He leaned back against the seat, not because he was tired, but to see the entire chessboard clearly. On August 17, Li Shufu resigned as Chairman of the Geely Auto Board of Directors, and An Conghui took over. With no performance explosion, no shareholder pressure, at a juncture of 173.6 billion in semi-annual revenue and a 46% surge in profit, this car-making visionary voluntarily handed over the steering wheel. Some said Geely was changing its regime, quite the opposite; Li Shufu used this exit to secure Geely's entry ticket for the next thirty years.

I. Founder Yields Place, Harder Than Starting a Business

Li Shufu is not a defeated general, but a monarch who voluntarily stepped down from the throne. In the past thirty years, every risky move Geely made bore Li Shufu's name—daring to make cars, daring to buy Volvo, daring to bet on new energy. But as the company grew to Geely's scale, with seven or eight brands globally and business spanning Europe, Asia, and South America, relying on one person to make decisions is like letting an aircraft carrier chase a speedboat. He saw through it: a founder's intuition is the company's ceiling and its limit. An Conghui is a professional manager grown from Geely itself, working from the grassroots to the core. Li Shufu's words "Professional talent is rare" were handing the baton to someone who had truly run on the track. This baton pass is not a shift in power, but a victory of organizational life over individual lifespan.

II. What's Missing is Not Technology, but the Explosive Power of Hit Products

The new chairman didn't read a welcome report upon taking office, but first admitted shortcomings: "Lack of hit products, lack of mid-tier strength." In the first half, Zeekr sold 178,000 units crazily, Xingyuan stormed the entry-level market list, but in the middle golden belt of 150,000 to 300,000, Geely was surrounded like an iron barrel by BYD, Li Auto, and AITO. Chassis, intelligent driving, batteries, Geely lacks none of these, but what is missing is the chemical reaction to turn technology into hit products. So "One Geely" is no longer a slogan—cutting overlapping models, R&D expenses decreased, procurement tightened into one rope, the goal is one: make every penny strike a sound-producing product. In the first half of electrification, it was about lone heroes; in the second half, it is about the speed of system punches.

III. The Next Chapter of Globalization, Relying on Leverage Instead of Building Factories

Sold 474,000 units overseas in the first half, more than doubled year-on-year, but Geely played smarter this time. Li Shufu made things clear: not building new factories everywhere, sharing capacity with Ford in Spain, borrowing Volvo's European foundation, landing in Malaysia relying on Proton, side by side with Renault in South America. Investments made over these years finally assembled into a global manufacturing network. The early routine of Chinese car companies going overseas was shipping and selling cars, what Geely wants to do is package technology, supply chain, and localization together, quietly taking root in other people's markets. At this time, the founder's personal will cannot cover time zones and national borders, must let the organization grow thousands of feet, to run for Geely on the Earth.

Li Shufu stepped back, Geely took a big step forward. After Steve Jobs, Apple was still making money, but products changing the world were fewer; what Geely wants to prove is not whether changing the person still allows making money, but whether the gene of daring to bet and venture will break without the strongman. On An Conghui's desk lay the semi-annual report, and also three new car model blueprints. The real exam has just begun—not testing who sits on that chair, but testing whether that chair can shine on its own. The founder's value has never been standing on the stage forever, but letting the stage be empty, and the show can still be more wonderful.

August 17, HKEX issued a notice: Li Shufu stepped down as Chairman of Geely Automobile Board of Directors, An Conghui officially took over, effective August 18.

News broke, industry shook. But this is not retirement and giving up power; it is the founder retiring after achieving success and professional managers fully taking over, the most thorough reform of private automakers "de-familialization". However, for Li Shufu who built the Geely business empire in the industry for decades, why let go now? Will An Conghui taking over cause changes in Geely's New Energy second half?

The Li Shufu Era: A Legendary M&A History, From Grassroots Car Maker to Global Giant

Li Shufu's decades in charge of Geely was a path to glory for a grassroots car maker. Starting from private car manufacturing, breaking foreign joint venture monopolies, forcing a path for Chinese automakers' globalization. He was the founder, M&A maniac, and the absolute creator of the Geely Empire.

$1.8 billion acquisition of Volvo was Li Shufu's most legendary move. The "snake swallowing an elephant" deal that was ridiculed by the public back then is now the most successful overseas M&A for Chinese automakers. This deal directly filled Geely's safety, chassis, and manufacturing system technology, thoroughly getting rid of low-end cheap labels, and obtaining the entry ticket for global high-end car manufacturing.

