On December 18, the establishment meeting of Guangxi Huayuan Filtration System Joint Stock Co., Ltd. (Huayuan) took place. Present were Chairman Yan Ping and President Gu Tangsheng of Yuchai Group; Lu Daen, chairman of Xinxiang Aviation Industry (Group) Co., Ltd.; Liang Zibin, chairman of Watsun Filter (Shenzhen) Co., Ltd.; Huang Rixiong, chairman of Zhaoqing Jinyue Venture Investment Co., Ltd. and Tian Siyi of Beijing Zhongjin Runhe Venture Investment Center (limited partnership). At the meeting, Yan delivered a speech and inaugurated Huayuan.

Huayuans 1st board of directors was elected, and relevant legal documents were adopted upon deliberation. Concurrent was the 1st board meeting, at which Zhang Wen was elected as chairman of Huayuan, executives were appointed, and proposals on rules and regulations, development plan and department setting were adopted upon deliberation.

Meeting scene

Yan expected much of Huayuan, saying the group will continue to support Huayuans development and hoping the groups business body will attach great importance to the sector. Huayuans business body should strictly observe professional ethics, work hard and live up to the shareholders expectation and the great trust of the group and staff, he added.

At the meeting, Gu, representative of Huayuans initiators and shareholders, said, Huayuans establishment is not merely a formal change, and the company will forge ahead in a direction of standardization, legality and high efficiency. To brave the storms of the market, it is very important and necessary to establish a standard disciplinary body. Years development has shown Huayuans great vitality and potential and bright market outlook. Next, we need the shareholders to make concerted efforts and intermediaries to continue offering support to make Huayuan more standard and independent, thus gaining a firm foothold, laying the groundwork and building fame.

Inaugural ceremony

Huayuan was established through the overall restructuring of Huayuan Filtration System Co., Ltd. The company is one of Chinas most advanced filter manufacturers, Yuchais core engine filter supplier as well as vice chairman of the Filter Committee of the Basic Parts Branch of the Chinese Society for Internal Combustion Engines. The companys diesel engine filter line manufactures products including oil filter, diesel filter and air filter, with an annual output of 15 million sets. Amid the market slump in 2012, the company forged ahead, strengthened internal building and vied for the market, thus accomplishing the continuous, stable and healthy development of overall operations. In the first 11 months, the company achieved before-tax sales revenues of 290 million yuan, up 4.3 percent year on year, fulfilling 93.54 percent of the adjusted target (310 million yuan). To achieve a higher strategic goal and make a business leap, the companys board of directors and board of shareholders sized up the situation and decided to restructure Huayuan Filtration System Co., Ltd. into Huayuan Filtration System Joint Stock Co., Ltd.

(Li Ying)