Fuyao Group, a predominant enterprise engaged in automobile glass production based in Fuzhou city, Fujian province, is targeting itself to become the industry leader in the world, Fuzhou Daily reports on Dec 23.
|A glass production line at the Fuyao Group in Fuzhou, Fujian province. [Photo/fznews.com.cn]|
To bolster its global strategy, the group is applying for an IPO (Initial Public Offering) in Hong Kong and plans to issue foreign capital stocks. The fundraising will be used for building production bases and marketing operations in Europe and the United States, the newspaper said, quoting a source inside the company.
Figures from Fuyao showed that it has a 70 percent share of the domestic auto glass market, and a nearly 20 percent share globally. About half of its production is exported to overseas markets.
Russia and the US are the two major overseas markets for Fuyao, as it has invested 400 million US dollars to set up a subsidiary in the two countries each in 2011 and 2014, respectively.