Guangzhou Industrial Control takes over Xusheng Group, "Chain Owner + Localization" shapes the full-chain map of new energy vehicles

On April 2, Rising Group (603305.SH) released an announcement confirming that the company had completed industrial and commercial change registration on April 1. The company’s controlling shareholder was officially changed to Guangzhou Industrial Investment Holding Group Co., Ltd. (hereinafter referred to as “Guangzhou Industry and Control”), and the actual controller was changed to the People’s Government of Guangzhou Municipality.

This announcement marks the successful completion of this high-profile acquisition of the new energy vehicle industry chain—led by Guangzhou Industry and Control and planned for months. Through this acquisition, Guangzhou Industry and Control not only secured the 8th publicly listed company under its control, but also further clarified its strategic layout for building a full new energy vehicle industrial chain through a “chain-master enterprise + localized supporting” model.

After a month-long run in April, state-owned assets in Guangzhou formally “took over the baton”

The announcement shows that on April 1, its controlling shareholder shareholding platform, Ningbo Meishan Bonded Port Zone Xusheng Holding Co., Ltd. (hereinafter referred to as “Xusheng Holding”), had completed the industrial and commercial change registration and the filing procedures for the Articles of Association, and obtained the reissued Business License. By then, all equity delivery and settlement matters for this transaction were completed. Guangzhou Industry and Control and its parties acting in concert together held 27.0455% of the shares in the listed company, officially becoming the company’s largest shareholder.

Looking back at the full process of Guangzhou state-owned capital taking control of Rising Group, it took nearly four months from the signing of the agreement to completion. On December 22, 2025, Rising Group’s former actual controller, Xu Xudong, and the parties acting in concert with him signed the “Control Rights Acquisition Agreement” with Guangzhou Industry and Control. They planned to transfer control rights by transferring equity in the controlling shareholding platform and by transferring shares through a direct agreement.

On February 6, 2026, Guangzhou Industry and Control received an approval reply issued by the Guangzhou Municipal State-owned Assets Supervision and Administration Commission, which basically agreed with the relevant matters of this acquisition. On February 26, Rising Group’s announcement showed that it received from the State Administration for Market Regulation the “Decision on Not Conducting Further Review in the Antimonopoly Review of Concentrations of Business Operators.” In March, the acquisition project successively completed compliance confirmations and transfer procedures such as the filing of state-owned asset valuation projects. On April 1, all equity delivery matters for this transaction were completed.

According to the disclosure in the announcement, after completing the transaction, the direct and indirect combined shareholding ratio of Rising Group’s former actual controller, Xu Xudong, and the parties acting in concert with him decreased from 48.6617% to 21.6162%, and they still hold more than one-fifth of the shares in Rising Group. Among them, Xu Xudong as an individual shareholder still holds 7.5232% of the shares. This transaction was mainly completed through the equity interest changes of Xusheng Holding: the shareholding by Xu Xudong and Chen Xingfang combined 100% before the change was changed to a combined 100% held by Guangzhou Industry and Control and the Industry and Control Automobile Parts Group. In addition, the Industry and Control Automobile Parts Group also directly holds 5.0013% of the shares of Rising Group.

Southern Daily Bay Financial News previously reported that Rising Group, which Guangzhou Industry and Control acquired this time, has a leading position in the field of new energy vehicle lightweighting and is a first-tier supplier to new energy vehicle companies such as Tesla. For Guangzhou Industry and Control, taking over Rising Group has a fairly clear purpose of acquiring along the industrial chain, serving as a key move to improve the full-chain layout of new energy vehicles.

Made two moves to acquire along the industrial chain, accelerating the construction of a full-chain map

Regarding the strategic intent of the industrial chain layout for this acquisition, this latest announcement shows clear presentation. The announcement states that the purpose of this equity interest change is based on Guangzhou Industry and Control’s assessment of Rising Group’s investment value. Using Rising Group as a platform to drive the strengthening, extension, supplementation, and expansion of the industrial chain, it will ultimately build a closed-loop industrial ecosystem of a “chain-master enterprise + localized supporting,” and improve Guangzhou Industry and Control’s full-chain layout in the new energy vehicle sector.

This strategic statement outlines a “M&A 2.0” new paradigm for state-owned capital in Guangzhou to build an industrial moat by “buying the best” and “buying industry leaders.” As an automotive parts supplier that has been in Tesla’s supply chain since 2013, Rising Group has long been engaged in the research, production, and sales of precision aluminum alloy components. It is one of the few companies in the industry that simultaneously masters three aluminum alloy forming processes—die casting, forging, and extrusion—and has high technical barriers.

By integrating this company, which has core technology in key areas of new energy vehicle lightweighting, into its portfolio, Guangzhou Industry and Control has arguably placed heavy emphasis on the new energy vehicle industry chain. In fact, this is not Guangzhou Industry and Control’s first major move in the key hardwares of the new energy vehicle sector. In May 2025, Guangzhou Industry and Control officially became the controlling shareholder of Eve Power Technology Co., Ltd. (Eve Power Technology). Eve Power Technology is mainly engaged in R&D and application of power batteries, and it is advancing the R&D and industrialization process of cutting-edge battery technologies such as solid-state batteries and semi-solid batteries.

Now that control of Rising Group has been successfully acquired, it means Guangzhou Industry and Control holds the “three-electric core” in one hand and grips “vehicle body lightweighting” in the other, assembling the two most crucial hardware layouts in the upstream of the new energy vehicle industry.

At the same time, the “localized supporting” mentioned in the announcement is also worth paying attention to. As a major automobile manufacturing hub nationwide, Guangzhou brings together leading new energy vehicle OEMs such as GAC Group and XPeng Motors. Whether it is ensuring stable supply for production lines, reducing costs, or strengthening coordination at the R&D stage to get new technologies “on board” faster, downstream automakers have strong localized needs for upstream precision components.

With Guangzhou Industry and Control taking another key chain-master enterprise in the new energy vehicle industry chain, it is expected to further integrate and empower top-tier lightweighting and battery technologies into the local new energy vehicle industry cluster, thereby achieving a higher-level “localized supporting” capability. This will not only build a closed-loop industrial ecosystem for Guangzhou Industry and Control itself, but also provide stronger underlying support for the new energy vehicle industry chain in Guangdong and even the Greater Bay Area to grow bigger and stronger.

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