In spite of COVID-19, Prinx Chengshan managed to increase its net profit in the first half of 2020, a feat aided in part by a prompt response to the pandemic. Sales revenue for Prinx Chengshan (Cayman) Holding Limited and its subsidiaries in the six months to 30 June 2020 came to RMB 2,844.0 million (£317.2 million), 1.0 per cent less than in the same period of 2019. Gross profit rose 9.9 per cent year-on-year to RMB 606.3 million (£66.7 million) and net profit increased 1.6 per cent to RMB 265.3 million (£29.2 million).
Many international manufacturers view a good EU tyre label result as a benchmark of product performance. At the end of 2018, Prinx Chengshan’s research and development centre in China began work on its ‘AA1’ project, with the aim of developing a product achieving the best label category for wet grip, rolling resistance and noise. The tyre maker reports that it’s achieved its goal.
Prinx Chengshan produced its first car tyre at its new plant in Thailand on Saturday. The start of PCR tyre production at the Prinx Chengshan Tire (Thailand) Co., Ltd. facility follows the start of TBR tyre production on 25 March.
Prinx Chengshan reports that its new tyre factory in Thailand produced its first commercial vehicle all-steel radial on 25 March. The first phase production project at the Prinx Chengshan Tire (Thailand) Co., Ltd. is now expected to be concluded in the second quarter of this year, giving the facility an annual capacity to produce 800,000 TBR tyres. The plant is also capable of manufacturing 4 million passenger car and light truck tyres a year.
On 16 October Prinx Chengshan held its 2019 International Dealer Conference in the historic city of Xi’an. The theme for this year’s conference, which was held four years after the last one, was: “together for future”.
The tyre plant that Prinx Chengshan is building in Thailand is expected to enter operation next year, and the tyre maker reports that it will extensively use intelligent manufacturing systems to achieve greatly enhanced efficiencies. It says production efficiency will be increased by 20 per cent in the new plant. The production cycle itself will be shortened by 20 per cent, work efficiency increased by 40 per cent and raw material wastage reduced by 80 per cent.
Thomas Wohlgemuth has taken over as managing director of Prinx Chengshan Europe, effective 1 September. His appointment coincides with the relocation of Prinx Chengshan’s European head office from Slovakia to Germany. He succeeds Ivan Majsky, who is no longer with the company.
Prinx Chengshan reports that “steady progress” is being made at its new tyre factory in Thailand. Construction work commenced on 31 March and the purchase of key equipment by invitation to tender has now been completed. The company estimates that all steel production workshops, mixing workshops, and supporting public works will be completed by the end of this year. Production at the site should commence in 2020.
A groundbreaking ceremony has been held for the new Prinx Chengshan Thailand factory in the WHA Eastern Seaboard Industrial Estate EISE 3 in Chonburi. The new plant is amongst the first to be set up in the industrial park, and Prinx Chengshan notes that a launching ceremony for the park was held today.
Based in the city of Guangzhou, the Guangzhou International Automobile Exhibition is particularly close to the Chinese off-shore territories of Hong Kong and Macau. Still, despite the show’s proximity to such personal and corporate wealth, Prinx Chengshan unique inasmuch as it was the only Hong Kong stock exchange (HKEX) listed tyre manufacturer at the show.
The second edition of the Tire+ exhibition, organised by China United Rubber Company, got underway today in Guangzhou, Guangdong Province China at the world-famous Canton show ground. The show runs in parallel with the large-scale Guangzhou Autoshow (itself a top three automotive event in China) as well as the China Essen Motor Show and continues until 19 November.
With the striking of a ceremonial gong, Prinx Chengshan (Cayman) Holding Limited went live on the Hong Kong Stock Exchange at precisely 9:30am on 9 October. The tyre maker’s listing last month followed nearly a year of preparations and represents an important step in a growth and internationalisation strategy that also includes producing in Southeast Asia and making greater inroads into European and North American markets.
Over the past two and a half years, Prinx Chengshan has established a presence in our region with the build up of its Prinx Chengshan Europe operation in Slovakia, however the tyre maker’s international growth plans don’t just include Europe. This year a new sales and marketing subsidiary in North America is also being established. The operation is headed by John Aben, who joins the company from Giti Tire.
The striking of a ceremonial gong at precisely 9:30am this morning marked the listing of Prinx Chengshan (Cayman) Holding Limited on the Hong Kong Stock Exchange. Today’s listing follows nearly a year of preparations and represents an important step in the company’s growth and internationalisation strategy. Trading under stock code 1809, Prinx Chengshan is the first China-based tyre manufacturer to join the HKEX.