Washington Post: China Auto Parts Maker Emerges as Billionaire With Ningbo Joyson
(2014/03/06): Bloomberg Wang Jianfeng, the chairman of automotive accessories manufacturer Ningbo Joyson Electronics Co., has become a billionaire after the Ningbo, Zhejiang-based company almost doubled since January.
Wang owns more than half of NB Joyson Invest Holding Co., the largest shareholder of Shanghai-traded Ningbo Joyson, according to the company’s semi-annual report. His stake is valued at more than $1 billion, according to the Bloomberg Billionaires Index. He has never appeared on an international wealth ranking.
Founded in 2004, Joyson produces control systemsother parts for automobiles for carmakers such as Bayerische Motoren Werke AG, Volkswagen AG, Ford Motor Co.General Motors Co., according to its website. It bought Germany’s Preh GmbH in 2011, an acquisition that helped expand its business in Europedomestically.
“Localization of Preh’s productstechnology in China is the largest source of growth at Joyson,” Wang Yanxue, a Beijing-based analyst at Huachuang Securities said in a research note on Jan. 16,he recommended the stock.
China in 2013 became the first country to sell more than 20 million units domestically in a year. Sales of passenger vehicles, excluding busescommercial trucks, climbed to 17.93 million last year -- 15 percent more than the U.S. auto industry --may increase 9 percent to 11 percent this year, according to the state-backed China Association of Automobile Manufacturers.
China accounted for three quarters of Joyson’s revenue in 2012, according to data compiled by Bloomberg News. Headquartered in Ningbo in eastern China, Joyson has subsidiaries in ShanghaiChangchun. It also has overseas branches in Germany, Portugal, Mexico, Romaniathe U.S., according to its website.