Congratulations to Tong Ming Enterprise Going Public
by Raymond Wang, Fastener World Inc.
Tong Ming Enterprise Co., Ltd was established in Cayman Islands on Nov. 30, 2009. On Dec. 16, 2013, it released common stocks with no change limits through Taiwan Stock Exchange. Spokesperson Wen-Ling Ko (also general manager of Winlink Fasteners) states that the transparent and mature regulations as well as the stimulus policies have driven the company to go public for sustainable business operation.
Targeting the Chance to Become an Industry Leader After China’s Economic Reform
The main operating entities of Tong Ming Enterprise include Tong Ming (China), Winlink Fasteners (Taiwan), Tong Win International Co., Ltd., and other affiliates based in Malaysia, Vietnam, China, and Taiwan. Main business is production and sales of stainless steel fasteners, wire, and international trade business of special fasteners. Tong Ming (China), established in 1995, is a distribution-oriented manufacturing enterprise. 3 years after the establishment, it set up the first branch for direct sales in China and has become a distributor supported by manufacturing plants with the annual capacity of over 50 thousand tons. It currently owns 32 direct-sales branches throughout China, servicing 3,000 distributors. The inventory has been reduced to the lowest level of 2.5 months with the careful management of cash flows and logistics under the ERP system. About 3,000 orders are submitted everyday and currently there is no account uncollectible. After China’s economic reform, Tong Ming (China) grappled with the first time to enter the largest single market in the world with its own brand “TONG” and distribution channels. The rapid economic growth in China over the past 20 years boosting the increase of GDP, the growth of domestic Chinese market (especially in the domestic sales of stainless steel fasteners for automobiles, high speed rails, construction representing 70% of its total sales in China) gave Tong Ming (China) a firm stance as the industry leader. General manager Ko stresses that the company is pleased to see China increasing the minimum wage to stimulate consumption. As a result, the company can go into a larger market and expect an increase in capacity driven by growing market demand.
Diversified Development to Defend Tong Ming’s Territory
Tong Ming Enterprise is proactively enhancing the investment and business capability in Winlink Fasteners (Taiwan). It also invested in Tong Win International to deploy the sales of stainless steel fasteners mainly for special, solar, aerospace, and automobile applications and increase the added value. The development of new products, knowledge management, and the full coverage of service all make the management of Tong Ming be more comprehensive. In the future it will focus on the mergers of distributors in Asia and look forward to acquiring excellent distributors in Korea and Japan. Moreover, it may look for another single market similar to China, which shows the strength of Tong Ming in the global expansion.
In the end, general manager Ko stresses again that being a listed company will definitely create positive benefits for the development of the entire group and should be also good to the internal management, operational goals, and reputation. Apart from the domestic market in China, the foreign market will remain unchanged, and the company will continue to offer high quality products to the global market.