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| Inovance | |
Native name | 深圳市汇川技术股份有限公司 |
| Company type | Public |
| SZSE:300124 | |
| Industry | Electrical equipment |
| Founded | April 2003; 22 years ago (2003-04) |
| Founder | Zhu Xingming |
| Headquarters | Shenzhen,Guangdong,China |
Key people | Zhu Xingming (Chairman & CEO) |
| Revenue |  CN¥30.42 billion (2023) |
| CN¥4.78 billion (2023) | |
| Total assets | CN¥48.96 billion (2023) |
| Total equity | CN¥25.00 billion (2023) |
Number of employees | 23,685 (2023) |
| Website | www |
| Footnotes / references [1] | |
Inovance (Chinese:汇川技术;pinyin:Huìchuān Jìshù) is apublicly listed Chinese company that engages in the manufacture and sale ofelectrical equipment that includes industrialautomation control products androbotics.
It is currently the largest industrial automation company in China as well as its second largest domestic producer ofindustrial robots. Founded by a group of formerHuawei engineers, the company has been dubbed "Little Huawei" in the industry.[2]
Inovance was founded in April 2003 by Zhu Xingming and several other engineers fromHuawei. When the company was founded, it aimed to compete in the high-end market with foreign companies and never to fall into aprice war with domestic companies.[2][3]
On 28 September 2010, Inovance held itsinitial public offering and became a listed company on theShenzhen Stock Exchange. Afterwards it expanded its product range from singlefrequency changers to other industrial control products such asprogrammable logic controllers andservomechanisms.[3]
Originally servicing the lower end market, the company gradually moved to take market share in the higher end market from European and Japanese incumbents.[4]
According to a report byDeutsche Bank in 2017, Inovance stood to benefit heavily from theMade in China 2025 policy that would increased domestic industrial automation demand. At the time foreign companies still controlled 65% of China's industrial automation market.[5]
In June 2021, Inovance announced it had secured a CNY2.1 billionprivate placement from twelve investors that includedHillhouse Investment,CITIC Securities,JPMorgan Chase,Morgan Stanley,UBS andAIA Group. The company planned to use the proceeds from it to acquire the remaining 49 percent stake in subsidiary Inovance Control Technology as well as expanding its output of automation control equipment, and developing smart software. Its stock price rose 7.9% after the announcement.[6]
In January 2024,Shenzhen Institute of Information Technology announced it teamed up with Inovance to launch a program to train senior engineers and a technology research institute for robotics.[7]
In April 2024, Zhu stated the company hopes it would be able to challenge larger incumbents such asABB andSiemens for a place in the top three largest companies in the sector globally within five years. He also stated he believe Chinese automation companies will keep global supply chains running and insulate them fromprotectionism as they try to expand overseas.[2]
