China Global M&A Push, 2005 ~ Nowadays

[Shotgunner51]

That's a fair way to look at it.

Plus, the USA is currently in the process of isolating themselves from all their allies, like when they pulled out of the Paris Climate Agreement.

More opportunities from China, in a business sense and even in a strategic sense. Considering how close China has become to traditional US allies (like in Europe). When push comes to shove they know that they have more business interests with China than they do with the US.

Why Israel? Well it is an attractive destination for tech corporations or funds, see the following map of innovation clusters.

WIPO finds out that Tel Aviv has 5659 PCT filings between 2011-2015, making it world's 22nd largest cluster of inventive activity, on par with London (21st) and Daejeon (23rd). It's only natural for Chinese tech corps or funds who are seeking outbound FDI opportunities increase presence in Tel Aviv.

https://defence.pk/pdf/threads/wipo-the-rise-of-china-as-worlds-largest-ip-powerhouse.489225/page-12

 

[Ryan]

BETTER CAPITAL COMPLETES £326M GARDNER AEROSPACE SALE
13 Jun 2017 Midlands

Better Capital, the turnaround investor led by venture capitalist Jon Moulton, has completed its disposal of Gardner Aerospace, which supplies the likes of Rolls-Royce and Airbus.

Ligeance Investments, a subsidiary of Chinese group Shaanxi Ligeance Mineral Resources (SLMR), agreed to buy Gardner Aerospace for an enterprise value of £326m in April 2017.

Better Capital's BECAP Fund acquired Gardner in 2010 after it failed to secure investment to fund ongoing losses. Under the firm's ownership, the components supplier has boosted turnover to £132m.

Richard Crowder, chairman of Better Capital, said: "On behalf of Better Capital, I would like to record my appreciation to all at Gardner for their contribution to this great success, and I wish Gardner and its new owner every success in its next phase of growth."

Gardner Aerospace is headquartered in Derby and has facilities in Hull, Basildon, Pershore in Worcestershire and Broughton in Flintshire. It also has sites in France, Poland and India.

SLMR is listed on the Shenzhen Stock Exchange. The acquisition will bolster its presence in Europe, as well as its offering in the aerospace and industrial gas turbine sectors.
https://www.insidermedia.com/insider/midlands/better-capital-completes-326m-gardner-aerospace-sale
https://www.insidermedia.com/insider/midlands/better-capital-completes-326m-gardner-aerospace-sale

 

[Ryan]

Derby firm Gardner Aerospace sold to Chinese for £326 million
By RJohnson_dt | Posted: April 18, 2017

By Robin Johnson
A Derby aerospace firm which supplies companies including Rolls-Royce and Airbus has been sold to a Chinese group for £326 million following five months of talks.

Gardner Aerospace, which is headquartered at Victory Park, in Victory Road, has been sold to Ligeance Investments
, a subsidiary of Shaanxi Ligeance Mineral Resources (SLMR), by parent company Better Capital.

Gardner makes aerospace parts, which it supplies to both aircraft manufacturers, such as Airbus, and aircraft engine-makers including Derby's Rolls-Royce. As well as its Derby base, Gardner has sites in Basildon, Essex, Broughton in Flintshire, Hull in Yorkshire and Pershore in Worcestershire. In total, the firm employs 690 staff in the UK, including about 300 in Derby.

The firm also has sites overseas. In the rest of Europe, it has factories in France and Poland – and it also has a site in India. In total, it employs around 700 staff overseas. Investment company Better Capital first announced in November last year that it had received a cash offer and entered into exclusive discussions with SLMR.

Lizhi Wang, vice-president of SLMR, said: "The acquisition of Gardner will allow us to serve our customers better – in China and the rest of the world – for decades to come. With the management team at Gardner together with our advisers – we intend to further consolidate the global aerospace supply chain through careful strategic acquisitions."


image: http://www.derbytelegraph.co.uk/images/localworld/ugc-images/276250/binaries/Gardner4.jpg

Gardner Aerospace supplies components to major firms including Rolls-Royce.

The deal is subject to government and regulatory approval and ompletion is expected in May or June. Better Capital acquired Gardner Aerospace in February, 2010, and the company was founded in the 1950s.

