On December 24, 2003, the *Economic Daily News* reported that a major transformation was taking place in China's bus industry. Yasushi, a former passenger vehicle manufacturer, had fallen into the hands of Greencool International Group. This shift marked a significant change as the state-owned shares of Yaxing Bus, once a leading player in the sector, were transferred to Greencool. The deal involved a 60.67% stake in the company. Greencool, known for its successful acquisitions and revitalization strategies, unveiled a three-year plan aimed at restoring Yaxing to its former glory. By 2004, the company aimed to produce and sell 10,000 units, doubling its sales revenue from 2003 to over RMB 1.6 billion. In 2005, production and sales were expected to exceed 15,000 units, with revenue reaching nearly 3 billion yuan. By 2006, Yaxing hoped to hit 25,000 units sold, with sales surpassing 5 billion yuan. If these targets were met, Yaxing could reclaim its position as the top bus manufacturer in China. To achieve these goals, Yaxing planned to focus on strengthening its existing bus and passenger vehicle markets while expanding into road passenger cars, tourist buses, and special-purpose vehicles. It also intended to leverage its strengths in the suburban and rural bus sectors. Additionally, the company aimed to expand into international markets, including Southeast Asia, West Asia, Mongolia, and developing regions such as Latin America and Africa. Once the dominant force in China’s bus industry, Yaxing reached its peak in 1997 when it sold 14,000 units annually—more than the combined total of the second through fifth-ranked companies. However, the rapid growth of the passenger car market led to increased competition, and Yaxing struggled due to poor product development, weak marketing strategies, and an outdated management system. In response, the four major groups in Yangzhou decided to divest their state-owned shares, bring in private capital, and introduce more efficient management practices. This move aimed to revitalize the company and restore its competitive edge. Since 2001, Greencool had acquired several struggling companies, including Guangdong Kelon, Jilin Jinnor, Shanghai Shangling, and others. These acquisitions led to significant improvements, with some companies returning to profitability within a short time. For example, after joining Greencool, Kelon turned around from two years of losses to achieving nearly 100 million yuan in profit in just one year. Greencool’s approach of “smooth transformation and rapid development,” along with its cost-cutting measures and standardized management, played a key role in convincing Yaxing to entrust its future to the group. With this new direction, Yaxing was hopeful of regaining its leadership in the Chinese bus industry. (Li Jun)

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