China North Industries Group Corporation ( Norinco Group), started mixed ownership pilot reforms at its tank factory in Baotou, north China's Inner Mongolia Autonomous Region. It was once a state-owned business.
"We've introduced private capital and reallocated resources, so it's no longer a state-owned company. It is now transparent financially, but of course, the defense technology remains confidential. Now it's responsible to shareholders and investors," said Yin Jiaxu, Chairman of Norinco, according to Global Times.
Norinco builds private affiliates for the civilian applications of defense technologies, and hands out shares to the tech developers and management teams. The group now has 12 listed companies in sectors including automobile parts, chemicals, and electronics.
"Our reform involves encouraging research teams to turn their work into marketable products. We can use one-off payments or shares as rewards. Some applications keep developing, so it's better to pay the technical team with dividends from the profits," Yin said.
To make sure the mindset is entirely market-oriented, Norinco also sets the rule that its second and third tier subsidiaries that make civilian products must have management or private investors.
Norinco's overall revenue of core business rose from 236 billion yuan in 2010 to 383 billion yuan in 2015. The group ranked the 134th in last year's Fortune 500.
This year, its revenue grew by 13 percent for the first eight months, while the profits are up 20 percent.
Its overseas business generated 175.4 billion yuan of revenue, taking up about 43 percent of the total, and over 40 countries have signed deals or done business with it so far.
The China North Industries Corporation (NORINCO) recently unveiled a new generation infantry fighting vehicles (IFV) and a new active protection system (APS) during the Armour Day it held in Baotou, Inner Mongolia from 15-16 August. The company demonstrated a new VN-17 infantry fighting vehicle (IFV) to about 230 guests from 50 countries which is as described by
China North Industries Corporation (Norinco) has displayed VT5, a new main battle tank (MBT) at eleventh Zhuhai Air Show. The firm had held static display of VT5s prototype in a hall of armoured vehicles, probably with an aim to export The heritage of the VT5 is easily discerned since the Peoples Liberation Army (PLA) began fielding its own Norinco-designed ZTQ-series light tank in about 2014
Chinese North Industries Corporation (NORINCO) has delivered the first batch of SR5 multiple launch rocket systems to the Royal Bahraini Army. Bahrain recently showcased its new acquired rocket systems during the military exercises, confirming for the first time that the country has gotten some significant weaponry from Beijing
NORINCO has established and implemented a multi-faceted Internal Compliance Program (ICP) to prevent the proliferation of Weapons of Mass Destruction (WMD). The ICP also involves means of delivery and control the proliferation risks of conventional defense products and technologies, dual-use goods and technologies, intangible technology transfers (ITT) and deemed exports, the company said in a statement Wednesday
Chinas North Industries Corporation (NORINCO) and the Aviation Industry Corporation of China (AVIC) may have ranked among the top ten defense companies worldwide by Stockholm International Peace Research Institute (SIPRI) in a recent report on global military industry. The SIPRI Top 100 arms-producing companies, 2014 report published Monday states that due to lack of data and based on reasonable estimate of arms sales for most companies Chinese companies couldn't be added to the list
E-commerce firm Alibaba and Chinese defense manufacturer China North Industries Corp. (Norinco) will offer Geo-location services to compete with the US GPS network
Chinese North Industries Company (NORINCO), a manufacturer of diverse weapons systems has offered international customers complete weapons packages to equip whole combat units. Current practice in the international arms trade is to supply individual items which the customer-army then puts it together for its combat units
China North Industries Group Corp or Norinco Group (CNIGC) and China Aerospace Science & Technology Corp (CASC) plan to unveil a number of new products at Airshow China next month in Zhuhai. CNIGCs displays will include about 100 system products in air defense, coastal defense, ground strikes, unmanned combat, early warning and surveillance security, commercial aerospace, and command communications and support
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