Three years ago, Gardner moved its headquarters from Ilkeston to a £10 million purpose-built site in Derby. Last month, parts of Gardner's former factory in Cotmanhay Road were destroyed in a suspected arson attack. The damage was so severe that parts of the building had to be demolished.
One reason behind Gardner's move to Derby was to be closer to one of its key customers – Rolls-Royce, which makes the Trent XWB at its Derby site. It is the engine that powers the Airbus A350 XWB.


image: http://www.derbytelegraph.co.uk/images/localworld/ugc-images/276250/binaries/A350XWB9.jpg

Gardner supplies components for Rolls-Royce's Trent XWB engine.



SLMR is based in China and is listed on the Shenzhen Stock Exchange. It is the parent company of a group whose current main activity is mineral exploration and production, but whose interests include a growing aerospace machining and component manufacture division.

The deal comes as Derby, as a city, is looking to build trade links with China. Last year, a delegation from the city travelled to the city of Hefei, in Anhui Province, to sign a memorandum of understanding that will result in both cities working together for mutual economic benefit.


Read more at http://www.derbytelegraph.co.uk/der...-326-million/story-30276972-detail/story.html

Gardner Aerospace 2014

 

[AndrewJin]

Derby firm Gardner Aerospace sold to Chinese for £326 million
By RJohnson_dt | Posted: April 18, 2017

By Robin Johnson
A Derby aerospace firm which supplies companies including Rolls-Royce and Airbus has been sold to a Chinese group for £326 million following five months of talks.

Gardner Aerospace, which is headquartered at Victory Park, in Victory Road, has been sold to Ligeance Investments
, a subsidiary of Shaanxi Ligeance Mineral Resources (SLMR), by parent company Better Capital.

Gardner makes aerospace parts, which it supplies to both aircraft manufacturers, such as Airbus, and aircraft engine-makers including Derby's Rolls-Royce. As well as its Derby base, Gardner has sites in Basildon, Essex, Broughton in Flintshire, Hull in Yorkshire and Pershore in Worcestershire. In total, the firm employs 690 staff in the UK, including about 300 in Derby.

The firm also has sites overseas. In the rest of Europe, it has factories in France and Poland – and it also has a site in India. In total, it employs around 700 staff overseas. Investment company Better Capital first announced in November last year that it had received a cash offer and entered into exclusive discussions with SLMR.

Lizhi Wang, vice-president of SLMR, said: "The acquisition of Gardner will allow us to serve our customers better – in China and the rest of the world – for decades to come. With the management team at Gardner together with our advisers – we intend to further consolidate the global aerospace supply chain through careful strategic acquisitions."


image: http://www.derbytelegraph.co.uk/images/localworld/ugc-images/276250/binaries/Gardner4.jpg

Gardner Aerospace supplies components to major firms including Rolls-Royce.

The deal is subject to government and regulatory approval and ompletion is expected in May or June. Better Capital acquired Gardner Aerospace in February, 2010, and the company was founded in the 1950s.

Three years ago, Gardner moved its headquarters from Ilkeston to a £10 million purpose-built site in Derby. Last month, parts of Gardner's former factory in Cotmanhay Road were destroyed in a suspected arson attack. The damage was so severe that parts of the building had to be demolished.
One reason behind Gardner's move to Derby was to be closer to one of its key customers – Rolls-Royce, which makes the Trent XWB at its Derby site. It is the engine that powers the Airbus A350 XWB.


image: http://www.derbytelegraph.co.uk/images/localworld/ugc-images/276250/binaries/A350XWB9.jpg

Gardner supplies components for Rolls-Royce's Trent XWB engine.



SLMR is based in China and is listed on the Shenzhen Stock Exchange. It is the parent company of a group whose current main activity is mineral exploration and production, but whose interests include a growing aerospace machining and component manufacture division.

The deal comes as Derby, as a city, is looking to build trade links with China. Last year, a delegation from the city travelled to the city of Hefei, in Anhui Province, to sign a memorandum of understanding that will result in both cities working together for mutual economic benefit.


Read more at http://www.derbytelegraph.co.uk/der...-326-million/story-30276972-detail/story.html

Gardner Aerospace 2014

Interestinging...

 

[TaiShang]

Sokon unit buys US car assembly plant for $110m
By TAN YINGZI in Chongqing and LI FUSHENG in Beijing | China Daily | Updated: 2017-06-24

SF Motors, an auto company in southwestern China's Chongqing, has signed an agreement with US heavy vehicle and contract automotive manufacturer AM General to buy the latter's commercial assembly plant, or CAP, for $110 million.

