Huagong Tech
 | |
| HGTECH | |
Native name | 华工科技产业股份有限公司 |
| Company type | Public; State-owned enterprise |
| SZSE: 000988 | |
| Industry | Industrial laser equipment Optoelectronics |
| Founded | July 28, 1999 |
| Headquarters | Wuhan, Hubei, China |
Key people | Ma Xinqiang (Chairman & President) |
| Revenue |  CN¥10.21 billion (2023) |
 CN¥998.59 million (2023) | |
| Total assets | CN¥17.41 billion (2023) |
| Total equity | CN¥9.18 billion (2023) |
| Owner | SASAC |
Number of employees | 8,179 (2023) |
| Website | www |
| Footnotes / references [1] | |
Huagong Tech (HGTECH; Chinese: 华工科技; pinyin: Huágōng Kējì) is a partially state-owned publicly listed Chinese company. It focuses in the field of industrial laser equipment and optoelectronics.
Background
[edit]The origins of HGTECH can be traced to 1971 when Huazhong University of Science and Technology (HUST) established laboratories and research centres that focused on laser technology. In 1999 they were later restructured into a commercial entity named HGTECH which was based in Donghu New Technology Development Zone to commercialise the university's laser technology.[2][3]
On 10 May 2000, HGTECH held its initial public offering becoming a listed company on the Shenzhen Stock Exchange.[3] In the same year, HGTECH acquired Australian laser cutting equipment provider Farley Laserlab and took over its worldwide marketing network. This helped the company to sell products to over 30 countries.[2]
In December 2020, the United States Department of Commerce's Bureau of Industry and Security added two labs at HUST to the Entity List for alleged involvement in activities seen as a threat to US national security. The sanctions severed HGTECH access to advanced US-origin technology as HUST was its ultimate owner. In March 2021, HGTECH went through a restructuring which changed its owner to the SASAC.[2][3]
In June 2022, Xi Jinping visited Wuhan Huagong Laser Engineering, the laser subsidiary of HGTECH. It was the only tech company Xi visited during his tour of Wuhan.[2]
In November 2023, HGTECH was reported to invest $50 million in building a five-hectare factory in the northern province of Bac Ninh in Vietnam.[4]
References
[edit]- ^ "2023 Annual Report" (PDF). Sina.
- ^ a b c d Li, Jiaxing (30 June 2022). "President Xi Jinping's visit to a laser equipment maker signals tech focus". South China Morning Post. Retrieved 8 November 2024.
- ^ a b c "华工科技：突破卡脖子关键核心技术 助力"中国制造"向"中国智造"转变". Securities Times. 27 December 2023. Retrieved 8 November 2024.
- ^ Tri, Duc (18 November 2023). "China's HG Tech plans $50 mln investment in northern Vietnam". The Investor. Retrieved 8 November 2024.
