Hanma Technology Group Co., Ltd., formerly known as Hualing Xingma Automobile (Group) Co., Ltd. is a publicly traded Chinese manufacturer of trucks and truck-based special vehicles established in 1999. The company traces its origins back to a Ma'anshan manufacturer established in 1970. As a marque and as the company name in markets outside China, Hualing Xingma uses the designation CAMC. The current controlling shareholder of the company is Geely, who owns 28.01% through Geely New Energy Commercial Vehicle Group.[3]
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| CAMC | |||||||||||||||||||||||
| Formerly | Anhui Xingma Automobile Co., Ltd., Hualing Xingma Automobile (Group) Co., Ltd. | ||||||||||||||||||||||
| Company type | Public | ||||||||||||||||||||||
| SSE: 600375 | |||||||||||||||||||||||
| Industry | Automotive | ||||||||||||||||||||||
| Founded | 12 December 1999 | ||||||||||||||||||||||
| Headquarters | , China | ||||||||||||||||||||||
Area served | Worldwide | ||||||||||||||||||||||
Key people | Liu Hanru (Chairman) | ||||||||||||||||||||||
| Products | Trucks, engines | ||||||||||||||||||||||
Production output |  5,313 vehicles (2018)[1] | ||||||||||||||||||||||
| Revenue | CN¥5.9 billion (2017)[2] | ||||||||||||||||||||||
 CN¥55.9 million (2017)[2] | |||||||||||||||||||||||
| Total assets | CN¥11 billion (2017)[2] | ||||||||||||||||||||||
| Total equity | CN¥3 billion (2017)[2] | ||||||||||||||||||||||
| Chinese name | |||||||||||||||||||||||
| Simplified Chinese | 华菱星马汽车（集团）股份有限公司 | ||||||||||||||||||||||
| Traditional Chinese | 華菱星馬汽車（集團）股份有限公司 | ||||||||||||||||||||||
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| Hualing Xingma | |||||||||||||||||||||||
| Simplified Chinese | 华菱星马 | ||||||||||||||||||||||
| Traditional Chinese | 華菱星馬 | ||||||||||||||||||||||
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| Website | www | ||||||||||||||||||||||
History
editEarly years and expansion
editA predecessor of Hualing Xingma built its plant in 1970 and initially produced building materials machinery. From the 1980s onwards, it mainly produced cement trucks and mixer trucks.[4] In 1999, the company was incorporated as Anhui Xingma Automobile Co., Ltd. and was listed on the Shanghai Stock Exchange in April 2003.[5] In the same year of its listing, it signed a long-term technical cooperation agreement with Mitsubishi Fuso of Japan, entering into the heavy truck production. In 2004, the first heavy-duty vehicle chassis was off the assembly line. In 2005, the company started exporting its heavy trucks to overseas markets. In 2008, the second-generation heavy trucks from the company were launched.[4] In March 2011, Anhui Hualing Automobile Co., Ltd. became a company's subsidiary through an asset restructuring.[6] In 2012, after a reincorporation, the company adopted its present name. That same year, it started to produce and sell diesel engines.[4]
Financial difficulties and failed acquisition by CHTC
editThe company was affected by the 2008 financial crisis.[4] It had a net loss in 2014 and 2015, as demand for its products was low. It made a profit in 2016 through investments from the shareholders, to avoid a market rule that delisted companies having loses for three years in a row.[7] In late 2015, the company was part of a failed asset reorganisation through Anliang Xiushan Construction Corporation.[8] In June 2017, it was announced that the Chinese state-owned conglomerate CHTC would take control of a 15.24% stake in Hualing Xingma from the Xingma Group, becoming the largest shareholder.[9] The ultimate owner of the stake would change from the Ma'anshan 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.[10]
Acquisition by Geely
editIn late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.24% stake of its shares to Geely New Energy Commercial Vehicle Group, a wholly owned subsidiary of Geely Holdings. After the transaction, Geely New Energy would become the de facto controlling shareholder of Hualing Xingma.[8]
Operations
edit
The company has five production subsidiaries: Anhui Hualing Automobile Co., Ltd., Anhui Xingma Automobile Co., Ltd., Anhui Xingkaima Power Co., Ltd., Anhui Hualing Axle Co., Ltd. and Anhui Forma Automobile Parts (Group) Co., Ltd. The company's main plant has 400,000 m² and the capacity to assemble 100,000 heavy trucks, 50,000 heavy special vehicles and 50,000 engines per year. The company has a research and development operation. CAMC-bagded products are exported to Eastern Europe, North Africa, Southeast Asia and South America, among other markets.[6]
Hualing Xingma maintains technical partnerships with Mitsubishi Fuso and Isuzu of Japan.[6]
References
edit- ^ "CAMC' Annual Production Exceeds 5,000 Units, up 44.15% YoY". chinatrucks.com. 4 January 2019. Retrieved 26 January 2019.
- ^ a b c d "Hualing Xingma Automobile Co Ltd". bloomberg.con. Retrieved 26 January 2019.
- ^ "Our Business – Zhejiang Geely Holding Group".
- ^ a b c d "筑 梦---华菱星马创新发展纪实" [Building dreams. Hualing Xingma innovation development documentary]. sohu.com (in Chinese). Retrieved 26 January 2019.
- ^ "华菱星马(600375)公司介绍" [Hualing Xingma (60037). Company introduction]. finance.china.com (in Chinese). Retrieved 26 January 2019.
- ^ a b c "Hualing Xingma Automobile (Group) Co., Ltd". chinatrucks.com. 27 October 2016. Retrieved 26 January 2019.
- ^ Zheng, Lichun; Yang, Ge (3 August 2017). "Struggling Automaker Cuts Cord on Electric Truck Purchase". Caixin Global. Retrieved 26 January 2019.
- ^ a b "华菱星马三度易主终如愿，但吉利要的不仅是"一辆重卡"" [After its third attempt at changing ownership, Hualing Xingma achieved its wish, but Geely wants more than just "a heavy trucker"]. finance.sina.cn (in Chinese). 24 July 2020. Retrieved 25 July 2020.
- ^ 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.
- ^ 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.