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.