Hengtong
| Company type | Public |
|---|---|
| SSE: 600487 | |
| Industry | Power and fiber optic cable |
| Founded | Sino-Japanese Joint Venture Wujiang Miaodu Optical Cable Co., Ltd. (October 1993) |
| Founder | Cui Genliang |
| Headquarters | Suzhou, China |
| Revenue | 7.8 billion RMB (2012)[1] |
| Website | www |
Hengtong (SSE: 600487) or Hengtong Group is a China's largest power and fiber optic cable manufacturer.[2]: 14
It is listed as the 7th largest manufacturer in market research firm Integer's 2017 Top 100 Global Wire & Cable Producers and the only Chinese cable manufacturer to make the ranking's top 10.[3]
The company claimed the top spot with annual revenue growth of 46.5% from 2008 to 2012 in a report by the Association of Chartered Certified Accountants titled "China's Next 100 Global Giants", a ranking of Chinese businesses with the most global growth potential.[1]
History
[edit]The company was founded in 1991 and in 2003 was listed on the Shanghai Stock Exchange.
Hengtong Group was one of the first businesses in its province to establish a Communist Party branch within its organization.[2]: 14 When it was established, Hengtong Group founder Cui Genliang stated his view that "Communism is a productive force."[2]: 14 Hengtong Group's characterizes its core business mission as "serve the people and devote to society," a reference to Mao Zedong's speech Serve the People.[2]: 56
Corporate structures
[edit]Hengtong Group has 70 subsidiaries.[2]: 56
Joint ventures
[edit]In 2010, the company formed Jiangsu OFS Hengtong Optical Technology Co., a joint venture with OFS, a US subsidiary of Furukawa Electric, to manufacture optical fiber preforms.[4]
In 2012, the company announced a joint venture in Brazil with local cable manufacturer, Brascopper, to establish a manufacturing facility for fiber optic cable in Mato Grosso do Sul.[5] Hentong will hold 51% of the JV, which was established to further the company's goal of expanding in Brazil and the rest of Latin America.[5]
Hengtong purchased a 51% in Huawei Marine Networks (a joint venture with Global Marine Systems of the UK from 2008), due to U.S. sanctions on Huawei.[6]
References
[edit]- ^ a b "China's next 100 global giants" (PDF). Association of Chartered Certified Accountants.
- ^ a b c d e Marquis, Christopher; Qiao, Kunyuan (2022). Mao and markets the communist roots of Chinese enterprise. Kunyuan Qiao. New Haven: Yale University Press. ISBN 978-0-300-26883-6. OCLC 1348572572.
- ^ "HENGTONG ranked in 7th in the list of Top 100 Global Wire & Cable Producers by Integer". PR Newswire. September 22, 2017.
- ^ "OFS, Hengtong to Form Joint Venture". Photonics Media. June 29, 2010.
- ^ a b "Hentong Photoelectric to Set up a Optical Cable Manufacturing & Sale Company in Brizil with Brascopper". ResearchInChina. March 12, 2012.
- ^ Amid sanctions, Huawei plans to sell its submarine cable business to Hengtong