Wanxiang Qianchao Co., Ltd.
Company Profile
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Business Overview
-The Company is a major Chinese supplier engaged in the development and manufacturing of automotive components, centering on universal joints. It manufactures products including universal joints, wheel hub units, bearings, automotive chassis and suspension systems, braking systems, transmissions, exhaust systems, and fuel tanks.
-The Company supplies products to Merceded-Benz, BMW, Toyota, VW, GM, Ford, FAW, SAIC, GAC, Sinotruk and others.
-The company's products are marketed under the Qian Chao (QC) brand name.
Shareholders
-Listed on the Shenzhen Stock Exchange (As of December 31, 2022)
Major Shareholders | Shareholding Ratio (%) |
Wanxiang Group | 63.97 |
China Automotive Industry Investment and Development Co., Ltd. | 1.68 |
Others | 34.35 |
Total | 100 |
Products
Chassis and suspensions
-Chassis modules
-Suspension modules
-Axle modules
-Front axle modules
-Rear axle modules
-Shock absorbers
-Steering systems
-Power steering
-Steering linkages
-Tie rods
-Steering knuckles
-Steering columns
-Steering ball studs
-Coil springs
-Stabilizers
-Steel wheels
-Chassis parts
-Suspension parts
Brakes
-Brake modules
-Drum brakes
-Disk brakes
-Air brakes
-Electromagnetic brakes
-Brake calipers
-Vacuum boosters
-Brake wheel cylinders
-Brake master cylinders
-Brake valves
-Brake pads
-Retarders
-ABS
-Brake caliper assemblies
-Dual redundant EPB (electric parking brake)
Drivelines
-Drive shafts
-CVJ drive shafts
-Universal joints
-Cardan joints
-Constant velocity joints
-Precision universal joints
-Cross spiders
Wheel hub units
-Wheel hubs
-Wheel hub units with ABS sensors
Bearings and bearing parts
-Taper roller bearings
-Cylindrical roller bearings
-Deep-groove ball bearings
-King pin bearings
-Clutch bearings
-Water pump bearings
-Main shaft bearings
-Ball bearings
-Micro bearings
-Wheel hub bearings
-Steering bearings
-Clutch bearings
-Transmission bearings
-Tensioner idler bearings
-Steel balls
-Rollers
-Needle rollers
-Steel wires
Electric parts
-Wipers
-Wiper motors
-Electromagnetic clutches for automotive air conditioners
Plastic parts
-Seals
-Dust boots
Casting and forging parts
-Spherical graphite cast iron parts
Engine parts
-Mufflers
-Water pumps
Others
-Exhaust pipes
-Mufflers
-Cooling fan couplings
-Fuel tanks
-Bumpers
-Air ducts
-Wheel assemblies
History
July 1969 | Mr. Guanqiu LU founded a farming machine repair factory; Xiaoshan County Ningwei People's Commune Farm Machinery Factory. |
Dec. 1973 | Name changed to Xiaoshan County Ningwei People's Commune Farm Machinery Factory. Produced farming machinery and parts. |
July 1978 | Changed its name to Ningwei Universal Joint Plant, Xiaoshan Pref. |
1979 | Restructured its business of diversified products and concentrated on universal joints for imported cars. |
Mar. 1983 | Began self-management by Mr. Guanqiu LU. |
Apr. 1984 | Started exporting automotive parts, the first in China. |
May 1984 | Changed its name to Hangzhou Universal Joint Plant. |
1988 | Established Zhejiang Wanxiang Automobile Bearing Co., Ltd., which is now called Zhejiang Wanxiang Jinggong Co., Ltd. |
Aug. 1988 | Changed its name to Hangzhou Universal Joint General Factory. |
Mar. 1990 | Established Zheijiang Wanxiang Special Bearing Co., Ltd., which is now called Qianchao Bearing Co., Ltd. |
Oct. 1990 | Changed its name to Zhejiang Wanziang Machinery & Electric Group. |
Jan. 1991 | Promoted to a National First Class Company. |
Sep. 1991 | Changed the group name to Zhejiang Wanziang Group. |
1992 | Established Hangzhou Wanxiang Transmission Shaft Co., Ltd. |
July 1992 | Established Zhejiang Wanxiang Machnery Co., Ltd., which is currently called Wanxiang Qianchao Co., Ltd. CVJ Drive Shafts Plant. |
