Chongqing - When Chen Shu returned from the UK to Chongqing in 2006, he saw a gap in the global racing-parts market: overseas demand was strong, prices were high, and Chinese manufacturers had the supply-chain depth to compete.
Nearly two decades later, the company he founded, Maxpeedingrods, has become a Chinese exporter of aftermarket performance components. It is now moving toward a public listing as manufacturers in western China seek larger roles in global trade.
Maxpeedingrods was founded in 2006 and is headquartered in Chongqing, China. (Photo/Maxpeedingrods)
IPO accepted: Maxpeedingrods to boost smart manufacturing and R&D
The company's application for an IPO on the Beijing Stock Exchange was accepted in early 2026. Maxpeedingrods plans to raise 456 million yuan (about 66.76 million U.S. dollars), with proceeds directed toward intelligent manufacturing for upgraded suspension components, a research and testing center, brand marketing, and working capital.
Based in Chongqing, a major manufacturing hub in southwest China, Maxpeedingrods makes high-performance aftermarket parts, including coilovers, air suspension systems, turbochargers, and connecting rods. Its products are sold in more than 170 countries and regions, and the company says it has served more than 4 million overseas users.
YouTuber Donut compares Maxpeedingrods coilovers with a more expensive competing set in a video review. (Photo/YouTube Donut)
The IPO push comes as the global vehicle modification and auto-parts e-commerce markets expand. According to the latest market analysis report by Global Market Insights Inc., the global vehicle modification market was estimated at 7.4 billion U.S. dollars in 2025 and is projected to grow from 8.1 billion U.S. dollars in 2026 to 19.7 billion U.S. dollars by 2035, representing a compound annual growth rate of 10.3%. The segment has been driven by rising demand for electric-vehicle modifications, accessibility-related vehicle adaptations, and recreational customization.
Cross-border e-commerce has also created new channels for Chinese auto-parts suppliers to reach overseas consumers directly. Data show that the online automotive aftermarket is growing at close to 16%, about twice the pace of offline channels. Global e-commerce penetration in the automotive aftermarket is currently about 10% and is expected to rise to 20% to 30% over the next decade. The e-commerce market for auto and motorcycle parts is projected to reach $200 billion to $300 billion.
Chen has said that Chongqing's auto supply chain was a key reason for locating the business there. "Chongqing is an important automobile manufacturing base in China, with a very complete automotive supply chain and strong manufacturing power," Chen said. He said the company's original goal was to develop "good-quality, competitively priced" performance parts so more racing enthusiasts could access better services.
The sport turbo is produced by Maxpeedingrods. (Photo/Maxpeedingrods)
From skepticism to millions: how a Chinese auto parts firm won global trust
The early challenge was trust. Chen said international buyers initially did not believe Chinese companies could design and manufacture qualified, high-quality modified auto parts. Maxpeedingrods began with racing connecting rods in 2008 and developed four generations between 2008 and 2012.
"We gave the parts we developed and produced to foreign racing friends and well-known testing companies for a free trial," Chen said. "From disbelief to understanding and then recognition, our number of users has increased by millions every year."
Eventually, the fourth-generation connecting rod helped open the market after passing Germany's TÜV testing and being used by a French racing team that placed in the top three in a drifting event. Maxpeedingrods parts were also used by teams that won events, including the British Drift Championship, the Italian Drift Championship, and Formula Drift.
The company now has more than 120 product categories and over 5,000 high-performance parts covering BMW, Mercedes-Benz, Audi, Toyota, Ford, and other mainstream global vehicle brands. Annual sales are about 300,000 coilover suspension units, 500,000 turbochargers, and 300,000 air suspension units.
In 2025, Maxpeedingrods reported revenue of 1.006 billion yuan, up 45.89% from a year earlier, while net profit reached 94.45 million yuan, up 84.75%, according to the company's annual report disclosed on April 15.
Overseas markets remained the core revenue source. In 2025, overseas sales reached one billion yuan, up 46.66% year-on-year, with a gross margin of 41.57%. North America was the largest regional market, generating 583.43 million yuan in revenue, up 59.88%. Europe followed with 343.19 million yuan, up 34.62%, while Asia contributed 68.84 million yuan, up 16.44%.
The annual report said the company continued to deepen its presence in major markets, with revenue increasing across overseas regions, while domestic sales declined slightly. North America and Europe together contributed about 927 million yuan, or roughly 92% of total revenue.
Maxpeedingrods remained heavily reliant on cross-border e-commerce platforms. Its top five sales channels generated 872.63 million yuan in 2025, accounting for 86.79% of annual sales. eBay was the largest channel, with 448.16 million yuan, or 44.57% of the total, followed by Amazon with 320.48 million yuan, or 31.87%.
The company is also adjusting its product strategy as the auto industry shifts toward electrification. It has launched MXR, a new brand targeting Tesla Model 3 and Model Y owners with air suspension and coilover parts.
Chen has said the company's next step is to develop products focused on smarter, more convenient, and more comfortable mobility, while continuing to serve overseas customers and exploring China's domestic modification market where regulations allow.