CITIC Innovation supports STEP in building a world-class, domestically-branded intelligent manufacturing enterprise.
2018-01-16
On January 11, 2018, CITIC Innovation announced that the Advanced Manufacturing Industry Investment Fund it manages has completed a RMB 600 million investment in the smart manufacturing division of Shanghai STEP Electric Co., Ltd.
STEP boasts first-class domestic technology in variable-frequency drives, elevator control systems, and application experience. Since 2013, the company has been transforming into the smart manufacturing sector. Through independent R&D of core technologies for intelligent robots and mergers and acquisitions within the smart manufacturing industrial chain, STEP has established a strong brand presence in the robotics field and created a smart manufacturing division—Shanghai STEP Xinglina Investment Co., Ltd. (hereinafter referred to as “STEP Investment” or the “Company”)—comprising intelligent robots and motion control systems.
STEP is firmly seizing the historic opportunity presented by the explosive growth in demand for automation, intelligence, and information technology in China’s manufacturing sector. Relying on its strategy of independent innovation and technological leadership, STEP has taken the lead in the industry by seamlessly integrating all links—from the control layer and drive layer to the execution layer, equipment layer, and engineering applications—in the field of intelligent manufacturing equipment. It is actively building a full-industry-chain development model encompassing “key core components—equipment itself—engineering applications—remote informationization,” thereby achieving rapid growth in the motion control and intelligent robotics sectors and driving STEP transformation and upgrade from traditional elevator controllers and variable-frequency drives toward the intelligent manufacturing domain.
Currently, STEPeng Investment holds subsidiaries including STEPeng Robotics—the benchmark enterprise for high-quality domestically produced robot brands; Xia’ao Xiangrong—the leading Chinese company in white-body system integration; Zhongweixing—the country’s leading player in motion control; and Huitong Technology—the largest agent for servo products in China. Centered on intelligent robotics, these subsidiaries actively promote market synergy, product complementarity, and technology sharing among key enterprises across the industrial chain, thereby building a world-class, nationally branded smart manufacturing enterprise.
Cai Liang, President of STEP, believes:
STEP Investment has established a prominent market position in various niche sectors and has experienced rapid growth in recent years, exceeding initial expectations. The Advanced Manufacturing Industry Investment Fund has become a strategic partner.
Our partner will propel STEP smart manufacturing business to a whole new level. STEP will benchmark against international standards, continuously enhancing the processes and technologies in its smart manufacturing sector, thereby positioning STEP investments among the world’s leading companies.
Wang Shihai, Managing Director of CITIC Innovation, stated:
Intelligent robots and motion control are the foundation and breakthrough for the development of the smart manufacturing industry, as well as an effective means for the transformation and upgrading of traditional industries. When it was founded, STEP built its business on variable-frequency and control technologies, using the residential elevator market as its foothold and achieving impressive results. Under the pressure of industrial upgrading and technological advancement, STEP has achieved faster growth through the transformation and upgrading of its business. We are fully confident in the future of our investment in STEP. This investment also serves as a highly significant example of how the Advanced Manufacturing Industry Investment Fund is driving the transformation and upgrading of traditional industries toward smart manufacturing.
About CITIC Innovation
Guotou Innovation Investment Management Co., Ltd. was established in 2009 and is a professional private equity management firm operating independently in accordance with market-oriented principles. Currently, Guotou Innovation directly or indirectly manages fund assets exceeding 60 billion yuan, with its managed capital coming from financial institutions, social security funds, state-owned as well as private capital. It is one of the largest specialized private equity management firms in China.
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