After a challenging pandemic, Hong Kong-based injection press maker Chen Hsong Holdings is upgrading technology and seeing growth in new markets such as China's electric vehicle industry.
In an interview at the company's booth at K 2022, Chairman and CEO Lai Yuen Chiang pointed to upgraded machines in its booth — along with a recent $50 million order from Chinese electric-vehicle maker BYD — as evidence the company is navigating tough waters.
"The market is still challenging and full of uncertainty, but with our new products, we're opening up new market segments, for example, with BYD," she said.
In March, the company announced it had orders from BYD, China's largest maker of EVs, for several hundred injection presses, worth up to 350 million Chinese yuan ($48.3 million).
"That order is very important because it shows that we are fulfilling the requirements of the auto industry," said Chiang.
BYD has been expanding globally. The carmaker is 19 percent owned by Warren Buffett's Berkshire Hathaway and said third-quarter profits likely more than tripled amid market growth, Reuters reported Oct. 18.
Chen Hsong said BYD is buying both its two-platen machines and its MK6 series.
The injection press maker, which is publicly traded on the Hong Kong Stock Exchange, said it sells more than 20,000 machines a year. In its last fiscal year ending March 31, it reported sales of HK$2.72 billion (US$347.5 million).
At K, it was showing an upgraded version of its flagship MK6 line, a new MK6.6 Euroseries model with easier-to-use interfaces, including a control unit from Austrian firm B&R Industrial Automation. It was molding a polypropylene lunchbox on a 15-second cycle time.
"What we did is we optimized the machine design," said Chiang. "We hear what the customer needs. The most important feature we changed on the MK6.6 is the user interface experience."