significant breakthrough in the development of China's private economy. Over more than 40 years of reform and opening-up, China's private economy has flourished, and it is now at a critical moment of succession for the first generation of private enterprises.

In modern corporate governance, the separation of ownership and control is adopted by more global multinational automotive companies, such as Volkswagen Group, Toyota, and Stellantis Group. This also signifies that, at a critical juncture when China's automotive industry is collectively moving upward led by the new energy transformation, Geely Automobile has taken the lead in breaking away from traditional management models and taking a key step toward globalized corporate governance. This will provide stronger institutional safeguards for Geely Automobile's global expansion and competition with global automakers.

An Conghui concluded: "The primary task of this board of directors and management team is to take over this baton and pass it on well. Succession is not simply about handing over a position, but about passing on the company's core values, management systems, and governance framework. The foundation of an enterprise lies in its team, and its core competitiveness lies in its people. In the future, we will actively build a professional team, ensure the effective and transparent operation of the three-tier corporate governance structure, and continuously strengthen the development of 'Yuan Power' (employee motivation). We will uphold the principles of shared pressure, shared responsibility, co-creation of value, and sharing of results. Let those who can win battles have a stage, and let every striver grow and progress together with the company."