Fast Strives to Go Public within Three Years
2009-08-03 Source：english.chinabuses.com
English.chinabuses.com: currently, over 80% of China’s eight-ton-plus heavy-duty vehicles are equipped with Fast branded transmissions. It is safe to say that the Shaanxi-based Fast Auto Drive Group Company (hereinafter referred to as Fast) is now the largest transmission manufacturer in China.
Fast transmissions for heavy-duty vehicles
Evolved from Shaanxi Auto Gear Manufactory, Fast was restructured into a state-owned enterprise (SOE) in 2005. Comprised of dozens of subsidiaries, the company now boasts total assets valuing RMB 6 billion (about USD 878.243 million) and supplies its transmissions and auto gears to a number of well known heavy-duty vehicle makers, including FAW, Dongfeng, Sinotruk, and Beiqi Foton.
In the first half of 2009, Fast produced and sold 235,316 units of transmissions for heavy-duty vehicles and realized a post-tax sales revenue of RMB 3.238 billion (about USD 473.953 million).
On the back of its dynamic growing momentum in the past decade and the government’s stimulus package, Fast aims to realize a sales revenue of RMB 7 billion (about USD 1.02459 billion) and a total import income of USD 30 million for the whole year of 2009.
LI Dakai, president of the company recently revealed to our reporter that Fast is now striving for going public within the next three years in order to strengthen its presence in the market.
Views:0Editor：DangJun
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