Qingdao Zhongcheng Group Co., Ltd., formerly known as Hengshun Electric Appliances Co., Ltd., was a state-owned enterprise jointly established in 1998 by China Electric Power Technology Import and Export Corporation, Shandong Electric Power Bureau Material Department, Qingdao Electric Power Bureau, and Qingdao Transformer Group Co., Ltd. In 2010, Hengshun Electric completed the joint-stock reform and was listed on the ChiNext Growth Enterprise Market in 2011. At present, the largest shareholder is Qingdao Chengtou Chengjin Holding Group Co., Ltd., a subsidiary of Qingdao Urban Construction Investment (Group) Co., Ltd., a large state-owned enterprise under the Municipal SASAC.
Since its establishment, the enterprise has adhered to the business philosophy of "strengthening the enterprise through technology and innovative development", committed to the research and development, manufacturing, and technological innovation of power quality improvement and harmonic pollution control equipment. It has achieved multiple significant achievements in the fields of power quality optimization and grid energy conservation and environmental protection, reaching international advanced levels. In 2012, the company seized the support of domestic and foreign industrial policies, as well as the opportunity to acquire high-quality assets overseas. With electricity as the core, it tracked the development of the entire upstream and downstream industrial chain, actively participated in the construction and operation of Indonesian power plants, as well as the development and utilization of mineral resources. Subsequently, it developed its own industrial park, drove the export of domestic equipment and technical services, and began the internationalization process. In early 2015, according to development needs, Qingdao Hengshun Zhongsheng Group Co., Ltd. was established.
In recent years, the Group has focused on exploring the mixed transformation and integration development model of state-owned and private enterprises, implemented the national "the Belt and Road" initiative with an innovative attitude, seized the historical opportunity, boldly "went global", and actively expanded overseas markets with electricity as the core. In just a few years, it has completed the transformation from a power equipment supplier to a resource integrator of the "the Belt and Road", and has gradually formed a diversified development pattern centered on Qingdao, China, radiating to Singapore, Indonesia, the Philippines, Zimbabwe, South Africa and other Asian and African countries, becoming a leading enterprise in promoting the construction of the "the Belt and Road" in Qingdao.
At the beginning of 2019, in order to clearly reflect the system change and value orientation of the Group from a private enterprise to a state-owned holding enterprise, and also to highlight the new era and new situation, the Group closely follows the national "the Belt and Road" initiative, and shoulders the responsibility of representing Chinese enterprises to appear in the overseas market, the enterprise was officially renamed as "Qingdao Zhongcheng Group Co., Ltd.". As of now, the group has more than 40 subsidiary companies with total assets of approximately 4 billion yuan. It has developed into a multinational mixed ownership enterprise dedicated to comprehensive business such as green power grid construction, power and energy development, overseas mineral operation, industrial park development, and international trade.
Zhongcheng Group, a Chinese owned enterprise, has always been closely following the national policy trend, steadfastly engaged in industrial development, dedicated to business management and transformation innovation. At the same time, it actively seeks further breakthroughs in domestic and foreign businesses, fully relying on the platform advantages of Qingdao Urban Investment Group in terms of funds, management, talent, and other aspects. With its experience in creating smart industrial parks and developing intelligent manufacturing and other innovative fields, it continues to contribute to the construction of comprehensive industrial parks and the emerging energy market, Vigorously expanding business sectors and integrating industry and city development. The Group also gives full play to its layout advantages in Big data, blockchain, artificial intelligence and other fields, excavates new momentum, creates a "China funded medium range Business ecosystem" in an all-round and multi-dimensional manner, promotes the stable, rapid and sound development of the Group, realizes the dual wheel drive of domestic and foreign markets, and strides into a period of development opportunities.
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