Hidden Gem: Wanfeng

Name: Zhejiang Wanfeng Auto Wheel Co., Ltd (Wanfeng)

Listed: Since 2006 on Shenzhen Stock Exchange

Chairwoman of the board: Ms. Chen Ailian

Employees: Approx. 2000

Revenues (2007): Approx. USD250 million

 

The head of Wanfeng Auto Wheels, Chen Ailian, didn’t begin life at the top – she started behind the wheel. Chen was a truck driver in her hometown of Shaoxing, Zhejiang province, until she decided to take a chance on China’s new growing market economy in 1994. Chen borrowed half a million Renminbi and rented an abandoned factory in Shaoxing that had 12 lathes for production equipment. From these humble beginnings she grew her business in the middle of one of the most competitive provinces for private entrepreneurs in China into a solidly run enterprise.

 

Today, Wanfeng is amongst China’s top 50 auto parts suppliers and the largest manufacturer of aluminium alloy wheels in Asia. Being the first Chinese wheel manufacturer to be listed on the Shenzhen stock market, the company has eight branch offices all over China and an annual production capacity of 21 million wheels. The company has obtained many international industry certifications such as ISO/TS 16949, and QS 9000. It has also gone further than other suppliers and received certifications and supplier approvals from some of its customers amongst which are world renowned brands such as GM, Toyota, BMW and Ford. In return, Wanfeng has set up sales offices in North America and the UK to provide customers with fast order handling and after-sales service in their own language and time zone. The company sells 50% of its products in overseas markets.

 

But Chen is not one to sit back and rest on her laurels which – after securing contracts with major international car manufacturers – she could easily do. By restructuring administrative and marketing processes she led Wanfeng to a profit increase of more than 10%. The company also concentrates on developing new products and production processes. In addition to customary wheel casting processes Wanfeng is using advance casting techniques to create new wheels that comply with the high-quality standards of its international buyers. But wheels isn’t everything the industry heavyweight produces. Shanghai Wanfeng Coach Manufacturing Co. Ltd. was established in 2000 to manufacture SUVs, pick-up trucks, all-terrain vehicles and scooters. The subsidiary currently employs 4,500 staff and generates revenues of RMB 250 million.

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