Yagang Composite Materials plans to IPO on the Beijing Stock Exchange, Chairman Wu Xuecen's ex-wife, who is 8 years younger and has a college degree, serves as a director

Ruicai Finance Yan Minghui recently completed IPO counseling filing with the Zhejiang Securities Regulatory Bureau for Jiaxing Yagang Composite Materials Co., Ltd. (hereinafter referred to as: Yagang Composite), planning to list on the Beijing Stock Exchange, with guidance provided by GF Securities.

Yagang Composite was established in 2013, with a registered capital of 83.09M yuan, mainly engaged in the research and development, production, and sales of aramid honeycomb core materials and other composites. Its products are widely used in aerospace, rail transit, ships and vessels, and other fields.

Wu Xuecen, chairman and general manager of Yagang Composite, is the company’s actual controller. Wu Xuecen directly holds 40.22% of Yagang Composite’s shares. Through Yagang Partnership(, he holds a 54.97% stake) and indirectly owns 2.38% of the shares, totaling a 42.60% stake, controlling 44.55% of the voting rights.

Wu Xuecen, born in 1977, holds a bachelor’s degree, is the director and general manager of Entropy Core Technology, and has previously served as a structural system engineer at Shandong Airlines Co., Ltd., a supplier manager at AVIC Commercial Aircraft Co., Ltd., deputy general manager of Shanghai Yaqi( Aerospace Materials Co., Ltd., and chairman and general manager of Yagang) Jiaxing( Composite Materials Co., Ltd.

Director, deputy general manager, financial officer, and board secretary Lu Jianxiang holds a 0.72% stake.

Chairman Wu Xuecen’s ex-wife and director Zheng Mingyan hold a 0.04% stake.

Zheng Mingyan, born in 1985, has a college degree, previously worked as a foreign trade specialist at Shanghai Tianci Xin Da International Trade Co., Ltd., and as a business manager at Shanghai Peiyuan Industrial Co., Ltd. Since April 2017, she has served as the head of the company’s procurement department, comprehensive management department, and director.

In terms of performance, from 2023 to 2024 and the first quarter of 2025, the company’s revenue was 59.9889 million yuan, 165 million yuan, and 73.1194 million yuan, respectively; net profit was -9.91M yuan, 41.45M yuan, and 23.3809 million yuan. The company turned profitable in 2024.