Liyuan Hydraulics has become an integrated platform for the heavy machinery business of AVIC Group
Guizhou Liyuan Hydraulic Co., Ltd. has become an integration platform for the heavy machinery business of AVIC Group. Liyuan Hydraulics plans to change its name to AVIC Heavy Machinery, and at the same time integrate its hydraulics, heat exchangers, gas turbines and other sectors to make it bigger and stronger. According to a report by Xinhua News Agency on May 5, due to the large expansion of the main business scope after the reorganization, Guizhou Liyuan Hydraulic Co., Ltd. has become an integrated platform for the heavy machinery business of China Aviation Industry Corporation. Liyuan Hydraulics plans to change its name to 'AVIC Heavy Machinery' Machinery Co., Ltd.”, and at the same time integrate and expand its hydraulic, heat exchanger, gas turbine and other sectors. In 2007, Liyuan Hydraulics carried out asset reorganization. In 2008, it carried out a series of equity acquisitions through the funds raised through private placement. Aviation Industry Gas Turbine Power (Group) Corporation of China, AVIC Shixin Gas Turbine Co., Ltd., and Guizhou Anda Aviation Co., Ltd. Forging Co., Ltd., Guizhou Yonghong Aviation Machinery Co., Ltd. and other companies have successively merged into Liyuan Hydraulics. The company's main business has expanded from the simple Ru0026D, production and sales of civil hydraulic parts to the Ru0026D, production and sales of military-civilian hydraulic parts, hydraulic systems, forgings, heat exchangers, gas turbines and their complete sets of equipment, as well as casting business and new Energy investment business. Its subsidiaries have been distributed in Jiangsu, Hebei, Beijing and other places from the original limited to Guizhou. With the adjustment of the shareholding structure, the name of Liyuan Hydraulics is also inconsistent with its strategic positioning in the AVIC Group. Therefore, the board of directors of Liyuan Hydraulics passed a resolution on May 4 to change its name to 'AVIC Heavy Machinery Co., Ltd.'. The stock abbreviation was also changed to 'AVIC Heavy Machinery' accordingly. The reorganization plan of the next board of directors of Liyuan Hydraulics was also introduced at the same time. The composition of the board of directors will be increased from 9 to 11, of which the number of independent directors will be increased from 3 to 4. In the old board of directors, the former chairman Li Li will resign from the board of directors at the age of 60, and the other four directors, including deputy general managers Yang Qiang, Hu Dongli and deputy general manager and secretary Shu Daiyou, have also changed their jobs due to job changes. will retire from the new board of directors. The former vice chairman and general manager Ji Suchun will remain in office. Six people including Tan Weidong, Huang Yun, Liu Zhiwei, Guo Hong, Li Yueguang and Li Tianming were nominated as candidates for the new board of directors. Among them, 55-year-old Tan Weidong is currently the president of General Aircraft Company, a subsidiary of AVIC Group, and chairman of Guihang Group. Li Tianming is the new independent director, and the other four are from companies newly merged into Liyuan Hydraulics. The board of directors of Liyuan Hydraulics also decided to integrate all hydraulic operating assets into one company, tentatively named 'China Aviation Liyuan Hydraulic Co., Ltd.At the same time, it will increase the capital of Yonghong Company and China Aviation Industry Gas Turbine Power (Group) Co., Ltd., so that they will become the integration platform of 'AVIC Heavy Machinery' heat exchanger and gas turbine power respectively. Among them, AVIC Gas Turbine Company will acquire Jinzhou (Baotou) Renewable Energy Co., Ltd., which owns Baotou Bailingmiao Wind Farm, making it the first wind power project invested by AVIC Group. The original largest shareholder of Liyuan Hydraulics was Guizhou Jinjiang Aviation Hydraulic Co., Ltd., which is considered to be the great-grandson of AVIC Group. At present, AVIC Group controls a total of 51.86% of Liyuan Hydraulics through its wholly-owned subsidiaries such as Guihang Group and AVIC Investment.