CHANGZHOU, China, May 17, 2016 /PRNewswire/ -- Taiwan-based bicycle maker Ming Cycle Industrial, on the back of ongoing investments into its facility at Changzhou National Hi-Tech District (CND), in China's Jiangsu province, has shown itself to be an excellent example of the booming growth in the bicycle market.
The secret behind the success was the transformation of the business from an original equipment manufacturer (OEM) to one that focuses on manufacturing as a brand that owns its proprietary advanced technologies. On May 5th, Ming Cycle Industrial held the ribbon cutting and launch ceremony for the third plant of its subsidiary Ming (Changzhou) Cycle Industrial. With the launch of the new plant and the investment pumped up from US$55.25 million to US$154.2 million, Ming (Changzhou) Cycle Industrial plans to produce two million assembled bicycles a year.
In March 2000, Ming (Changzhou) Cycle Industrial was founded as a foreign-funded manufacturing enterprise. In July 2001, the facility was put into production at CND. By growing its investments in research and development, Ming (Changzhou) Cycle Industrial received the High-tech Enterprise certificate on September 17, 2010. In 2011, Ming established its own research and development center in a move to drive three major transformations in terms of innovation, proprietary intellectual property rights and proprietary brands, helping the company recast itself as a developer and designer rather than an OEM. The bicycle manufacturer has, to date, acquired 32 patents. All of its products are sold in over 30 countries and regions outside of China, including the U.S., Canada, Russia, Japan, South Korea and South Africa. In 2015, the company produced nearly 1.6 million assembled bicycles as well as 1.2 million bicycle frames and front forks.
Ming Cycle Industrial has continuously increased its investment and expanded its presence in Changzhou, demonstrating not only its excellent management and strategic vision in terms of the mainland China market, but also its recognition of the favorable investment environment in Changzhou National Hi-Tech District. Zhang Taishan, chairman of Ming Cycle Industrial, expressed at the opening ceremony his appreciation to the municipal and local district-level government agencies for providing such high-quality, convenient and efficient services. To date, 228 leading Taiwanese firms including Ming Cycle Industrial and Kymco have built facilities in Changzhou National Hi-Tech District, with more than 300 Taiwanese executives choosing to become permanent residents here.
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SOURCE Changzhou National Hi-Tech District