Sinotruk (Hong Kong)

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Sinotruk (Hong Kong) Limited
Type Public
SEHK:  3808
ISIN HK3808041546
Industrymanufacturing
Founded31 January 2007;14 years ago (2007-01-31)
Founder Sinotruk Group
Headquarters
Area served
Worldwide
Key people
Cai Dong (Chairman and President)
ProductsTrucks
Owner
Parent
Subsidiaries Sinotruk Jinan Truck (63.78%)
Chinese name
Traditional Chinese 中國重汽(香港)有限公司
Simplified Chinese 中国重汽(香港)有限公司
stock alias
Traditional Chinese 中國重汽
Simplified Chinese 中国重汽
Website www.sinotruk.com

Sinotruk (Hong Kong) Limited is a Hong Kong truck manufacturer incorporated in 2007. The subsidiaries of Sinotruk (Hong Kong) manufactured truck in the Mainland China. Its parent company, China National Heavy Duty Truck Group (a.k.a. Sinotruk Group or CNHTC), is a Chinese state-owned heavy truck manufacturer, headquartered in Jinan, Shandong Province.

Contents

History

Sinotruk (Hong Kong) Limited was incorporated on 31 January 2007 in Hong Kong, a special administrative region of China, as an intermediate holding company for the Chinese Government owned China National Heavy Duty Truck Group (a.k.a., Sinotruk Group). [1] Since 2 April, Sinotruk (Hong Kong) Limited owned the following subsidiaries: Sinotruk Jinan Truck, Sinotruk Jinan Commercial Truck, Sinotruk Jinan Power, Sinotruk Jinan Technical Center, Sinotruk Factory Design Institute, Sinotruk Shandong Import & Export Company, Sinotruk Jinan Ganghua Import & Export Company, Sinotruk Hong Kong International Investment Company and Sinotruk Finance. [1] Sinotruk Jinan Truck itself, is a listed company in the Shenzhen Stock Exchange as SZSE:000951. The subsidiaries were acquired from Sinotruk (BVI) Limited and in turn acquired from Sinotruk Group. [1]

Sinotruk (Hong Kong) Limited was listed in the Stock Exchange of Hong Kong on 28 November 2007. [2] As of 2007, Sinotruk (Hong Kong) and its parent company Sinotruk Group, were jointly the largest heavy truck manufacturer in the Mainland China. [2] At that time, 90% of the sale volume of Sinotruk Group, came from Sinotruk (Hong Kong) and Sinotruk (Hong Kong)'s subsidiaries. [2] Sinotruk Group retained some of the assets unlisted. [3]

Since 10 March 2008, Sinotruk (Hong Kong) became a constituent of Hang Seng China-Affiliated Corporations Index, [4] a stock market index for red chip companies. The stock was removed from the index on 4 June 2012 and re-instated on 7 September 2020. [5]

Business

Howo truck in Benin (2020) Un camion de transport de sable a calavi.jpg
Howo truck in Benin (2020)

Sinotruk manufactures cargo trucks and semi-tractor trucks that are used in a range of industries including construction, container transportation, mining and steel production (Howo and Sitrak).

The company and its state-owned parent sold around 125.000 heavy duty trucks in 2009 and accounted for about 20.1 per cent of China's heavy duty truck market. Sinotruk's overseas sales, mostly to developing markets such as countries of the former Soviet Union and Middle East states, accounted for about 19 per cent (FY2007) both in terms of units sold and revenue.

Fuel-efficient trucks currently account for about 80 per cent of the company's production.

Controversies

From 2010 to 2014, Sinotruk exported civilian trucks to North Korea which were converted to military use. Sinotruk denied any wrongdoing in the transaction. [6]

Ownership

In 2009, the German truck maker MAN bought a 25% + 1 share stake in Sinotruk (Hong Kong). [7]

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References

  1. 1 2 3 "History, Reorganization and Corporate Structure" (PDF). Global Offering (Prospectus). Hong Kong: Sinotruk. 14 November 2007. pp. 79–80 via Hong Kong Exchanges and Clearing.
  2. 1 2 3 Nie, Nevin (13 November 2007). "Sinotruk shares set at costly PEs". South China Morning Post. Hong Kong. Retrieved 10 September 2019.
  3. "Relationship with the Parent Company" (PDF). Global Offering (Prospectus). Hong Kong: Sinotruk. 14 November 2007 via Hong Kong Exchanges and Clearing.
  4. "Hang Seng China-Affiliated Corporations Index (Changes Implemented Before 8 September 2008)". Hong Kong: Hang Seng Indexes Company. c. 2008. Retrieved 10 September 2019.
  5. "Constituent Changes in Hang Seng China-Affiliated Corporations Index". Hong Kong: Hang Seng Indexes Company. September 2020. Retrieved 8 January 2021.
  6. Liu Zhen (17 September 2017). "How North Korea evades UN sanctions". South China Morning Post. Hong Kong. Retrieved 10 September 2019.
  7. Wong, Kandy (16 July 2009). "MAN pays HK$6.05b for Sinotruk stake". South China Morning Post. Hong Kong. Retrieved 10 September 2019.