Hongli announces new chairman, departure of independent director
Cold rolled steel producer Hongli Group Inc. (HLP.US) on Tuesday announced a change in its chairman and resignation of one of its independent directors, citing personal reasons for both moves. Michael W. Zhang became the company’s new chairman effective Sept. 29, while Yang Chenglong stepped down from its board the same day.
Zhang replaces former Chairman Liu Jie, who will continue to serve as Hongli’s CEO but also resigned from the company’s board.
Zhang comes from a financial background, serving as managing partner of private equity fund manager H Alpha Management since 2015. He arrives as Hongli is seeking to diversify from its core cold rolled steel business into clean energy and solid-state lithium battery technologies.
Hongli’s revenue rose 39% last year to $19.6 million from $14.1 million a year earlier. It swung to a profit of $1.94 million last year, reversing a loss of $1.88 million in 2024.
Hongli’s stock rose 2% on Tuesday after the announcement. The stock is up 142% this year, including a 76% gain in the last month.
By Doug Young
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