Huaming Equipment IPO: Chairman Xiao Yi's family holds 44%, and his 89-year-old father is a company advisor

Rui Finance Wang Min On March 6, according to the Hong Kong Stock Exchange disclosure, Huaming Electric Power Equipment Co., Ltd. (hereinafter referred to as “Huaming Equipment”) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with J.P. Morgan and Haitong International serving as joint sponsors.

It is reported that Huaming Equipment (002070.SZ) was listed on the A-shares via a backdoor listing through Nanjing KNC in 2015. As of the close on March 6, 2026, its total market value was approximately 33.062 billion yuan.

According to the prospectus, Huaming Equipment was established in 1995 and is a leading global manufacturer of transformer tap changers, serving power grids and industrial users worldwide, while also expanding into CNC equipment and electrical engineering services.

According to data from Frost & Sullivan, in 2024, Huaming Equipment ranked second globally and first in China in the tap changer market by revenue; in terms of sales in 2024, in voltage levels below 500kV, Huaming Equipment held approximately 57.3% of the global market share.

In terms of performance, in 2023, 2024, and 2025, Huaming Equipment’s operating revenues were 1.946 billion, 2.309 billion, and 2.412 billion yuan, respectively, with net profits of 551 million, 620 million, and 720 million yuan, respectively.

Before the IPO, Xiao Yi, Xiao Shen, and Xiao Riming held approximately 43.54% of the shares through Huaming Group and Huaming Development, making them the controlling shareholders and actual controllers. Xiao Shen is Xiao Yi’s younger brother, and Xiao Riming is their father.

Xiao Riming and Xiao Shen are both company consultants. According to previous announcements, Xiao Riming was born in December 1936 and is 89 years old.

Xiao Yi, aged 58, serves as chairman and has been a director of the company since January 2016. He was reappointed as an executive director on March 2, 2026. He is mainly responsible for the overall strategic planning, management, development, and major investment and financing decisions of the group. He is also currently the chairman of Huaming Manufacturing.

Xiao Yi joined the group in April 1995 and served as chairman of Huaming Manufacturing. Prior to that, from March 1991 to April 1995, he was the technical director of Huaming Switch Factory.

In April 1995, Xiao Yi was recognized as a senior engineer by the Shanghai Electrical Engineering Senior Professional Technical Qualification Review Committee under the Shanghai Municipal Electric Power Company. He graduated in July 1989 from Suzhou Vocational University (now Suzhou Vocational and Technical College), majoring in Mechanical Manufacturing Processes and Equipment. In April 2010, the Shanghai Municipal People’s Government awarded Xiao Yi the title of Model Worker of Shanghai.

Related company: Huaming Equipment sz002270