Supplier Longsheng cleared to list on Shanghai stock exchange
China's Zhejiang Longsheng Auto Parts Co. has received regulatory approval to list its stock on the Shanghai stock exchange, according to Supplier Business, a newsletter published by IHS Automotive.
The Tier 2 supplier makes seat adjusters and recliners for Lear Corp., Johnson Controls Inc. and other Tier 1 suppliers. According to IHS, Longsheng has a 20 percent share of the seat adjuster market.
Last year, Longsheng generated profits of $6.5 million (42 million yuan), up 24 percent from 2009.
According to IHS analyst Joyce Wang, Longsheng is competing with Japanese supplier Imasen Electric Industrial Co. to gain share in its segment. Longsheng also wants to expand overseas.
