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China Hi-Tech Group Corporation

China Hi-Tech Group Corporation, Ltd. (CHTC) is a Chinese conglomerate company. The company is owned by the Chinese Central Government via State-owned Assets Supervision and Administration Commission of the State Council (SASAC).[1] The company main focus is on the textile industry. In June 2017, CHTC became a wholly owned subsidiary of Sinomach, another SASAC company, through a restructuring,[2] as part of a plan to reduce the number of SASAC directly controlled companies.[3][4]

Operations

CHTC is the parent company of Jingwei Textile Machinery (szse: 000666 for 56.04%), Kama (sse: 900953 for 30.27%) and CHTC Fong's Industries (sehk: 00641, for 55.80%).[2][5]

The company also owns 10.19% stake of CHTC Helon (szse: 000677) and 18.30% stake of Huaxun Fangzhou (szse: 000687), being in both the second largest shareholder, as of 31 December 2015.

CHTC Auto

CHTC Auto, translated alternatively as Hengtian, a part of CHTC's Heavy Industry Group , is CHTC's vehicle production division. CHTC entered into the automotive business in 2008, after reorganising Kama's commercial vehicle and diesel engine operation.

During 2010, Hengtian (CHTC) Heavy Industry, a CHTC subsidiary, expanded the commercial vehicle operation of the company. That year, it established Zhengzhou Hongda Automobile Industry Co., Ltd. It also acquired the bus producer Bonluck. In March 2011, Hengtian Heavy Industry incorporated Hebei Lida Special Vehicle Co., Ltd.[6]

In June 2010, Jingwei Textile Machinery, another CHTC subsidiary, incorporated truck manufacturer Hubei Xinchufeng Automobile Co., Ltd. and reincorporated parts of it as Hengtian (CHTC) Automobile Co., Ltd. In May 2011, CHTC reincorporated Nanchang Kama Diesel Engine Co., Ltd. as Hengtian (CHTC) Power Co., Ltd. In November 2011, CHTC acquired pick-up and truck manufacturer Dadi Auto[6] and reincorporated it on 16 October 2012 as Hengtian (CHTC) Dadi Automobile Co., Ltd.[7] In 2012, CHTC unveiled the first CHTC-badged pick-ups, based on Dadi technology,[6] the Tutengs T1 and T2.[8] A third pickup, the Tuteng T3 (an upmarket version of the T2), was launched in 2013.[9]

In June 2017, it was announced that CHTC would take control of a 15.24% stake in truck and special vehicle manufacturer Hualing Xingma from the Xingma Group, becoming the largest shareholder.[10][4] The ultimate owner of the stake would change from the Maanshan Municipal People's Government to the SASAC. As part of the deal, Hualing Xingma would acquire CHTC's Hubei Xinchufeng in exchange of shares. In August 2017, Hualing Xingma announced that various complexities would stop Hubei Xinchufeng acquisition, but the agreement for CHTC taking a stake was still in place. In October 2017, CHTC announced the agreement was cancelled, as there were not enough safeguards for the investment.[11]

International

From early 2012 until late 2020, CHTC owned the Dutch truck manufacturer GINAF.[6][12][13] In 2013, through a joint venture, it acquired the assets of Slovenian bus manufacturer TAM.

International

From early 2012 until late 2020, CHTC owned the Dutch truck manufacturer GINAF.[6][12][13] In 2013, through a joint venture, it acquired the assets of Slovenian bus manufacturer TAM.

External links

References

  1. 央企名录 State-owned Assets Supervision and Administration Commission of the State Council, 3 August 2016, retrieved 13 January 2017^
  2. Shaoting Li. 执掌恒天集团10年的董事长张杰被查 一手做大的金融业务毛利贡献近年缩水 nbd.com, 18 October 2018, retrieved 25 January 2019^
  3. 中国恒天整体并入国机集团 央企数量缩减至101家水 xinhuanet.com, 30 June 2017, retrieved 25 January 2019^
  4. Coco Feng. Machinery Giants Merge as Industry Reforms Plow Ahead Caixin Global, 3 July 2017, retrieved 25 January 2019^
  5. 2015 Annual Report CHTC Fong's Industries, Hong Kong Stock Exchange, 22 April 2016, retrieved 13 January 2017^
  6. Yang Gao. 恒天收购汽车企业引发猜疑 finance.sina.cn, 25 September 2012, retrieved 24 January 2019^
  7. 國機+恆天[sic]，一年的收入就是中國中車的市值！ zi.media, 29 June 2017, retrieved 24 January 2019^
  8. CHTC Auto Launches Tuteng T1/T2 Pickup Trucks, Unveils New Logo China Auto Web, retrieved 24 January 2019^
  9. CHTC T3 Pickp China Auto Web, retrieved 24 January 2019^
  10. Shaojie Zhou. 中国恒天接盘华菱星马 商用车板块再添一子 finance.sina.cn, 20 June 2017, retrieved 25 January 2019^
  11. Rong Zhu. 恒天入主未谈拢 华菱星马复牌股价大跌 hexun.com, 28 October 2017, retrieved 25 January 2019^
  12. Ginaf workers taken on by Chinese firm Commercial Motor, Road Transport Media, 19 April 2012^
  13. GINAF Trucks goes Dutch again after management buy-out Fleet Transport, 15 October 2020, retrieved 25 October 2020^