AviChina Industry & Technology
 | |
Native name | 中国航空科技工业股份有限公司 |
|---|---|
| Company type | Public subsidiary |
| SEHK: 2357 | |
| Industry | Aviation |
| Founded | April 30, 2003 |
| Headquarters | Beijing, China |
Key people | Yan Lingxi (Chairman) Sun Jizhong (CEO) |
| Revenue |  CN¥84.73 billion (2023) |
| CN¥6.69 billion (2023) | |
| Total assets | CN¥185.02 billion (2023) |
| Total equity | CN¥88.06 billion (2023) |
| Owner | Aviation Industry Corporation of China |
Number of employees | 74,584 (2023) |
| Parent | Aviation Industry Corporation of China |
| Subsidiaries | AVIC Jonhon Optronic Technology |
| Website | www |
| Footnotes / references [1] | |
AviChina Industry & Technology (AviChina; Chinese: 中航科工; pinyin: Zhōngháng Kēgōng) is a partially state-owned publicly listed aviation company headquartered in Beijing. It primarily is involved with aircraft manufacturing, supplying aviation Ancillary Systems and providing aviation engineering services.
The company is a subsidiary of the Aviation Industry Corporation of China (AVIC).
Background
[edit]AviChina was established on 30 April 2003.[1] It was previously the civil unit of China Aviation Industry Corporation II. As of 2003 it was the largest minicar maker in China with a 41 percent market share as well as the only domestic mass producer of helicopters and regional jets in China. Although the car business made up 80% of its revenue in the previous year it expected its aircraft assembly business to drive future growth. AviChina held 49 percent of a joint venture with Embraer to build jets in China. It also had partnerships with Sikorsky Aircraft and Eurocopter to make helicopters[2]
On 30 October 2003, AviChina held its initial public offering becoming a listed company on the Hong Kong Stock Exchange. It raised US$247 million.[2]
For 2007, AviChina reported a loss of 1.03 billion yuan due to a bigger deficit at its vehicle division and decline in margins at its helicopter unit. Its vehicle division consisted of two units, Hafei Automobile and Changhe.[3] In 2009, AviChina became a purely aeronautical company after it sold Hafei to its parent AVIC in exchange for its avionics electronics business and spunoff Changhe.[4][5] In 2010, AviChina management said it intended to gradually buy all of its parent's aviation equipment operations.[4]
In April 2018, Bloomberg News reported that AviChina was one of the best performing stocks in Asia. From the start of February to April it had rose 40% which put it at the top of the MSCI Asia Pacific Index that fell more than 6 percent in that time. Due to tensions in China–United States relations there was renewed investors’ interest in Chinese defense stocks. Its military revenue outpaced profits from general-purpose lightweight aircraft used for cargo transport and crop seeding. Airbus was a significant shareholder with a 11.7% stake.[6]
In January 2023, Norway's sovereign wealth fund, Norges Bank Investment Management said it had divested from AviChina for selling light aeroplanes to military junta-ruled Myanmar.[7]
See also
[edit]References
[edit]- ^ a b "2023 Annual Report" (PDF). HKEX. Archived (PDF) from the original on 5 September 2024. Retrieved 28 September 2024.
- ^ a b "AviChina to raise up to $247 million in IPO". Automotive News. 13 October 2003.
- ^ So, Charlotte (12 April 2008). "Car unit pushes AviChina losses to 1b yuan". South China Morning Post. Retrieved 28 September 2024.
- ^ a b Ng, Eric (25 February 2012). "AviChina gets HK$698m in institutional share sale". South China Morning Post. Retrieved 28 September 2024.
- ^ "China Aviation Industry Group to split arms' car assets". autonews.gasgoo.com. 29 July 2008. Retrieved 28 September 2024.
- ^ Servando, Kristine (9 April 2018). "Asia's Hottest Stock Is a Bet on China's Military Expansion". Bloomberg.com. Retrieved 28 September 2024.
- ^ "China, India firms dropped by Norway fund over Myanmar weapons". Al Jazeera. 25 January 2023. Retrieved 28 September 2024.
