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From Family Factory to Global Industry
Growing out of a family-based factory with an investment of hundreds of yuan, Zhengtai (CHINT) Group Corporation has developed into a low voltage electrical appliances giant in just 15 years.
The corporation was founded in Yueqing County of Wenzhou in 1984 by Nan Cunhui, a shoemaker.
In 1999, it ranked eighth among the top 100 private enterprises in China.
The corporation's output reached 2.6 billion yuan (US$310 million) last year with its assets valued at 800 million yuan (US$96.38 million).
Some of its products have entered markets in western Europe and the United States.
"In long-term development, only advanced technology and creative innovations count," Nan said.
CHINT has established research and development centres in Silicon Valley of the United States and Zhongguancun of Beijing, the "Silicon Valley" of China.
According to a decision by the corporation's board, a minimum of 3 per cent of its sales income is put into R&D every year.
Since 1996, science and technology conventions have been held every two years, encouraging staff with the corporation to engage themselves in all kinds of technological creations.
The first national science and technology convention was held in Beijing last year.
An industrial and high-technology park with a total investment of 400 million yuan (US$48.19 million) will be completed within months.
In order to improve the quality of its staff, the corporation set up CHINT College in co-operation with Shanghai Science and Engineering University in 1998.
It is the first college in China founded by and for an enterprise.
CHINT has established distribution networks in more than 30 countries and regions and has launched five overseas branches.
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