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 (SZSE: 000666 for 56.04%), (SSE: 900953 for 30.27%) and CHTC Fong's Industries (SEHK641, for 55.80%).[2][5]

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

CHTC Auto

CHTC Auto (Chinese: 恒天汽车), translated alternatively as Hengtian, a part of CHTC's Heavy Industry Group (Chinese: 重工集团), is CHTC's vehicle production division. CHTC entered into the automotive business in 2008, after reorganising Kama's commercial vehicle and diesel engine operation.[6]

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 Jiangxi Coach and Bus Co., Ltd. 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

In January 2012, CHTC acquired the Dutch truck manufacturer GINAF.[6][12] In 2013, through a joint venture, it acquired the assets of Slovenian bus manufacturer TAM.

References

  1. ^ "央企名录" [List of Central State-owned enterprises] (in Chinese). State-owned Assets Supervision and Administration Commission of the State Council. 3 August 2016. Retrieved 13 January 2017.
  2. ^ a b Li, Shaoting (18 October 2018). "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" [Zhang Jie, the chairman of the CHTC Group for 10 years, was investigated. The gross profit contribution of the financial business has shrunk in recent years]. nbd.com (in Chinese). 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" [CHTC is fully integrated into Sinomach. The number of central enterprises has been reduced to 101]. xinhuanet.com (in Chinese). 30 June 2017. Retrieved 25 January 2019.
  4. ^ a b Feng, Coco (3 July 2017). "Machinery Giants Merge as Industry Reforms Plow Ahead". Caixin Global. Retrieved 25 January 2019.
  5. ^ "2015 Annual Report" (PDF). CHTC Fong's Industries. Hong Kong Stock Exchange. 22 April 2016. Retrieved 13 January 2017.
  6. ^ a b c d e Gao, Yang (25 September 2012). "恒天收购汽车企业引发猜疑" [CHTC's acquisition of auto companies raises suspicions]. finance.sina.cn (in Chinese). Retrieved 24 January 2019.
  7. ^ "國機+恆天[sic],一年的收入就是中國中車的市值!" [Sinomach+CHTC, the income of one year is the market value of China CRRC!]. zi.media (in Chinese). 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. ^ Zhou, Shaojie (20 June 2017). "中国恒天接盘华菱星马 商用车板块再添一子" [CHTC takes over Hualing Xingma, adding another division to the commercial vehicle segment]. finance.sina.cn (in Chinese). Retrieved 25 January 2019.
  11. ^ Zhu, Rong (28 October 2017). "恒天入主未谈拢 华菱星马复牌股价大跌" [CHTC did not talk to the owner, Hualing Xingma's share price plummeted]. hexun.com (in Chinese). Retrieved 25 January 2019.
  12. ^ "Ginaf workers taken on by Chinese firm". Commercial Motor. Vol. 217 no. 5480. Sutton: Road Transport Media. 19 April 2012. p. 13. ISSN 0010-3063.

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