Rubber Leaf is a small automotive components company that makes and sells sealing strips — the rubber and plastic gaskets around car doors and windows that provide insulation, noise reduction, and weather protection. Rubber Leaf sells to Chinese auto OEMs, including eGT (a Dongfeng-Renault joint venture), FAW-Volkswagen, and Hozon New Energy Auto, either directly as a first-tier supplier or indirectly through related-party trading companies Xinsen Group, which historically has been its primary sales channel. The business is project-based: Rubber Leaf invests significant time qualifying with an OEM, winning a bid, and developing a model-specific product before receiving orders. Once qualified, supply relationships tend to be stable and multi-year, with revenue driven by the production volumes of supported vehicle models, the number of programs where Rubber Leaf holds supplier status, and negotiated pricing. Rubber Leaf outsources most of its manufacturing to third parties, sourcing raw materials primarily from related parties — roughly 70% from Yongliansen and 30% from Shanghai Haozong, both entities in which company insiders hold ownership stakes. In late 2025, Rubber Leaf sold its China-based manufacturing subsidiary, RLSP, to Yongliansen and transferred all customer contracts to a newly incorporated Hong Kong entity, RLHK, effectively shifting from a manufacturer to a trading and sales operation. The company has only 10 employees and currently funds operations primarily through loans from its CEO and CFO.