On December 18, 2024, "Lingtai New Material," an investee company of Fangguang Capital—the sub-fund backed by the master fund managed by Yuanhe Chencun—was listed on the Beijing Stock Exchange, with stock code: 920106.

Lingtai New Materials was established in In 2015, the company focused on the R&D, production, and sales of wet friction materials. Its flagship product, the wet friction disc, is a core component of automatic transmissions in passenger vehicles, widely used in mainstream automotive automatic transmissions such as hydraulic automatic transmissions (AT), continuously variable transmissions (CVT), dual-clutch transmissions (DCT), dedicated hybrid transmissions (DHT), and electric vehicle-specific transmissions (DET). Additionally, these discs are also extensively applied in commercial vehicles, high-end agricultural machinery, construction equipment, and even defense industry applications.

"Made in China" In 2025, the company set the ambitious goal of achieving domestic production of friction materials by 2030. Through independent R&D and continuous innovation, it surpassed this target nearly a decade ahead of schedule, becoming the sole domestic supplier of wet-type paper-based friction materials that are mass-equipped in the original equipment market for passenger vehicles. This achievement not only broke the foreign monopoly but also enabled full-scale import substitution, filling a critical gap in the domestic market. Today, the company’s products are already integrated into the supply chains of leading Chinese automakers and transmission manufacturers, including BYD, SAIC, Geely, Changan, Wanliyang, and Dong'an Power—and are now beginning to enter the global supply networks of several internationally recognized automotive giants and their key component suppliers.