Zoomline Heavy Industry Science and Technology Development Co., Ltd (Zoomline), a leading Chinese construction machinery maker and among the world s top ten, is ready for further international expansion following its bagging of 15 billion HKD through its listing on the Hong Kong Exchange.
Zhan Chunxin, chairman of ZoomlineChairman Zhan Chunxin appeared confident that the new injection of investment will make Zoomline a stronger candidate for capturing overseas merger and acquisition opportunities, which he regards as the most effective way to enlarge the business s international presence. . Zoomline s overseas revenue tripled in just two years, to 15 billion yuan in 2010, after it acquired a 60% share of CIFA, the Italian-based clay machinery maker, No. 3 on the world market. The move also made Zoomline the world s largest clay machinery maker by market share, and it was featured in Harvard Business School Professor Li Jin s teachings as a model example of Chinese firms endeavour to go from local to international.
Zoomline also tapped into a new US market recently as it received an order from Global PET Films, Inc., for rough terrain wheeled cranes worth 6 million USD. This is the first time a Chinese make has entered such a high-end segment in the US. Earlier this month, Zoomline s South Africa subsidiary received governmental permission to start operations. The company is forecasting that by 2015, half of its revenue will come from overseas, and revenue will rise to 100 billion.
By Ju Chuanjiang and Liang Chen (China Daily Shandong Bureau)
Editor: Li Jing
