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Geely Steps Back, Yin Qi Takes Over! Lifan’s New Leader Is Him

ZAKER Automotive 2025-08-26 13:41:36

In August 2025, the news of Lifan Technology (now known as Qianli Technology) changing ownership once again shook the automotive industry. Yin Qi, the 37-year-old founder of Megvii Technology, invested 2.43 billion yuan to acquire 19.91% of the shares of Lifan Technology held by Geely Technology Group and was elected as the chairman. This change marks the gradual withdrawal of Geely Holding Group from this former giant of Chongqing's private car enterprises after taking control for four years, ushering Lifan Technology into a new phase of development.

Tracing the development of Lifan Motors, the entrepreneurial story of its founder Yin Mingshan is nothing short of legendary. At the age of 54, Yin Mingshan started from scratch in motorcycle manufacturing, and through bold decision-making and exceptional management, Lifan quickly rose to become the largest motorcycle manufacturer in the country. In 2003, Yin Mingshan acquired Chongqing Special Purpose Vehicle Manufacturing Plant, branching into the automobile industry. By 2010, Lifan successfully went public, with its market value soaring to 30 billion, and at the age of 72, Yin Mingshan became the richest person in Chongqing. At that time, Lifan was at its peak.

However, after transitioning to automobile manufacturing, Lifan consistently failed to establish a foothold in the highly competitive market. In 2019, Lifan's revenue plummeted to 7.4 billion yuan, a year-on-year decline of 32.35%, and net profit plunged by 1950.83%, resulting in a loss of 4.682 billion yuan, with its asset-liability ratio soaring to 85%. By the first half of 2020, the company's cash balance was only 1.38 billion yuan, while it was burdened with over 20 billion yuan in massive debt, leading to a dire operational situation, ultimately filing for bankruptcy reorganization in August 2020.

In December 2020, Geely Group participated in the restructuring of Lifan and successfully took control, bringing new life to the company. In December 2021, Geely Auto and Lifan Technology jointly invested 600 million yuan to establish a joint venture, with both parties holding 50% of the shares. The initial results of Geely's takeover were remarkable; in 2021 and 2022, Lifan Technology's sales rose to 3,862 and 56,800 units respectively, representing year-on-year growth of 60.18% and 1371.15%, and its operating conditions improved significantly.

However, the good times did not last long. In 2023, Lifan Technology's revenue fell again by 21.79%, and its net profit decreased by 84.35%. The net profit after deducting non-recurring gains and losses suffered a loss of 135 million yuan, plunging the company back into difficulties. It was at this time that Yin Qi entered the scene with capital and a new strategy. After taking office, Yin Qi quickly pushed for company reforms. By February 2025, Lifan Technology officially changed its name to Qianli Technology, completely shedding the old brand burden. Simultaneously, Wang Jun, the first president of Huawei's Automotive Business Unit, was brought in as co-president to vigorously develop core businesses such as intelligent driving and intelligent cabins, with a full commitment to intelligent transformation. Although Gui Shengyue, CEO of Geely Holding, had once proposed a vision of creating a "second Huawei" with Qianli Technology, Geely is gradually downplaying its imprint on Lifan as Yin Qi takes full control. The 87-year-old Yin Mingshan can only watch as the business empire he built from scratch changes hands multiple times, with the "Lifan" brand gradually becoming a part of history.

From an industry perspective, the recent change of ownership at Lifan Technology reflects the fierce competition and strategic adjustments during a deep transformation period in the automotive industry. When Geely took over, it aimed to leverage Lifan’s production qualifications and capacity to expand its presence in areas such as battery swapping; meanwhile, Yin Qi’s entry into the scene stems from his optimism about new opportunities amid the wave of automotive intelligence, seeking to empower traditional automakers with AI technology and explore new tracks. In the future, whether Qianli Technology under Yin Qi’s leadership can break through difficulties and achieve a comeback in the intelligent automotive sector to rewrite Lifan’s fate not only concerns the company's own development but will also provide an important example for industry-wide transformation.

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Geely Steps Back, Yin Qi Takes Over! Lifan’s New Leader Is Him

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