The issuer was formerly known as Weihai Huadong Numerical Control Co., Ltd. which was established on March 4, 2002, and is a high-tech enterprise mainly engaging in numerical control large-scale machine tools and functional components, with a registered capital of 120 million yuan. Ltd. was approved by Shandong Province Development and Reform Commission [Lufa and Reform License Enterprise Word (2004) No. 11] "on agreeing to change Weihai Huadong Numerical Control Co. Ltd. and on December 28, 2004, the company was registered with the Shandong Administration for Industry and Commerce and received the Business License for Enterprise Legal Person. The current registered capital of the issuer is RMB90 million, the legal representative is Tang Shixian, and the registered address is No. 305, Torch Road, Weihai Hi-Tech Industrial Development Zone.
In June 2008, the company was successfully listed on the small and medium-sized board of the Shenzhen Stock Exchange with the approval of the China Securities Regulatory Commission. The company has 1,500 employees, including 140 engineers and technicians and more than 130 professional managers. The enterprise covers an area of 240,000 square meters and a building area of 160,000 square meters. By the end of 2008, the company had total assets of RMB 850 million and net assets of RMB 540 million, realizing sales revenue of RMB 420 million and net profit of RMB 54.12 million. The development direction of the company's main business is to replace imports as the goal, focusing on the development of high-speed, high-precision, multi-axis, composite, large-scale, heavy-duty CNC machine tools, to seize the energy, transportation, shipbuilding, machinery, metallurgy, aerospace, military and other industries of China's urgent need for large-scale, heavy-duty, precision machine tools and equipment, to achieve the company's scale and industrial status of the leap for China's large-scale, precision machine tools to get rid of the dependence on imports to make a contribution.
Since its establishment, the company has insisted on taking the development road of independent innovation, and has always regarded the scientific research and development of high and new technology as the foundation and key to maintain the rapid development of the enterprise. Through independent research and development, cooperative development, introduction and digestion and other ways to have a number of patents and know-how of international advanced or domestic leading level. The company has been awarded as High-tech Enterprise of Shandong Province, Advanced Enterprise of Independent Innovation of Weihai City, and Key High-tech Enterprise of National Torch Program. The company's technology center has been recognized as "Provincial Technology Center".
In January 2009, the company established a joint venture with Germany Heath Shoeming Co., Ltd. with a registered capital of 15 million U.S. dollars, of which Huadong CNC accounted for 75% and Heath Shoeming accounted for 25%. Ltd. with a registered capital of 15 million US dollars, of which Huadong CNC accounts for 75% and Heath Shoeming 25%. The company cooperates in the design and manufacture of large-scale precision machine tools and the processing of power generation equipment parts. The company covers a total area of 330,000 square meters, plans to build new plants and ancillary facilities 200,000 square meters. The project is to be implemented in two phases, the first phase of the new plant and ancillary facilities of 50,000 square meters, the maximum lifting capacity of the plant 500 tons, the highest plant 35.8 meters, with double-deck cranes. All projects are expected to be completed by the end of 2010.
The company based on the domestic market, relying on national key projects, to replace imports as the goal, to achieve rapid and steady development. On the one hand, the company adjusts the capacity structure, on the one hand, the implementation of two-way extension, investment holding Rongcheng Hongjiu Forging & Casting Co., Ltd. joint venture to establish the East China Heavy Industry Co.