On September 22, Chery Automobile Co., Ltd. (stock name: “Chery Automobile”) officially announced a change in leadership. You Zheng stepped down as the legal representative and chairman, with Lu Fang succeeding him. Additionally, several senior executives also underwent changes.
The work histories of You Zheng and Lu Fang are somewhat similar. You Zheng was born in 1968, and Lu Fang was born in 1976, with an age difference of 8 years. Both started their careers at China FAW Group, gradually rising from entry-level technical positions to core management roles, accumulating solid experience in manufacturing management and product planning. In 2018, both You Zheng and Lu Fang joined Dongfeng Motor Group, with You Zheng taking on the role of Standing Committee Member and Vice President of Dongfeng Motor Group Co., Ltd. in May 2018, later becoming the Executive Director and Vice President of Dongfeng Motor Group Co., Ltd., participating in the group’s overall strategic decisions, including new energy transformation and joint ventures. Lu Fang joined Dongfeng Motor Group in December 2018 as the Technical Head of Special Projects in the Strategic Planning Department, leading the preparations for high-end new energy brands.
In 2019, Lantu Motors (formerly Dongfeng H Business Unit) was established, with You Zheng serving as chairman and Lu Fang as CEO and CTO, fully responsible for brand strategy, technology R&D, and team building. In July 2020, Lu Fang, as CEO and CTO, announced the birth of Lantu Motors, and in June of the following year, he led the launch of the first model, the Lantu FREE. Under Lu Fang’s leadership, Lantu Motors introduced the Lantu Dreamer, Lantu Pursuit, and Lantu Zhiyin models, and expanded into the European market. In July 2022, Lu Fang no longer served as CTO, while You Zheng continued as chairman of Lantu Motors since its establishment, a position he held for four years. After You Zheng stepped down as chairman, Lu Fang will now serve as both chairman and CEO, leading Lantu Motors through its listing on the Hong Kong Stock Exchange.
On August 22, Dongfeng Motor Group announced that its subsidiary, Lantu Motors, would be listed on the Hong Kong Stock Exchange through an introduction process, with Dongfeng Group’s shares being privatized and delisted simultaneously. On September 15, Lantu Motors Technology Co., Ltd. completed a corporate restructuring and name change to Lantu Motors Technology Co., Ltd., increasing its registered capital to 3.68 billion CNY.
Dongfeng Motor Group has a deep legacy in the traditional fuel vehicle sector, holding stakes in well-known joint ventures such as Dongfeng Honda, Dongfeng Nissan, and Shenlong Automotive. However, it faces significant challenges in transitioning to the new energy vehicle market. New brands like Lantu, Yipai, Nano, and Mengshi have underperformed compared to other new energy brands. Although Dongfeng Motor Group is listed on the Hong Kong Stock Exchange, its valuation has been low, with its market value consistently below net assets. Since its listing, refinancing activities have been nearly stagnant, and the financing capabilities of its H-share platform have almost been lost.
Lantu Motors has become one of Dongfeng Group’s most stable and mature brands in recent years, and it has high expectations. Lantu Motors CEO Lu Fang stated, “Lantu is an important strategic move for Dongfeng’s transformation and upgrading, carrying the dual mission of enhancing Dongfeng’s brand and exploring new models of development for independent brands.” According to data, Lantu Motors’ sales in 2024 reached 801,16 units, a 59.3% year-on-year increase, and in the first eight months of 2025, sales totaled 80,185 units, a 94.3% year-on-year increase.
Against this backdrop, pushing Lantu Motors into the capital market is undoubtedly a strategic move for Dongfeng Group to activate its existing assets and optimize resource allocation. From a financing perspective, the listing will give Lantu Motors an independent direct financing channel, allowing it to leverage the capital market to gain more financial support. With sufficient funds, Lantu Motors can increase investment in core technology areas such as intelligent driving and battery technology, enhancing product competitiveness, driving technological innovation, and product upgrades, while further solidifying its leadership in the high-end new energy vehicle market. Regarding brand image building, the Hong Kong listing will significantly enhance Lantu Motors’ visibility and influence, helping the market recognize the brand and accelerating its overseas market expansion.
Lu Fang, serving as both chairman and CEO, can significantly reduce decision-making levels and accelerate response times. In board resolutions, corporate governance, and the signing of listing-related documents, his dual role enables him to advance work more efficiently, especially at a critical time when Lantu is fully implementing its strategic cooperation with Huawei and launching multiple new models. Lantu must address multiple challenges such as market competition, technological integration, and capital operations.
With new products like the Lantu FREE+, Lantu Pursuit L, and Lantu Taishan set to be launched, as well as the progress of its Hong Kong listing, Lu Fang, who holds dual roles, may be able to better lead Lantu into a new development phase. The Hong Kong listing will not only open new financing channels for Lantu but also greatly enhance its visibility and influence. Whether Lu Fang can lead Lantu to truly achieve its mission of “driving dreams with cars” will soon be answered by the market.
