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On October 16, Suzhou OneStar Robotics Co., Ltd. was rumored to be dissolving. Reports indicate that the name and logo of OneStar Robotics have been taken down from their office. Just a month ago, the company had secured hundreds of millions in financing.

The significance of this situation stems from the fact that OneStar Robotics is controlled by Li Xingxing, the son of Geely's chairman, Li Shufu. Consequently, there has been rampant commentary on the failure of a "rich second generation" in business, with some humorously stating, "It's tough to be the crown prince."

Despite the headlines, for someone like Li Xingxing, who stands firmly supported by the expansive resources of Geely, the collapse of OneStar Robotics may not be substantial. He simultaneously holds stakes in other companies, including Yaoning Technology, the billion-dollar phosphorus enterprise Chengxing Co., and the successfully listed Jinko Electronics.

While OneStar Robotics faces dissolution, as long as Geely remains a stronghold, Li Xingxing's prospects won't collapse. The real question, however, is whether he can maintain his grip on Geely.

The dissolution of OneStar Robotics was quite unexpected. On October 17, reporters visited the office location and discovered unpacked items stacked at the entrance, with the company name and logo removed. Only a few members of the technical team remained at the site. Further investigation revealed the new office address was currently under renovation and inactive.

Interestingly, just a month earlier, OneStar Robotics had completed two rounds of funding. On August 13, they announced the completion of a preliminary round, followed by a seed round of financing in September amounting to hundreds of millions, predominantly from investors related to Geely.

Employees were equally taken aback. Fang Yu, from the technical department, mentioned that there were still numerous orders coming in during September, and investors who participated in August were eager to inject more capital. However, after the National Day break, they learned of the decision to dissolve the company, reflecting a battlefield-like atmosphere where announcements are sudden and disruptive.

The investor behind this abrupt change is Geely Group itself. According to shareholding transparency data, Li Xingxing holds 65.66% of the shares in OneStar Robotics and possesses 51% of the voting rights. Additionally, Pan Yunbin, OneStar's chairman, serves as CEO of Geely Semiconductor.

With OneStar Robotics' predicament, Li Xingxing has found himself at the center of public scrutiny. Many netizens have mockingly pointed to the failures associated with wealthy individuals in entrepreneurship, suggesting it is the pressure on second-generation heirs to prove themselves that is daunting.

However, the dissolution may not be entirely Li Xingxing's fault. Some analysts speculate that OneStar's closure may relate to its overlap in business direction with Geely's other investments, particularly Qianli Technology, which has received substantial capital and resources in the AI+ vehicle+ robot sector. Geely likely prefers to focus on the stronger venture.

When examining Li Xingxing's career trajectory, OneStar Robotics might not significantly impact his long-term path. At 40, after studying in the UK, he returned to assume a leadership role at Geely's Zhejiang Motorcycle Co. Ltd. This motorcycle company is an essential point in Geely's history, with many current executives having started there, indicating it was possibly the beginning of the succession plan laid out by Li Shufu.

In 2016, Li Xingxing took charge of Geely's new CMA modular architecture, officially stepping into the core realm of Geely's automotive sector. Observers noted he was positioned at a relatively low rank as the sales vice president of the CMA platform, suggesting training under Li Shufu.

Despite the traditional path, Li Xingxing ventured into entrepreneurship, starting the project Che Duo Duo in 2018, capitalizing on the potential of used car consumer financing. That venture garnered $17.7 million in Series A funding, with some investment from Li himself.

However, the path to profitability proved complicated for Che Duo Duo. Li then founded Che Xiao Duo, mirroring the same positioning, with similar disappointing results. Analysts remarked that Li Xingxing was using family resources as a training ground in business.

Yet, he remained unfazed, once stating he felt fortunate for the unreserved guidance from his elders. Li expressed confidence in the ability of the younger generation to handle minor setbacks and perceived failures as part of a fulfilling journey.

This light failure is minor on the grand scale of Li Xingxing's business landscape. By December 2020, the former Geely parts development center became the Zhejiang Yaoning Technology Group, where Li became the legal representative and executive director, holding an 80.75% controlling stake.

Leveraging Geely's strength, Li Xingxing has displayed a bold entrepreneurial spirit. In 2022, he invested 517 million yuan to acquire 25.78% of Chengxing Co., its controlling interest. Chengxing was burdened with financial troubles and in the process of bankruptcy reorganization, but Li Xingxing successfully turned it around by refocusing on core phosphorous chemical business operations. By the first half of 2025, Chengxing's revenue reached 1.776 billion yuan, marking a 9.85% year-on-year growth.

Li Xingxing's other ventures, like Jinko Electronics, have also prospered after integrating into Geely's automotive supply chain, successfully leading to an IPO—a significant milestone in his investment career.

It remains uncertain whether Li Xingxing's successes are attributable to Geely's solid foundation or his capabilities.

The topic of succession within Geely has gained complexity. While Li Xingxing is perceived as Geely's likely successor, Li Shufu has never clearly confirmed this.

Notably, the corporate succession model at Geely is undergoing changes this year. An Conghui officially took over as CEO of Geely Holding, transitioning from operations manager to group manager, effectively overseeing the core management and operations. Li Donghui was named vice chairman, with key posts in passenger vehicles, finance, and supply chain led by loyal long-term Geely individuals. Li Shufu continues to retain the role of "final decision-maker."

Currently, Geely's core management is filled with seasoned veterans, making it challenging for Li Xingxing to enter the central management team. Li Shufu has previously emphasized that succession is not an individual's journey; it is systemic, hinting at a potential collective leadership model at Geely.

Financial writer Wu Xiaobo noted that there are typically two successful scenarios for second-generation succession: one is when the industry is in a growth trajectory, and the second generation naturally takes charge, while the other involves independent ventures to gain experience and prepare for future leadership roles. In light of the automotive industry's shift towards new energy and intelligence, Geely evidently aligns with the latter scenario.

Amid Geely's current momentum, it will not be easy for Li Xingxing to establish his credibility. Although Geely ventured into new energy as early as 2015, it has struggled to solidify its position. After five years of dominance, Geely lost its status as the "top independent brand" in 2022 to BYD, resulting in a competitive struggle.

In 2024, Geely sold 2.176 million vehicles, significantly lagging behind BYD's 4.272 million vehicle sales. However, in September 2023, Geely saw a single-month sale of 273,000 units compared to BYD's 396,000, indicating a narrowing gap.

This progress may be attributed to Geely's "Taizhou Declaration" strategy, consolidating brands to shift from a chaotic multi-brand strategy to a unified "one Geely" operation. According to executive Guishengyue, this internal resource integration aims to reduce costs and enhance efficiency, ultimately benefiting shareholder returns.

Geely states that the restructuring will elevate overall efficiency by over 5%. This efficiency is reflected in financial reports, as the total expense ratio dropped from 16.5% in the first half of 2024 to 15% for the full year, with a further decline to 14.3% in Q1 2025.

Additionally, Geely is aggressively pursuing opportunities in the new energy sector, with domestic retail penetration rates for new energy vehicles rising to 57.8% in September. Geely's penetration reached 54% in the first three quarters of 2025, climbing to 58% in Q3, surpassing the average national figure.

In the first half of 2025, Geely’s total vehicle sales amounted to 1.409 million, a 47% year-on-year increase, notably with new energy vehicle sales exceeding 725,000, achieving a remarkable 126% growth.

As Geely's current team strives for success, the pressure on the potential successor increases. For Li Xingxing to assume the leadership mantle, he must demonstrate substantial capabilities and not just rely on his family background.