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Informed sources said that although the equipment manufacturing industry is in a booming cycle, in the past few years, the pace of development of China's equipment manufacturing companies has not been satisfactory, and the difficulty in the loan is the biggest constraint factor. The same is true of CITIC Heavy Machinery. The company currently has about 5 billion yuan in assets, while bank loans are only 600 million yuan, and the proportion of loans is still decreasing.
In order to solve the financing problems, Weichai Power and China National Heavy Duty Truck have been listed on the market in recent years, and they have achieved the goal of becoming bigger and stronger through the capital market. Informed sources believe that similar to other equipment manufacturing companies, the listing process of CITIC Heavy Machinery will also be very smooth.
Xie Bilin, deputy director of the Industry Department of the National Development and Reform Commission, also made it clear in October last year that it supports the listing of equipment manufacturing companies; the “State Council’s opinions on accelerating the revitalization of the equipment manufacturing industry†also pointed out that the government will increase financial support for major technology equipment companies. . Encourage eligible companies to raise funds through such methods as listing and financing.
The predecessor of CITIC Heavy Machinery was Luoyang Mining Machinery Factory, which was one of the 156 key projects built during the first five-year plan of China. In 1993, it entered the CITIC Group. The company has now become China's largest mining machinery manufacturer and one of the largest heavy machinery manufacturers in China. According to the introduction, "China produces nearly 2 billion tons of coal per year, and most of the products are lifted from the ground using the hoists of CITIC Heavy Machinery."
The company's operating newsletter showed that as of the end of December 2007, the company had fully exceeded its major operating indicators in 2007. The output of machine products reached 130,100 tons, sales income was 6,006 million yuan, and cumulative orders were 12,655 million yuan, of which orders for foreign trade exceeded US$430 million. Scientific research and development have also been fruitful. The company's “LK†brand speed reducer, rotary kiln, and roller press have won the title of China Famous Brand Products. In just four years, the company increased the output of machinery products from 60,000 tons in 2003 to 130,000 tons, cumulative orders from 3.6 billion yuan exceeded the threshold of 12 billion yuan, and sales revenue jumped from 1 billion yuan to 6 billion yuan. platform.
Informed sources said that after the listing, CITIC Heavy Machinery will further promote the "four high strategy." The first is high-end technology: the technology-driven product strategy. To stand upright in the market, we must ensure the development of products with advanced technology; second is high-end products: the brand-name product strategy; third is the high-end market: the internationalization of the market strategy. Changes in the past only face the domestic market, products in accordance with domestic standards of manufacturing ideas; fourth is high-end customers: that is, for large demand, require high value-added products for customers. As a heavy-duty machinery product, CITIC Heavy Machinery will produce products according to sales and tailor-made products for customers.
It is also understood that CITIC Securities is expected to obtain the qualification for underwriting of CITIC Heavy Machinery. CITIC Securities is also one of the listed companies of CITIC Group.
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Equipment Manufacturing Enterprises Accelerate Time to Market and Crack Funding Challenges
According to an exclusive report from the Luoyang City SASAC, the leading mining machinery manufacturer in China, CITIC Heavy Machinery Co., Ltd. (referred to as CITIC Heavy Machinery) is expected to complete the listing in 2008. The listing location may be selected in the mainland A-share market. By then, CITIC Heavy Machinery will become the 11th listed subsidiary of CITIC Group.