Zhaoqing Piston Machinery Announces Its Initial Public Offering on ASX to Raise $14 Million

SYDNEY, Oct. 10, 2017 /PRNewswire/ — Chinese companies continue to show great interest in Australian Securities Exchange with Zhaoqing Piston Machinery Ltd listing on ASX in the coming weeks. Its sights are firmly set on securing its place in the manufacture of cast iron products for the automotive industry while securing its strong position in the household air-conditioner compressor component market.

Piston Machinery has established 15% market share in household air-conditioner compressor component market with global leading brands GMCC, Panasonic, Gree, Midea, and Highly-Hitachi among its customers. Piston now is looking at the largest cast iron segment — automotive. Cast iron products going into automotive manufacturing represent 28% of total cast iron output in China.

Mr Jia Pingfan, CEO of Piston Machinery says, ‘Automotive manufacturing is more technologically competitive and profitable and we are very conscious of technological innovation. Collaborating with customers, we are experienced in developing new products and we have begun conversations with a number of vehicle manufacturers. With our new investment, we are confident that we can build a strong foothold in that sector.’

China’s cast iron industry is shifting from quantity driven to value-added quality driven under the government’s recent initiative to reduce excessive cast iron capacity which has seen smaller, inferior iron foundries forced…