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According to an exclusive report from the Luoyang City State-owned Assets Supervision and Administration Commission, China's leading mining machinery manufacturer, CITIC Heavy Machinery Co., Ltd. (CITIC Heavy Machinery), is expected to complete its listing in 2008. The company is likely to choose the mainland A-share market for its IPO. Once listed, it will become the 11th subsidiary of the CITIC Group to be publicly traded.
Sources familiar with the matter stated that although the equipment manufacturing sector is currently experiencing a boom, Chinese companies in this industry have not seen significant growth in recent years. One of the main challenges has been access to financing, which remains a major constraint. This applies to CITIC Heavy Machinery as well. Despite having total assets of approximately 5 billion yuan, the company’s bank loans are only around 600 million yuan, and the proportion of debt is gradually decreasing.
To address these financial challenges, companies like Weichai Power and China National Heavy Duty Truck have successfully gone public in recent years, using the capital market to grow stronger. Industry insiders believe that CITIC Heavy Machinery’s listing process is likely to be smooth, similar to other manufacturers in the sector.
Xie Bilin, deputy director of the Industry Department at the National Development and Reform Commission, clearly expressed support for the listing of equipment manufacturing firms in October of the previous year. Additionally, the State Council’s "Opinions on Accelerating the Revitalization of the Equipment Manufacturing Industry" emphasized that the government will increase financial support for key technology equipment companies and encourage eligible firms to raise funds through methods such as listing and financing.
CITIC Heavy Machinery traces its origins to the Luoyang Mining Machinery Factory, one of the 156 key projects initiated during China’s First Five-Year Plan. It joined the CITIC Group in 1993 and has since grown into the largest mining machinery manufacturer in China and one of the top heavy machinery producers in the country. As reported, the company supplies hoisting equipment used to lift nearly 2 billion tons of coal annually.
According to the company’s operating newsletter, by the end of December 2007, CITIC Heavy Machinery had exceeded all major performance targets for that year. Its machinery output reached 130,100 tons, sales revenue amounted to 6,006 million yuan, and cumulative orders totaled 12,655 million yuan, with foreign trade orders surpassing $430 million. The company also made significant progress in research and development, with its “LK†brand speed reducers, rotary kilns, and roller presses earning recognition as China Famous Brand Products.
Over four years, the company increased its machinery output from 60,000 tons in 2003 to 130,000 tons, surpassed the 12 billion yuan mark in cumulative orders, and boosted sales revenue from 1 billion yuan to 6 billion yuan.
After its listing, CITIC Heavy Machinery plans to implement a “four high strategy.†First, focusing on high-end technology—adopting a tech-driven product strategy. To remain competitive, it must develop advanced products. Second, high-end products—building a strong brand image. Third, high-end markets—expanding internationally, shifting from solely serving domestic demand to meeting global standards. Fourth, high-end customers—offering customized, high-value-added solutions tailored to large clients.
As a heavy machinery producer, CITIC Heavy Machinery will design products based on customer needs and provide specialized solutions. It is also reported that CITIC Securities, another subsidiary of the CITIC Group, is expected to secure the underwriting qualification for CITIC Heavy Machinery’s IPO.