Huaming Equipment Rushes for Hong Kong Listing: Xiao Yi's Family Holds Over 40% Stake, 89-Year-Old Father Serves as Advisor

Hua Ming Power Equipment Co., Ltd. (hereinafter referred to as “Hua Ming Equipment”) recently submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with J.P. Morgan and Haitong International serving as joint sponsors. Founded in 1995, this company is a leading global manufacturer of transformer tap changers, with business coverage extending not only to power grids and industrial users worldwide but also to CNC equipment and electrical engineering services.

According to Frost & Sullivan, Hua Ming Equipment performed outstandingly in the 2024 tap changer market, ranking second globally and first in China by revenue. Especially in the voltage range below 500kV, Hua Ming Equipment holds a leading position with approximately 57.3% of the global market share. This achievement is attributed to the company’s years of relentless efforts in technological R&D and market expansion.

Financial data shows steady growth in Hua Ming Equipment’s performance in recent years. From 2023 to 2025, the company’s operating revenues are projected to be 1.946 billion yuan, 2.309 billion yuan, and 2.412 billion yuan, respectively, with net profits of 551 million yuan, 620 million yuan, and 720 million yuan. This robust financial performance provides a solid foundation for the company’s listing journey.

Regarding ownership structure, before the IPO, Xiao Yi, Xiao Shen, and Xiao Riming held approximately 43.54% of the shares through Hua Ming Group and Hua Ming Development, becoming the controlling shareholders and actual controllers of the company. Xiao Shen is Xiao Yi’s younger brother, and Xiao Riming is their father. Both Xiao Riming and Xiao Shen currently serve as company advisors. Xiao Riming, at 89 years old, continues to contribute wisdom and experience to the company.

As a core figure, Xiao Yi, aged 58, serves as Chairman and has been a director since 2016. On March 2, 2026, he was reappointed as an executive director, responsible for the overall strategic planning, management, development, and major investment and financing decisions of the group. Xiao Yi’s career has been closely linked with Hua Ming Equipment; he joined the group in April 1995 as Chairman of Hua Ming Manufacturing, having previously served as Technical Director at Hua Ming Switch Factory. With a strong background in mechanical manufacturing, Xiao Yi was recognized as a senior engineer in April 1995 and awarded the title of Shanghai Model Worker.