Furthermore, acquired Lotus core technology and brand assets,守住 the performance sports car track; held controlling stakes in Malaysia Proton, opening up Southeast Asian overseas markets, perfecting the global map. In 2018, invested heavily to enter Daimler, becoming the largest single shareholder, connecting industry top resources, raising Geely's global industry voice.

In technical infrastructure, Li Shufu was also not soft-handed. Built CEVT China-Europe Technology Center, CMA architecture, SEA浩瀚 Pure Electric Architecture, transformed from "assembly car maker" to an independent top brand with self-developed core technology, completing the foundation paving from fuel to New Energy.

Li Shufu was good at cross-border M&A, territory expansion, strategic gambles, helping Geely complete the leap from zero to global top-tier automakers. This was the era of building the land.

The An Conghui Era: Not Playing Capital M&A, Bearing the New Energy Second Half

Who is An Conghui? Core veteran following Li Shufu for many years, not playing capital M&A, focusing on product, operations, landing, New Energy transition pragmatic.

He was not interested in capital M&A and industry hype, always rooted in product, market, user and system construction, was the core operator of Geely's New Energy transition. This takeover was the inevitable result of industry accumulation and strength precipitation.

An Conghui's steering ability had already been verified by market performance. He single-handedly built the Lynk & Co brand, breaking the "domestic high-end must have fierce competition, must have slow sales" industry curse. Not relying on low-price competition, relying on extreme product quality, young user operations, global development thinking,站稳 the domestic high-end fuel car track, becoming the benchmark for domestic high-end brands.

Under the New Energy transition wave, An Conghui took the lead again, incubated Zeekr brand. From Zeekr 001 breakout hot sales, to full series model iteration upgrade, matrix perfect, Zeekr successfully entered the high-end pure electric track, facing new forces and joint venture New Energy brand competition, becoming Geely's New Energy rising core main force.

More rare is, An Conghui is also one of the few managers in the industry who truly understand users and are willing to guarantee users. In the early stage of the industry, New Energy models generally had problems of fast infotainment hardware iteration and old owner experience shrinking, most car companies chose paid upgrades or ignored.

Under his leadership decision, Zeekr officially announced in 2022, for the first batch of Zeekr 001 old owners full free upgrade Qualcomm 8155 infotainment chip assembly, entire upgrade enterprise investment over 300 million yuan, not charging users any hardware and installation fees. At that time's high-end New Energy market, this disregard for short-term costs, prioritizing old owner rights practice, broke industry convention, both filled model intelligence gaps, and also accumulated solid user reputation for the brand, fully showing long-term operation thinking.

In addition, An Conghui long-term led Geely internal system innovation, promoting model refined iteration, vehicle quality control comprehensive upgrade, New Energy strategy landing. Changed Li Shufu's built massive industrial empire from "scale expansion" to "refined operations", letting Geely's every transformation fit market demand, fit user pain points.

Two generations of leaders' handover, essentially was track switch, past relied on strategic expansion to set pattern, now relied on product strength to decide win or lose.

Conclusion: Not a Power Shift, but a Precise Era Handover

For this commander change, I think the most controversial point for outsiders is, Li Shufu stepping down equates to Geely giving up power, going downhill? The fact is, this is just listed company management handover, Li Shufu still holds Geely Group, controlling top-level strategy, belongs to "retired but not resting, behind-the-scenes steering".

Industry contradiction is, old generation car making big shots good at capital expansion, new generation professional managers must face fierce competition. Past relied on M&A to expand map, now relied on product, cost-performance, New Energy, intelligence to fight close combat, era track completely changed.

Final conclusion is clear, that is Li Shufu completed China's auto hardest zero to global foundation, famous and successful, perfect conclusion. An Conghui succeeding, marked Geely officially said goodbye to "wild expansion capital era", entered "product king, New Energy deciding, refined competition" new era.

This is not a power shift, it is a precise era handover, people of the founding land retired, guarding the land, winning second half people took the stage. From our perspective, future Geely's biggest highlight no longer relies on M&A breakout, but watching Zeekr, Galaxy whether can withstand BYD, new forces competition, truly站稳 domestic New Energy first tier.

Do you think, saying goodbye to Li Shufu frenzy expansion era, An Conghui can lead Geely to win New Energy competition war?