Shandong high-tech development zone boosts business growth

Manufacturer Weihai Tianli Power Tech. Co Ltd – situated in Weihai in East China's Shandong province – has recently been recognized as one of the region's benchmark enterprises in terms of intelligent production for the year 2022, alongside two other firms in the city.

A technician closely checks equipment at Weihai Tianli Power Tech Co Ltd. [Photo by Gao Xin for chinadaily.com.cn]

The company's success is said to be attributed to its diversified expansion in a raft of endeavors.

The manufacturer makes power and control products for top brands such as LG Electronics Inc, Hisense Group and Hitachi Ltd. In addition, it also supplies toner control boards to printer companies like Jabil Inc – an American worldwide manufacturer – and it has recently ventured into the automotive electronics industry.

In addition to its own efforts, the company's rapid growth is also the result of strong support provided by the Weihai Torch High-Tech Industry Development Zone.

According to Wei Shibo, chairman of Weihai Tianli Power Tech. Co Ltd, the high-tech development zone provided full-cycle services when the company expanded its facilities and proactively assisted it in obtaining extra incentives for financing.

"Thanks to the help of the high-tech development zone, our company  secured a two-year loan with low-interest rates, which was a great incentive for business," Wei said.

"Next, we will continue introducing new products related to the power system of new energy vehicles to the market, with a sales target of 1.5 billion yuan ($205.64 million) by 2025," he added. (Edited by Zhou Yunlai)