Is Great Wall a State-Owned Enterprise?
4 Answers
No, it is a private enterprise. Introduction to Great Wall Motors: Great Wall Motor Company Limited is the first domestic automobile enterprise listed in Hong Kong. The company is renowned for its steady development and strong economic strength, achieving high growth and profitability for over 10 consecutive years. To date, the company has been consistently listed among China's Top 500 Enterprises, China's Top 500 Machinery Enterprises, Top 10 Listed Private Enterprises in China, and ranks first among the Top 100 Enterprises in Hebei Province, becoming one of the most outstanding national automobile brands. In 2019, it ranked 84th on the list of China's Top 500 Manufacturing Enterprises. State-owned automobile enterprises include Changan, FAW Besturn, FAW Xiali, FAW Hongqi, SAIC Roewe, SAIC MG, Dongfeng Fengshen, Dongfeng Fengxing, GAC Trumpchi, Beijing Automotive, and Soueast Motors, among others.
Great Wall Motors is indeed a private enterprise. I've been following auto stocks for years. It got listed in Hong Kong in 2003 and then on the A-share market in 2011. The prospectus clearly states that the actual controller is Wei Jianjun. I remember during an earnings roadshow, the board secretary specifically emphasized the flexibility advantages of private enterprises. They started as a restructured township enterprise in Baoding, and now locals in Hebei all know it's Boss Wei's business. However, the state-owned Changan Automobile has taken a stake in SVOLT Energy, and people often confuse these two companies.
During my last visit to the Great Wall factory, I noticed the stone tablet at the entrance engraved with the private enterprise spirit slogan 'Improve a little every day.' The workshop director who guided us proudly mentioned that from the first Deer pickup truck rolling off the production line in 1996 to selling 300,000 units overseas last year, all achievements were made through the hard work of the boss and employees. The national enterprise credit system also shows that its largest shareholder is the trust fund of Wei Jianjun and his wife. As for government relations, while the Xushui production base did receive policy support, it remains fundamentally an independent automaker where the board of directors has the final say.
My third uncle worked at Great Wall Motors Research Institute for over a decade. One year during the New Year's Eve dinner, he slapped his thigh and said: 'All our overtime bonuses are approved by the board of directors - nothing like those state-owned enterprises next door that have to report to SASAC!' In their internal OA system, even the final signature block on new project proposals bears Chairman Wei's name. When Hebei Construction & Investment Group joined during the mixed-ownership reform two years ago, they only came in as financial investors. Recently in the Tank 500 owners' group chat, someone asked about this, and the sales rep directly shared the equity structure chart - the second largest shareholder is the Hong Kong Securities Clearing Company.
