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On April 26, 2011, China Rongsheng Heavy Industry Co., Ltd., a domestic large-scale heavy industry group that landed on the Hong Kong Stock Exchange in 2010, announced that it had acquired 100% equity of Anhui Quanchai Group at a price of 2.149 billion yuan.
Anhui Quanchai is the top five diesel engine manufacturer in China with a net profit of RMB 138 million in 2010 and a net asset value of RMB 1.929 billion. From 2010, Quanchai Group initiated restructuring of state-owned enterprises and introduced strategic investor work. After fulfilling relevant approval procedures, on March 15, 2011, 100% equity of Quanchai Group was transferred to the Anhui Provincial Property Rights Trading Center.
On April 26, 2011, Rongsheng Heavy Industries Co., Ltd. has signed a "property rights transaction contract" with the Quanjiao County Government of Anhui Province and transferred 100% equity of Quanchai Group. According to statistics, Quanchai Group holds 44.39% of the equity of A-share listed company Quanchai Power.
It is understood that Rongsheng Heavy Industry currently owns four business segments of shipbuilding, marine engineering, engineering machinery and power engineering. The company's Rongan Power is mainly engaged in marine medium and low-speed diesel engine business. It does not compete with Qingchai's main light trucks and high-speed diesel engines for agricultural machinery and can complement each Other in the future.
In addition, Rongsheng Heavy Industry has been vigorously expanding its construction machinery business in recent years. The cooperation with Quanchai Group will enable Rongsheng Heavy Industry's construction machinery business to obtain stable and reliable supply of engine parts, thereby enhancing its comprehensive competitiveness.
In fact, from the perspective of the entire industry, due to increasing competition, fewer and fewer independent diesel engine companies have joined the large equipment manufacturing group. Before Rongsheng Heavy Industry joined hands with Quanchai, Shangchai Group has joined the SAIC Group and Yunnei Power into the Changan Group.
For Rongsheng Heavy Industry, entering the high-speed diesel engine market is also conducive to improving the company's product structure and highlighting its diversified advantages. In 2010, Rongsheng produced 12.7 billion yuan in sales revenue, and the shipbuilding sector accounted for more than 90%. Rongsheng hopes that the three sectors of marine engineering, engineering machinery and power engineering will maintain rapid growth, and will account for about 50% of sales revenue in the future.