Based in South Bend, Indiana, AMG is best known for the Hummer, its civilian vehicle, and the Humvee, the military heavyweight.

Under the agreement, SF Motors, a subsidiary of Chongqing Sokon Industry Group, will acquire the land, plant and certain auto manufacturing equipment of the CAP.

The deal does not impact AMG's separate military vehicle assembly plant or its core military vehicle business.

Sokon started as a mechanical springs factory in 1986 in Banan District, Chongqing. It is now one of China's leading manufacturers of engines and new energy cars.

It focuses on sport utility vehicles and mini passenger vans.

Its subsidiary SF Motors is headquartered in Silicon Valley, California, and specializes in the design and production of US-based clean electric vehicles.

"Once the purchase is completed, it will help us enhance our advanced manufacturing and management systems as well as increase our manufacturing experience in developing the US-based clean energy car project," Sokon said in a filing to the Shanghai Stock Exchange.

"It will also help upgrade our current manufacturing business, improve the quality of our products and then boost our sales."

SF Motors expects to retain all of the CAP's 340 jobs which "would have otherwise been lost when the CAP's sole remaining customer contract expires later this year and would have resulted in a line shutdown", according to news release of AMG on Thursday.

"We are confident that SF Motors is the right long-term owner to support the CAP, as well as the South Bend community and the state of Indiana," said Andy Hove, AMG's president and CEO, in the news release.

The deal is subject to customary closing conditions, including receipt of US and Chinese regulatory approvals.

"This purchase will help Sokon to speed up its production of electric cars in the United States," said Bill Peng, a partner of Strategy&, a US consulting firm.

"Sokon will probably become the first Chinese company to produce vehicles in the US and the deal has shown the fighting spirit of Chinese private companies."

In 2009, Sichuan Tengzhong Heavy Industrial Machinery Co Ltd tried to buy the Hummer from General Motors. But, the next year, the Chinese Ministry of Commerce rejected Tengzhong's bid.

http://www.chinadaily.com.cn/business/motoring/2017-06/24/content_29870001.htm

 

[JSCh]

Thu Jun 29, 2017 | 1:02am EDT
Rio Tinto shareholders approve $2.69 billion coal sale to Yancoal

​

The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed

Rio Tinto shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for $2.69 billion, ending a bidding war with commodities trader Glencore.

The sale was "duly passed" by 97 percent of shareholders of Rio Tinto's UK and Australian-listed shares, Rio Tinto said on Thursday in a statement to the Australian stock exchange.

(Reporting by James Regan; Editing by Richard Pullin)

Rio Tinto shareholders approve $2.69 billion coal sale to Yancoal | Reuters

 

[JSCh]

Chinese company completes acquisition of U.S. firm providing immunotherapy for prostate cancer
Source: Xinhua| 2017-06-30 21:42:02|Editor: An



SAN FRANCISCO, June 30 (Xinhua) -- Sanpower Group, a private Chinese conglomerate, announced Friday the completion of its acquisition of Dendreon, from Valeant Pharmaceuticals International, Inc. for 819.9 million U.S. dollars in cash.

At the heart of the deal is Dendreon's lead product, Provenge, the only cellular immunotherapy approved so far by the U.S. Food and Drug Administration (FDA) for treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC).

Sanpower, headquartered in Nanjing, capital of China's eastern Jiangsu Province, said it intends to keep Dendreon's current U.S. team and facilitate its continued growth by promoting Provenge's market penetration outside the United States, starting with China and Southeast Asia.

Dendreon, a biotechnology company based in Seattle, a city in Washington state of the U.S. Pacific Northwest, received FDA approval for Provenge in April 2010 and since has reportedly treated more than 20,000 prostate cancer patients with the therapy to curb tumors and prolong life expectancy.

As an example of Dendreon's "rationally designed therapeutic process" to break immune tolerance to disease specific proteins, namely prostatic acid phosphatase and its signalling component GM-CSF, Provenge consists of a mixture of the patient's own blood cells that have been incubated with the Dendreon PAP-GM-CSF fusion protein.

The agreement for Sanpower to acquire Dendreon from Valeant, a multinational specialty pharmaceutical company headquartered in Laval, Quebec, Canada, was signed in January this year in San Francisco, Northern California. The deal was sealed at a time, according to Sanpower, when the incidence of prostate cancer in China has increased by 10 times within the past 20 years.