Mar. 1993 | Changed the group name to Wanxiang Group. |
Jan. 1994 | Established Wanxiang Qianchao Co., Ltd., which was listed on the Shenzhen Stock Market. |
Sep.1994 | Established Wanxiang Qianchao Zhejiang Rubber Industry Products Co., Ltd., which is now called Wanxiang Qianchao Co., Ltd. Rubber Industry Products Works. |
Jan. 1996 | Jointly established Xuchang Wanxiang Qianchao Zhongya Co., Ltd. with Xuchang Auto Transmission Shaft General Factory. The joint venture is now called Xuchang Wanxiang Qianchao Yuandong Co., Ltd. |
Oct. 1996 | Established Jiangsu Wanxiang Longshan Bearing Co., Ltd., which is now called Jiangsu Qianchao Bearing Co., Ltd. |
1997 | Established Wanxiang Qianchao Co., Ltd. Shock Absorber Plant. |
Aug. 1997 | Wanxiang Qianchao began supplying to General Motors in the U.S. |
1999 | Established Zhejiang Wanxiang Systems Co., Ltd. |
Aug. 1999 | Established Wuhan Wanxiang Automotive Brake Co., Ltd. |
Dec. 1999 | Hangzhou Wanxiang Transmission Shaft Co., Ltd. was awarded a contract from Ford to supply transmission shafts. |
Sep. 2000 | Establishing Harbin Wanxiang Hafei Auto Chassis System Co. ,Ltd. |
2000 | Established Xiaoshan Casting & Forgings Co., Ltd. |
Feb. 2001 | Established Xiaoshan Wanxiang Shele Precision Universal Joint Co., Ltd, a joint venture with Wanxiang America Corporation. |
Dec. 2001 | Established Huainan Wanxiang Special Bearing Co., Ltd., which is currently called Huainan Qianchao Bearing Co., Ltd. |
Jan. 2003 | Established Jiangxi Wanxiang Changhe Auto Chassis System Co., Ltd. |
2003 | Changed the name of Zhejiang Wanxiang Automobile Bearing Co., Ltd. to Zhejiang Wanxiang Jinggong Co., Ltd. |
Feb. 2003 | Established Zhejiang Wanxiang System Co., Ltd. Hainan Branch. |
July 2003 | Established Hubei Wanxiang Auto Parts Co., Ltd. |
Nov. 2003 | Established Huainan Qianchao Bearing Parts Co., Ltd. |
Nov. 2003 | Established Wanxiang Qianchao (Guilin) Chassis Parts Co., Ltd. |
Dec.2003 | Zhejiang Wanxiang System Co., Ltd. Liuzhou Factory. |
Dec. 2003 | Established Hefei Wanxiang Qianchao Automotive Parts Co., Ltd. |
2003 | Established Zhejiang Wanxiang System Co., Ltd. Wuhu Factory. |
March 2004 | Zhejiang Wanxiang Systems Co., Ltd. gained an 80% ownership in Henan Automotive Brake Co., Ltd. and changed the company's name to Henan Wanxiang Systems Brake Co., Ltd. The accounts of Henan Wanxiang Systems Brake was included in Wanxiang Qianchao's consolidated financial statements. |
Jan. 2005 | The Company and Sojitz Corporation jointly established Ningbo Qianchao Auto Parts Co., Ltd. to manufacture roller elements for bearings. |
May 2005 | Established Ningbo Qianchao Auto Parts Co., Ltd. to manufacture universal joints. |
Dec. 2006 | Harbin Wanxiang Hafei Auto Chassis System Co. ,Ltd. established Harbin Wanxiang Automotive Parts Co., Ltd. to manufacture chassis parts. |
Jul. 2007 | The Wanxiang Group acquired 30 percent of the stock in Android Industries (AI), which is based in the U.S.A.,becoming the largest shareholder of the U.S.-based company. |
Feb. 2008 | Neapco LLC (Wanxiang's holding company in Pennsylvania, USA ), Ford, and Automotive Components Holdings (ACH) reached a final agreement under which Neapco acquired ACH's propeller shaft plant located in Monroe, Michigan, U.S.A. |
Apr. 2009 | The Wanxiang Group acquired the steering shaft business of U.S.-based DS, a former steering shaft manufacturer in the Timken Group. |
Aug. 2010 | Zhejiang Wanxiang Jinggong Co., Ltd., established Jiangsu Wanxiang Jinggong Co., Ltd. to manufacture wheel hub units. |
Dec. 2010 | Established Wanxiang Qianchao(Shanghai) Auto System Co.,Ltd. to manufacture anti-lock brake systems and brake system modules. |
Jan. 2013 | Acquired A123 System Inc., an American company. |
