On August 17, Geely Automobile Holdings Limited (0175.HK) unveiled a significant management shake-up. Effective August 18, 2026, Mr. Li Shufu will step down as Chairman of the Board and Executive Director of Geely Automobile Holdings Limited. Mr. An Conghui is set to take over as Chairman of the Board. Meanwhile, Mr. Li Donghui will resign as Vice Chairman but continue as an Executive Director. Mr. Gui Shengyue will transition from CEO to Vice Chairman, remaining an Executive Director. Additionally, Mr. Gan Jiayue will be appointed CEO, tasked with overseeing daily operations and leveraging his vast management experience and industry know-how to propel the company's long-term strategic objectives.

This new round of appointments has sparked industry-wide speculation: Is Geely Automobile transitioning from an era dominated by its founder to one led by professional managers? Let's delve deeper.

Li Shufu's Successful Handover

Li Shufu clarified in an official video that he will retain his position as Chairman of Zhejiang Geely Holding Group Co., Ltd., the largest controlling shareholder of Geely Automobile Holdings Limited (0175.HK), with a stake of approximately 36%-39%.

In essence, despite relinquishing his role as Chairman of Geely Automobile Holdings Limited, Li Shufu, as the founder, actual controller, and majority shareholder of Geely Holding Group, remains the ultimate authority over Geely Automobile, this behemoth of the automotive industry.

However, it's clear that Li Shufu is gradually stepping back from the day-to-day management, assuming the role of a strategist who charts the course for Geely Automobile and sets its overarching goals.

"Chairman Li's resignation as Chairman of the Board of 0175 (Geely Automobile Holdings Limited's Hong Kong stock code) signifies a move towards de-familization. It marks Geely Automobile's evolution from a founder-led startup and growth phase to a mature phase driven by systems and teams. The company will no longer rely on individual charisma and authority but will instead depend on organizational systems and a robust talent pipeline," remarked Gui Shengyue, Vice Chairman of the Board of Geely Automobile, at the earnings briefing.

In fact, as early as March 2021, Li Shufu had already stepped down as Chairman of Geely Automobile Group, passing the baton to An Conghui.

At that time, Geely Automobile officially commended An Conghui: "Over the past decade, An Conghui has led Geely Automobile's management team and employees to achieve remarkable results. The company has seen systemic improvements in design, R&D, manufacturing, quality, marketing, services, and other areas, securing the independent brand passenger vehicle sales championship for four consecutive years. In terms of international strategy, he facilitated the integration and development of Geely and Volvo, established a European R&D center, and the Lynk & Co brand, built on the CMA architecture, has become a benchmark for Chinese brands' high-end and global development. In terms of management enhancement, he has been instrumental in nurturing internal talent, with a plethora of high-quality young leaders emerging."

As is widely known, Geely Automobile Group encompasses several core businesses, including Geely (including Galaxy), Zeekr, and Lynk & Co. Entrusting these crucial businesses to An Conghui indicates that as early as 2021, An Conghui had already earned Li Shufu's high regard.

Now, Li Shufu has further entrusted An Conghui with the role of Chairman of the Board of Geely Automobile Holdings, signaling that Geely Automobile is delegating more authority to An Conghui and removing nearly all constraints on him.

Is Geely Entering the An Conghui Era?

"Comrade An Conghui is an outstanding professional talent nurtured within the Geely system. He embodies both moral integrity and professional competence, excels academically and morally, possesses a strong sense of professionalism, and extraordinary willpower. He is a key talent in Geely Automobile's industry. He has previously served as CEO of Geely Automobile Group and CEO of Zeekr Intelligent Technology and is currently CEO of Zhejiang Geely Holding Group. I have full confidence in Geely Automobile Holdings' performance under An Conghui's leadership as Chairman of the Board," commented Li Shufu on An Conghui's appointment.

From a performance standpoint, in the first half of this year, Geely Automobile's total revenue soared to RMB 173.6 billion, marking a 15% year-on-year increase and reaching a record high, with steady growth maintained for six consecutive years. Core net profit attributable to the parent company surged to RMB 9.68 billion, a 46% year-on-year increase, outpacing revenue growth; the core net profit margin attributable to the parent company stood at 5.6%, a 27% year-on-year increase. The gross profit margin rose to 17.9%, and the average revenue per vehicle increased by 16% year-on-year to RMB 112,000. Against the backdrop of significant losses for most automakers, Geely's financial report shines brightly.

In terms of sales, Geely Automobile (HK0175) achieved cumulative sales of 1.423 million vehicles in the first half of 2026, a slight 1% year-on-year increase; of which, domestic market sales reached 948,700 vehicles, with a domestic passenger vehicle market share of 11.4%. From a sales perspective, compared to the 39% increase in the previous year, a slight 1% year-on-year increase may not seem impressive, but the underlying reason lies in the overall market rather than Geely itself. From the standpoint of independent brand sales rankings, Geely Automobile currently holds a firm second position.

Breaking it down by brand, in the first half of 2026, Geely Galaxy achieved cumulative sales of 519,800 vehicles; Lynk & Co sold 144,200 vehicles, with new energy vehicle (NEV) sales reaching 93,600 vehicles, a 9% year-on-year increase, and the proportion of NEV products rising to 65%; Zeekr's sales skyrocketed by 97% year-on-year, reaching 178,400 vehicles, with the brand's global cumulative deliveries surpassing 820,000 vehicles.

As a rising star, Zeekr's performance has become the biggest highlight of Geely Automobile's results in the first half of the year. Zeekr was founded in March 2021, coinciding with An Conghui's assumption of the positions of Chairman of Geely Automobile Group and CEO of Zeekr Company.

At the beginning of 2025, Lynk & Co and Zeekr completed their merger, forming Zeekr Technology Group, with An Conghui at the helm as CEO. Zeekr Technology established a brand strategy of 'Zeekr ascending, Lynk & Co broadening,' effectively resolving the issue of overlap and conflict between Geely Automobile's two major mid-to-high-end brands.

In 2025, Lynk & Co achieved cumulative annual sales of 350,495 units, a 22.8% year-on-year increase. Leading Lynk & Co, initially intended for the fuel vehicle market, to achieve such growth in a year like 2025 is a testament to the contributions of An Conghui and his team.

In the first half of this year, although Lynk & Co's cumulative sales declined by 6%, as an early fuel vehicle brand undergoing the challenging transition to new energy vehicles, such a temporary decline is entirely understandable.

After all, taking joint venture brands that also need to transition as an example, in the first half of 2026, Volkswagen China saw a decline of 25.9%, Toyota China decreased by 17.1%, Honda China dropped by 34.7%, and Dongfeng Nissan fell by 12%.

In other words, from the perspectives of total sales, profitability, and average revenue per vehicle, Geely Automobile is poised for an excellent start in 2026.

"(For Geely in the future,) two-thirds of the market will be overseas. This strategy is very sound, and we are fully implementing it. I believe this goal will be achieved in the near future. To achieve the goal of two-thirds of sales coming from overseas markets, we must achieve localization," mentioned An Conghui at the 2026 first-half earnings briefing. This indicates that from the very beginning of his tenure, An Conghui and his team have already formulated a detailed corporate strategy and goals for Geely Automobile. The global layout initiated during Li Shufu's era may provide a solid foundation for Geely during An Conghui's era.