Yuan Yafei, chairman of Sanpower Group, said Friday in a statement that "Dendreon will be well served in joining the Sanpower family, where it will be better positioned to accelerate growth and access attractive new markets."

 

[Jlaw]

Interestinging...

What's more interesting is there is a plant in India which will be closed in the near future and move to China. The plant is not efficient, workers not efficient.Most likely the plant will be closed and move to China where there are an abundance of skilled efficient workers ,better infrastructure and logistics. A win-win situation

 

[Shotgunner51]

China private equity player GSR eyes stake in $9 billion Chilean lithium miner SQM: Sources

• China private-equity player GSR Capital is aiming to buy as much as 20 percent in SQM, one of the world's biggest lithium producers, sources said.
  
• GSR, an investor in clean technology and electric cars, met the Chilean government in April to discuss the potential purchase and was now moving towards a deal, the sources said.

7 Hours Ago

An aerial view of the brine pools and processing plant of the Soquimich (SQM) lithium mine on the Atacama salt flat in northern Chile, on January 10, 2013.
​

Chinese private equity firm GSR Capital is looking to buy a substantial holding in Chile's Sociedad Quimica Y Minera (SQM), one of the world's biggest lithium producers, according to two sources with knowledge of the matter.

GSR could buy a stake of around 20 percent - worth just under $1.9 billion at current market values, one of the sources said, but added there was no firm agreement.

SQM is one of just a handful of established lithium miners globally and a Chinese investment would go hand in glove with an electric car boom in the world's biggest auto market.

Beijing is aggressively promoting the vehicles to combat air pollution and as a means for the domestic car industry to compete with foreign rivals that have decades more experience in internal combustion engines.

The sources said GSR, which has invested in clean technology and electric cars, met the Chilean government in April to discuss the potential purchase and was now moving towards a deal.

A Chilean government transparency web site reported two GSR representatives met Eduardo Bitran, the head of the government development agency Corfo that manages the nation's lithium leases, on April 24.

An SQM representative declined to comment. GSR did not respond to a Reuters request for comment.

The sources did not specify who would sell the shares to GSR, but Julio Ponce, former chairman and one-time son-in-law of Chilean ex-dictator Augusto Pinochet, has previously tried to sell part of his interest in SQM. That process ended in late 2016 after offers fell short.

Suitors then included Ningbo Shanshan, a Chinese manufacturer of lithium battery materials. Canada's Potash Corp was also seen as a potential buyer.

According to a presentation on SQM's website, Ponce's holding firm Pampa Calichera and Japanese trading and chemicals firm Kowa, who have a joint voting pact, together owned a 32 percent stake in SQM as of the end of March 2017. Potash also owns 32 percent.

Potash declined to comment. Reuters was not able to reach Ponce for comment, but a source with knowledge of Pampa Calichera said he was not aware of the potential stake purchase. Kowa did not have immediate comment.

SQM, which has access to vast mineral reserves in the so-called 'lithium triangle' in Chile and Argentina, said in May it was planning to expand production as lithium demand continues to rocket on the back of its increased use in electric vehicles and mobile phones.

GSR, currently managing a $5 billion M&A fund, mainly targets foreign industrial and emerging technology companies, including electric car batteries and pharmaceuticals firms. It is in talks to buy control of a Nissan Motor rechargeable battery unit for about $1 billion, media have reported

GSR was also involved in a Chinese consortium to take over Italian football club AC Milan last year, but dropped out before the deal was signed, sources said at the time.

It grabbed headlines in 2015 when it teamed up with other investors to buy Philips's lighting component unit for $2.8 billion, a deal later blocked by a U.S. foreign investment panel on security grounds.

http://www.cnbc.com/2017/07/05/chin...billion-chilean-lithium-miner-sqm-source.html

 

[JSCh]

Hytera Communications Completes Acquisition of Norsat International Inc.

Company News

Hytera Communications Corporation Limited (002583.SZ), a leading global provider of innovative Professional Mobile Radio (PMR) communications solutions, announced that as of July 20, 2017, it has completed its acquisition of Norsat International Inc. ("Norsat"), with its head office based in Vancouver, British Columbia, Canada, is a provider of unique and customised communication solutions for remote and challenging applications. Hytera indirectly acquired all of the issued and outstanding shares of Norsat for a cash purchase price of US$11.50 per common share.

