Date: 2013-07-31

Wanxiang Tech-Reform Obtain Financial Assist from Local Government

It is reported that 3 of Wanxiang's technical reformation projects have been approved as important reformation project by the local government. Meanwhile, they get financial assist from the government.

The 3 projects include: Wanxiang Qianchao's forging project with 1 million tons annual capacity; large-size universal joint and constant speed rzeppa universal joint for export project with annual capacity 6 million sets and 0.6 million sets respectively; Wanxiang Jinggong's III generation wheel hub unit project which aimed at expanding annual capacity by 1 million more sets. Wanxiang Qianchao and Jinggong are two subsidiaries of this industrial group.

The forging project is to expand capacity, improve quality. Only by this ways, can their products become more competitive in both domestic and overseas market. Since its beginning in 2004, Wanxiang Qianchao have invested 20 million yuan in the project. And the return is substancial, annual capacity of forging parts have been kept at 0.1 million tons so far. Due to technial reformation, quality of forging parts and utilization rate of steel have all been improved, sales also increased by 65.77% from that in 2003.

Concerning the project of large-size universal joint and constant speed rzeppa universal joint, the purpose is to narrow the gap between ourself and the foreign competitors by increasing quality of our universal joints. Now investments on this projects have exceeded 30 million yuan and design capacity of this projects have all been realized.

Last year, Wanxiang Jinggong's III generation wheel hub unit had been selected as Provincial High-tech Products. Their expanding project of this product line mainly depend on the high efficiency that their newly introduced assembly line will produce. So there is no need to expand their existing workplace or move it to another place. In addition, a customer from Malaysia had agreed to sign supply contract of wheel hut unit with Wanxiang Jinggong, when this project finished.

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