Northcom Group: Difference between revisions
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==History== |
==History== |
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The company was founded in 2002 as a part of the [[Qixing Group]], a private industrial group with diversified holdings.<ref name="founding">{{cite news|title=Qixing leads the way in iron tower construction|url=http://www.chinadaily.com.cn/regional/2011-06/29/content_12803562.htm|publisher=China Daily|date=June 29, 2011}}</ref> In February 2010, the company became listed on the [[Shenzhen Stock Exchange]].<ref name="founding"/ |
The company was founded in 2002 as a part of the [[Qixing Group]], a private industrial group with diversified holdings.<ref name="founding">{{cite news|title=Qixing leads the way in iron tower construction|url=http://www.chinadaily.com.cn/regional/2011-06/29/content_12803562.htm|publisher=China Daily|date=June 29, 2011}}</ref> In February 2010, the company became listed on the [[Shenzhen Stock Exchange]].<ref name="founding"/> |
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===Financial troubles and sale to Longyue=== |
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| ⚫ | After the purchase by Longyue Investment, the company was the vehicle for the 3.55 billion RMB acquisition in 2015 of Beixun Telecom, provider of wireless broadband services.<ref name="privateplacement">{{cite news|title=Qixing Iron Tower to venture into wireless broadband business|url=http://en.xfafinance.com/html/Companies/2015/112981.shtml|publisher=Xinhua|date=July 2, 2015}}</ref> The company raised funds for the acquisition via a [[private placement]] worth 6.3 billion RMB with the amount raised going towards the purchase consideration and an expansion of Beixun's wireless broadband data network in nines cities.<ref name="privateplacement"/> After the acquisition the company changed its name to Northcom. |
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Due to mounting debts after a rapid expansion, its parent Qixing Group sold its stake in the company to Longyue Investment in December 2014.<ref name="debtcrisis">{{cite news|last1=Tang|first1=Frank|title=The county at the centre of a Chinese debt crisis|url=http://www.scmp.com/news/hong-kong/economy/article/2088807/county-centre-chinese-debt-crisis|agency=South China Morning Post|date=April 23, 2017}}</ref> |
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===Stonewall takeover bid=== |
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The company has attempted to move into mining. In 2013, it announced a US$140 million takeover bid for the South African gold mining assets of [[Australian Securities Exchange]] listed [[Stonewall Resources]].<ref name="miningdeal">{{cite news|title=Cutting through a Chinese trade minefield|url=http://www.theaustralian.com.au/business/opinion/robert-gottliebsen/cutting-through-a-chinese-trade-minefield/news-story/ecf2d6e79dc833667b79ebfe51ecd669|publisher=The Australian|date=September 14, 2015}}</ref> The proposed transaction acquired necessary approvals in China, South Africa, and Australia throughout 2014.<ref name="miningdeal"/> However, the deal was terminated by the company in late 2014.<ref name="miningdeal"/> |
The company has attempted to move into mining. In 2013, it announced a US$140 million takeover bid for the South African gold mining assets of [[Australian Securities Exchange]] listed [[Stonewall Resources]].<ref name="miningdeal">{{cite news|title=Cutting through a Chinese trade minefield|url=http://www.theaustralian.com.au/business/opinion/robert-gottliebsen/cutting-through-a-chinese-trade-minefield/news-story/ecf2d6e79dc833667b79ebfe51ecd669|publisher=The Australian|date=September 14, 2015}}</ref> The proposed transaction acquired necessary approvals in China, South Africa, and Australia throughout 2014.<ref name="miningdeal"/> However, the deal was terminated by the company in late 2014.<ref name="miningdeal"/> |
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===Diversification into wireless broadband=== |
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| ⚫ | After the purchase by Longyue Investment, the company was the vehicle for the 3.55 billion RMB acquisition in 2015 of Beixun Telecom, provider of wireless broadband services.<ref name="privateplacement">{{cite news|title=Qixing Iron Tower to venture into wireless broadband business|url=http://en.xfafinance.com/html/Companies/2015/112981.shtml|publisher=Xinhua|date=July 2, 2015}}</ref> The company raised funds for the acquisition via a [[private placement]] worth 6.3 billion RMB with the amount raised going towards the purchase consideration and an expansion of Beixun's wireless broadband data network in nines cities.<ref name="privateplacement"/> After the acquisition the company changed its name to Northcom. |
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==Products and market== |
==Products and market== |
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Revision as of 20:43, 8 October 2018
| SZSE: 002359 | |
| Company type | Public |
| Industry | Manufacturing; Wireless broadband |
| Founded | 2002 |
| Headquarters | , |
Area served | Worldwide |
| Products | Transmission line towers, Telecom towers, Parking systems, Substation structures and Steel structures |
| Owner | Jinzhong Longyue Investment Consulting Services Co., Ltd. |
| Website | www |
| Northcom Group Co., Ltd. | |||
|---|---|---|---|
| Simplified Chinese | 北讯集团股份有限公司 | ||
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Northcom Group Co., Ltd. (formerly known as Shandong Qixing Iron Tower Co., Ltd.) is a Chinese company with two main lines of business in the manufacturing towers for power transmission and communications and other industrial products and the provision of wireless broadband services.
History
The company was founded in 2002 as a part of the Qixing Group, a private industrial group with diversified holdings.[1] In February 2010, the company became listed on the Shenzhen Stock Exchange.[1]
Financial troubles and sale to Longyue
Due to mounting debts after a rapid expansion, its parent Qixing Group sold its stake in the company to Longyue Investment in December 2014.[2]
Stonewall takeover bid
The company has attempted to move into mining. In 2013, it announced a US$140 million takeover bid for the South African gold mining assets of Australian Securities Exchange listed Stonewall Resources.[3] The proposed transaction acquired necessary approvals in China, South Africa, and Australia throughout 2014.[3] However, the deal was terminated by the company in late 2014.[3]
Diversification into wireless broadband
After the purchase by Longyue Investment, the company was the vehicle for the 3.55 billion RMB acquisition in 2015 of Beixun Telecom, provider of wireless broadband services.[4] The company raised funds for the acquisition via a private placement worth 6.3 billion RMB with the amount raised going towards the purchase consideration and an expansion of Beixun's wireless broadband data network in nines cities.[4] After the acquisition the company changed its name to Northcom.
Products and market
The company manufactures a range of steel products for industrial use but primarily makes communications and power transmission towers.[1] Its primary clients are therefore utilities and telecom companies including the two major Chinese utilities China State Grid and China Southern Power Grid, Reliance Group of India and ZTE.[1] The company is the major Chinese exporter of towers.[1]
References
- ^ a b c d e "Qixing leads the way in iron tower construction". China Daily. June 29, 2011.
- ^ Tang, Frank (April 23, 2017). "The county at the centre of a Chinese debt crisis". South China Morning Post.
- ^ a b c "Cutting through a Chinese trade minefield". The Australian. September 14, 2015.
- ^ a b "Qixing Iron Tower to venture into wireless broadband business". Xinhua. July 2, 2015.