Mr. Qingzhou Chen, Chairman of Hytera, stated, "We are pleased to welcome the Norsat team and suite of products to the Hytera family. Norsat's antenna and filter products are very complementary to our existing business and we are excited by Norsat's innovative satellite products and the prospects of the satellite communications industry. We believe the addition of Norsat will create new opportunities for long-term growth."

Dr. Amiee Chan, President and CEO of Norsat, added, "We would like to take this opportunity to thank the past directors, past shareholders, management, employees, customers and other stakeholders for their support. We are thrilled to join the Hytera family and we look forward to serving all of our worldwide customers with an even broader platform of innovative products to meet their stringent requirements for communication solutions."

With the completion of the acquisition, Norsat's common shares will be suspended from the NYSE-MKT prior to its opening on July 20, 2017 and are expected to cease to be listed for trading on the NYSE-MKT on or about the close of business on July 31, 2017. Norsat's common shares will cease to be listed for trading on the TSX on or about the close of business on July 25, 2017.


Hytera Communications Completes Acquisition of Norsat International Inc. | Hytera

 

[TaiShang]

Legend buys 90% stake in Luxembourg bank
chinadaily.com.cn | Updated: 2017-09-04

Legend Holdings chairman Liu Chuanzhi attends a news conference on the company's annual results in Hong Kong, China, March 30, 2016. [Photo/Agencies]

Legend Holdings Corp, parent company of the world's biggest PC maker Lenovo Group Ltd, reached an agreement on Friday to buy 90 percent of Banque Internationale a Luxembourg (BIL) for 1.48 billion euros ($1.76 billion), Reuters reported.

It marks the biggest takeover of a European deposit-taking bank by a Chinese firm so far, as well as Legend's biggest overseas acquisition.

Legend said the acquisition is being made through its Hong Kong subsidiary Beyond Leap Limited.

Reuters reported in July that Legend was in talks with Precision Capital to buy a 90 percent stake in BIL. The remaining 10 percent is owned by the Luxembourg government.

Founded in 1856, BIL is the oldest private bank in Luxembourg. It employs more than 2,000 people globally and, as of the end of 2016, managed a total of 37.7 billion euro in assets.

The deal is an important strategic investment for Legend. Financial services is one of the key target industries for the company, Legend Chairman Liu Chunzhi said.

Liu said that Legend planned to support BIL and its current management, and build BIL into a Luxembourg-based international bank.

The deal, which has to obtain approvals from regulators including the European Central Bank and Luxembourg's Commission de Surveillance du Secteur Financier, is expected to be completed in the first quarter of next year.

Legend said the company hoped to expand its financial sector layout in Europe through the deal, and provide services to enterprises participating in the Belt and Road Initiative.

According to BIL's annual report, its net profit fell to 110 million euros in 2016 from 134 million euros in 2015, partly due to write-downs and restructuring expenses.

 

[TaiShang]

Zhongwang acquires German Alunna firm
By Wu Yong in Shenyang | China Daily | Updated: 2017-09-14

Workers process aluminum materials in a Zhongwang workshop in Liaoning province. [Photo/Xinhua]


Hong Kong-listed China Zhongwang Holding announced the acquisition of Germany's Aluminiumwerk Unna AG (Alunna) on Wednesday, as its latest effort to grab a share of the global market.

Alunna, a well-established aluminium extrusion maker based in Unna, Germany, provides high-end extrusion products, mainly seamless tubes, to such world-leading manufacturers as Airbus, Boeing, Bombardier, Mercedes-Benz and BMW.

The deal, via a solely-owned subsidiary, is the company's first overseas purchase and allows it to own a 99.72 percent stake of Alunna. The deal's value has yet to be disclosed.

Lu Changqing, president of Zhongwang, said the acquisition marks a milestone in international expansion and a major step in complementing the company's business.

"The transaction would also substantially enhance China Zhongwang's production capability in seamless extruded aluminium tubes in further optimising our product mix. We look forward to supporting Alunna in accelerating its expansion in the long run with extended resources and financial flexibility," Lu said.

In recent years, Liaoning-based Zhongwang has been increasing its presence in foreign markets, especially Europe, and has set up sales offices in Germany to support overseas sales business.

Qin Gaowu, China's top metal materials expert and dean of the materials science and engineering school of Dongbei University, said the acquisition would improve Zhongwang's aviation aluminum products and "is of great significance in promoting the nation's aviation industry".

