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5. Lingyun Industrial Co., Ltd. Business Report FY ended Dec. 2016

Lingyun Industrial Co., Ltd. Business Report FY ended Dec. 2016

Contract

-In March 2017, Changchun Branch passed an assessment to become a certified thermoformed component supplier of Beijing Hyundai Motor Co., Ltd.. (From a press release on March 20, 2017)

-Hebei Chinaust Automotive Plastics Co., Ltd., one of the subsidiaries of the Company, has won a new order for a fuel system global project (development code: GM9BUX) led by Inergy Automotive Systems. The Chinese company will provide 11 products for the project, worth at least Chinese yuan (CNY) 420 million in China and South Korea. The mass production for the project is slated to begin in April 2019. (From a press release on January 6, 2017)

-The Company announced that it has won a bid to supply new aluminum alloy products to Daimler's Mercedes-Benz, and officially became one of the suppliers to the brand. (From a press release on April 8, 2016)

New Company

-In June 2017, the Company and GNS Solitech Co., Ltd. signed a contract regarding the establishment of joint companies in Liuzhou and Guangzhou, China. The company in Liuzhou will be capitalized at USD 10 million and owned 50.1% by Lingyun Industrial and 49.9% by GNS Solitech. It will supply thermoformed components mainly to SAIC General Motors Corporation and Dongfeng Liuzhou Motor. It has a plan to expand its market to the southeastern part of China in the future, as well. Currently, it's developing right and left B pillars for SAIC General Motors’ CN200S. The company in Guangzhou will be capitalized at USD 9 million and owned 50.1% by Lingyun Industrial and 49.9% by GNS Solitech, too. It has already won contracts to supply new components for Guangzhou Automobile’s A5H, Shenzhen CAPSA’s X74 and the BAIC Motor’s H40D/C40D. (From a press release on July 6, 2016)

Acquisition

-In October 2016, the Company and North Lingyun Industrial Group Co., Ltd., which is a shareholder of Hebei Taihang Machinery Industries Co., Ltd., signed a framework agreement on organizational restructuring. In accordance with this agreement, Lingyun Industrial will acquire 100% stake in both Hebei Taihang Machinery Industries Co., Ltd. and Beijing oLinkStar Co., Ltd. (From an announcement by the company on October 24, 2016)

-The Company announced that it will acquire a 100% stake in Langfang Shuchang Auto-parts Co., Ltd. jointly with Georg Fischer Ltd. (GF). Lingyun Industrial and GF will pay a total of CNY 109.16 million for this deal, and each company will own a 50% stake. Langfang Shuchang Auto-parts was established in August 2010 and produces quick pipe connectors for automobiles. It had total assets of CNY 134.51 million as of December 31, 2015, and generated CNY 82.35 million in sales and CNY 20.26 million in net profit in 2015. (From an announcement by the company on September 19, 2016)

Awards

-Liuzhou Lingyun Automotive Parts Co., Ltd., one of the subsidiaries of the Company, has received an “Overseas Development Award” from SAIC General Motors (SAIC GM). The two companies will reinforce their alliance in the areas of high-strength, aluminum alloy, thermoforming, punch-welding and piping products. (From a press release on February 28, 2017)

-Shanghai Chinaust Automotive Plastics Co., Ltd., one of the subsidiaries of the Company, has received an excellent supplier award from Nanjing Iveco (Naveco) for its contribution to Naveco’s “AD02/TD upgrade project." In 2016, Shanghai Chinaust Automotive Plastics became Naveco’s exclusive supplier of fuel pipes, vacuum suction pipes, escape pipes, and filler pipes. (From a press release on February 28, 2017)


-Hebei Chinaust Automotive Plastics Co., Ltd., one of the subsidiaries of the Company, has won two awards from Beiqi Foton Motor Co., Ltd., namely “Excellent Supplier Service Leader Award” and “Excellent Supplier Win-win Award.” (From a press release on November 21, 2016)

Business Plan for Next Year

-In 2017, the Company plans to reach CNY 9.576 billion sales and it will invest CNY 580 million. (From the Company's 2016 annual report)

R&D Expenditure

R&D Facility

-On May 6, 2017, the Company and GNS Solitech Co., Ltd. celebrated the opening of their joint technical center, Lingyun GNS (China) Hot stamping Technical Center. The alliance between the two companies is now entering a new stage by opening a lab to set up a foundation for the development of their hot stamping businesses. (From a press release on May 8, 2017)

-As of Dec. 31, 2016, the Company has a state-level enterprise technical center, a national quality control and evaluation lab, product test center approved by National Accreditation Committee, provincial-level technology centers and Car Bumper Low Speed Collision Laboratory.

R&D Activity

-The Company said on March 14, 2017, that one of its subsidiaries, Liuzhou Lingyun Automotive Parts Co., Ltd., has established a new joint research group with SAIC-GM-Wuling Automobile Co., Ltd. to jointly develop technologies to reduce vehicle weight. The two companies will work on aluminum alloy bumpers, aluminum alloy tube beam assemblies, door sills, battery containers, and thermoformed components to find new materials, new manufacturing processes, and new technologies that can be used practically to make vehicles lighter. (From a press release on March 21, 2017)

-The Company signed an agreement with Guangdong Haomei Aluminum Co., Ltd. to collaborate on aluminum alloy technology for automobiles. The two companies will work together to develop new aluminum alloy materials and technologies, which will contribute to reducing vehicle weight. The auto parts supplier and the aluminum supplier will accelerate the practical application of aluminum alloy for vehicles by developing cooperation in a mutually complementary form. (From news releases issued by multiple sources on September 21, 2016)

Patents

-In 2016, the Company applied 140 patents and obtained 79 authorized patent.