Leapmotor founder Zhu Jiangming and his concert party, Fu Liquan and his spouse, have increased their holdings in the company for the third time this year, according to a filing with the Hong Kong Stock Exchange. The latest move comes as the Chinese electric vehicle (EV) maker’s share price has dropped sharply over the past four months despite continued growth in deliveries.
The group purchased 2,150,600 Leapmotor shares on the open market at an average price of HK$50.51 per share, for a total of HK$108.6 million (US$14 million). The company said the decision reflects their confidence in Leapmotor’s long-term prospects, noting the aim is “to promote the company’s sustained, stable, and healthy growth while safeguarding public investors’ interests.”
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Following the transaction, Zhu and the Fu family collectively hold 209,100,538 H-shares and 128,517,839 domestic shares, equal to 23.79 percent of Leapmotor’s total issued share capital. The group remains the company’s single largest shareholder.
Leapmotor’s stock has fallen around 33 percent from its late-August peak, even as the company has reported robust operational performance. This latest share increase follows two earlier purchases by Zhu this year — HK$316 million in April and HK$205 million in October.
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The EV maker, backed by Stellantis NV, has recorded strong delivery momentum throughout 2024. It delivered 536,132 vehicles from January to November, a year-on-year increase of 113.42 percent, achieving its annual sales target ahead of an upward revision. Deliveries in November reached 70,327 units, marking a seventh consecutive monthly record.
Leapmotor previously set a 2025 sales target of 500,000–600,000 units, later raising it to 580,000–650,000 units due to stronger-than-expected demand. The company’s management has reiterated plans to challenge annual sales of 1 million vehicles in 2026.