Feb. 2014 | Acquired Fisker Automotive, an electric vehicle manufacturer in the U.S. |
Jun. 2014 | A123 Systems, a wholly owned subsidiary of the Company, completed the transactions to acquire battery-related technology from Leyden Energy. |
Nov. 2014 | The Company signed a contract with Zhejiang Founder Motor Co., Ltd. to transfer the entire 57.9 percent shareholding in Hubei Qianchao Auto Parts Co., Ltd. to Zhejiang Founder Motor. |
Harbin Wanxiang Hafei Auto Chassis System Co. ,Ltd., the Company's subsidiary, absorbed Harbin Wanxiang Automotive Parts Co., Ltd. into its own operations. Harbin Wanxiang Automotive Parts is no longer an independent company after the absorption. | |
The Company dissolved and liquidated Ningbo Qianchao Auto Parts Co., Ltd., its wholly owned subsidiary. | |
July 2015 | The Company and Shanghai Automotive established a joint venture to produce new energy buses in Hangzhou. |
Aug. 2015 | Merged Wuhan Tongda Weiye Economic Development Co., Ltd. |
Dec. 2015 | Established a wholly-owned overseas subsidiary, Wanxiang Qianchao (U.S.) Co., Ltd. |
Established a wholly-owned overseas subsidiary, Wanxiang Qianchao (Europe) Co., Ltd. | |
May. 2016 | Zhejiang Wanxiang System Co., Ltd., a subsidiary of Wanxiang Qianchao Co., Ltd., announced that the company and Zhejiang Shitai Industrial Co., Ltd. agreed that Zhejiang Wanxiang System will transfer its entire 80% shareholding in Wanxiang Qianchao (Guilin) Chassis Parts Co., Ltd. to Zhejiang Shitai for CNY 31 million. |
Nov. 2016 | The Company's subsidiary Wanxiang Tongda Co., Ltd. announced that it will absorb Shiyan Gunuoer Automobile Fuel Tank Co., Ltd., its subsidiary, into its own operations. Shiyan Gunuoer Automobile Fuel Tank will be deregistered after this reorganization. |
Apr. 2017 | A123 Systems, the subsidiary of Wanxiang Group, announced that its headquarters will be transferred from Livonia, Michigan to Novi. |
Oct. 2017 | Dissolved and liquidated the Xiaoshan Wanxiang Scheller Precision Universal Joint Co., Ltd., its holding subsidiary. |
Oct. 2017 | Wanxiang Tongda Co.,Ltd, the holding subsidiary, transferred 100% equity of Shiyan Judi Metal Pipe Co., Ltd., its wholly-owned subsidiary, to Shiyan Xinbaiqiang Co.,Ltd. |
Feb. 2018 | Wanxiang Tongda Co.,Ltd, the holding subsidiary, transferred 76.38% equity of Bengbu Tongda Auto Parts Co., Ltd. its wholly-owned subsidiary, to Qinghe County Yongfeng Auto Parts Manufacturing Co., Ltd. |
Jun. 2018 | Xuchang Yuandong Drive Shaft Co., Ltd. and Wanxiang Qianchao Co., Ltd. signed a contract regarding share transfer. Xuchang Yuandong Drive Shaft to acquire a 54.73% stake in Xuchang Qianchao Yuandong Auto Parts Co., Ltd., a joint company between the two companies, at the cost of CNY 14.81 million. |
Aug. 2019 | The Company acquired the 40.01% stake in Shaanxi Lantong Transmission Shaft Co., Ltd. from Shaanxi Automobile Group Co., Ltd. at a price of CNY 32.6 million. |
Aug. 2019 | The Company planned to transfer the 100% stake in its subsidiary Guangzhou Huida Auto Parts Co., Ltd. to Guangzhou Wandong Auto Parts Co., Ltd. at a price of CNY 37 million. |
Jan. 2020 | Three subsidiaries of the Company set up Wanxiang Qianchao (Thailand) Co., Ltd. in Rayong, Thailand. |
Feb. 2021 | Invested in Shanghai Xinwang Microelectronics Technology Co., Ltd. and owns 1.97% of the shares. |
Jul. 2021 | The Company would sell a 65% stake in its subsidiary Harbin Wanxiang Hafei Auto Chassis System Co., Ltd. to Harbin Xiaojiuwo Trading Co., Ltd. |
Feb. 2022 | The Company announced to build a digital intelligence industry base for auto parts in Binhai New Area, Shaoxing. |
Supplemental Information 1
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>>>Business Report 2020
>>>Business Report 2021
Note: A figure in brackets ( ) indicates a loss