At a China motorcycle industry development roundtable, Zhang Xue, chairman of
Zhang Xue Motorcycles Co., said when asked about listing plans that timing would
'let nature take its course', signaling no firm IPO timetable. Media reports
show two external investments: in July 2024 a Gaoxin Capital fund (Shanghai
Gaoxin Lingzhi VC) invested 20 mln yuan for roughly a 9.17% stake; in January
2026 Zhejiang State-owned Capital Operation Co.'s Zhechuangtou completed a
Series A via two funds totaling 90 mln yuan, valuing the company at 1.09 bln
yuan.