Thomas Wiese, CEO of Alunna, said: "We are especially pleased about this acquisition by China Zhongwang, a reliable strategic shareholder."

Zhongwang's net profit dropped 8 percent year-on-year to 1.26 billion yuan ($200 million) in the first half, and its revenue fell 4.6 percent, according to a report filed with the Hong Kong Stock Exchange.

***

The world is not only about the US. In fact, they are becoming even a smaller aspect of it. Hence, their unfair trade and business restrictions won't stop China finding opportunities elsewhere. Trump might just continue to boast about amazing "unmanned Tomahawks."

 

[TaiShang]

A China-based company acquires the CICABEL brand from a French medical products maker

NEWS PROVIDED BY CICABEL
Aug 27, 2017, 21:06 ET

GUANGZHOU, China, Aug. 27, 2017 /PRNewswire/ -- Grand Fan Group, a company and distributor of three leading hair and body wash and care brands in China, held a press conference at which they announced the acquisition of the CICABEL brand and related technologies from French pharmaceutical manufacturer Santinov on August 27, 2017. The Chinese firm also disclosed that the first peptide-based facial mask set with the CICABEL name will formally go on sale in September.

Grand Fan Group announced the acquisition of the CICABEL brand.

French pharmaceutical manufacturer Santinov'S first peptide-based facial mask set with the CICABEL name.

An executive at Grand Fan Group said that as part of its ongoing expansion plans, the company is committed to developing new brands specifically for China's makeup and skin care market, while continuing to improve its three existing hair and body wash and care brands. This acquisition of a French brand represents Grand Fan Group's first strategic foray into the skin care sector.

CICABEL is a 130-year-old brand of French medical products manufacturer Santinov. Santinov created and launched the CICABEL mask using stem cells as the principal component, following years of research and development on the back of strong technological competence. In line with accepted biotechnology and medical standards, the CICABEL mask is one of few beauty products based on bio-medical technologies available in the market.

As a consumer preference for high-tech skin care therapies took hold in the market, CICABEL started to draw a lot of attention. Grand Fan Group had the foresight to spot the game-changing therapy as a great opportunity to expand into China's skin care market.

Although an enhanced awareness of skin care has led to an increasingly strong demand for beauty products over the last several years, the weak performance of most facial mask products available in the market has served to discourage consumers.

A Grand Fan Group executive added: "China's skin care market needs a leading brand. With our strong confidence in high-tech approaches when it comes to improving one's appearance, we decided to take over CICABEL." Grand Fan Group's deal is representative of the company's and its peers' new approach to growing their businesses. The group expects that CICABEL is to be a game-changer and become a leading brand in China's domestic market.

 

[TaiShang]

Infographics: Chinsese Merger and Acquisitions Market
Beijing Review, NO. 39 SEPTEMBER 28, 2017

 

[TaiShang]

China's Weichai closes collaboration deal with Ceres Power

Xinhua, December 15, 2018

Weichai Power, a leading Chinese automobile and equipment manufacturing firm, said Friday that it has finalized a strategic collaboration deal with British solid oxide fuel cell (SOFC) maker Ceres Power.

Weichai, which is listed in both Hong Kong and Shenzhen, has invested 28 million British pounds (about 35.3 million U.S. dollars) in Ceres Power to raise its stake in the company from 10 to 20 percent.

The investment is part of the strategic cooperation agreement signed between the two companies in May. Under the deal, the two will also establish a joint venture in east China's Shandong Province by 2020.

The JV will manufacture fuel cell systems and stacks using Ceres Power's SteelCell, a leading low-cost SOFC technology. The fuel cell systems are expected to be used for commercial vehicles.

Weichai has also signed strategic cooperation agreements with Ballard Power Systems and Westport Fuel Systems from Canada to develop hydrogen fuel cells and engines powered by natural gas, respectively.

In 2017, Weichai reported sales of more than 150 billion yuan (21.8 billion U.S. dollars), producing more than 600,000 engines, 830,000 transmissions, 150,000 heavy-duty trucks, and 200,000 forklift trucks.

In its 2020-2030 strategy, Weichai has planned to invest 50 billion yuan in forming a complete new-energy industrial chain, including batteries, electric engines, power-trains, and complete vehicles.

http://www.china.org.cn/business/2018-12/15/content_74278342.htm