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China National Aero-Technology Import & Export Corporation (CATIC), which handles over 80 percent of the country's aviation exports, is poised to "make great efforts" to explore international markets for Chinese commercial airplanes, the company said yesterday. "We will set up a new division that specializes in the marketing of commercial airplanes this year," said Huang Bin, CATIC spokesman. CATIC, one of China's largest trading companies, will strengthen the marketing, after-sales service and operation management of China-made commercial planes, including MA60 turboprops, Y12 transport planes and other regional jets, Huang said. The company also plans to expand its overseas sales network by setting up more offices in new countries and regions, he said. CATIC currently has about 50 overseas companies and representative offices in more than 30 countries and regions. Yesterday CATIC reported a record high profit of 780 million yuan in 2006, a jump of 140 percent over the previous year. "We got off to a good start at the beginning of the 11th Five-Year Plan (2006-10), with several key figures breaking company records," Huang said. Its export volumes skyrocketed 50 percent from 2005 to US$1.5 billion last year, with total sales rising 30 percent to exceed 18 billion yuan. CATIC also plans to speed up its process of attracting strategic investors this year, Huang said. CATIC was founded in 1979 and is jointly owned by China Aviation Industry Corporation I and China Aviation Industry Corporation II, the country's two leading aviation firms, with each holding 50 percent stakes. But the company wants to attract new investment to "improve management and speed up the healthy development of the company". It plans to introduce one or two strategic investors that are domestic companies with a "strong financial background and resources". Another part of the company's restructuring plan is to list CATIC as a whole. CATIC has more than 10 regional subsidiaries around China. It owns three Hong Kong-listed companies and three domestically listed firms. The business conglomerate will also study the possibility of a management buyout in some business sectors to improve its incentive systems, said Huang, without elaborating. Trading and related services currently yield between 60 and 70 percent of CATIC's total revenue. Aviation activities account for 30 percent of its exports and 70 percent of its imports. Its trading platform also handles engineering goods and services and government procurement products. CATIC is also heavily involved in manufacturing, primarily liquid crystal displays, printed circuit boards and watches. (China Daily February 1, 2007) |
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