On December 24, 2003, the *Economic Daily News* reported that a major shift was taking place in China’s bus industry. Yasushi, a former passenger vehicle manufacturer, had found itself in a difficult position, and its state-owned shares were being transferred to Greencool International Group. The deal involved Jiangsu Yaxing Group selling 60.67% of its state-owned shares to Greencool, signaling a strategic move to revitalize the struggling company. Greencool unveiled an ambitious three-year plan aimed at restoring Yaxing Bus to its former glory. By 2004, the company aimed to produce and sell 10,000 units, doubling its 2003 revenue to over RMB 1.6 billion. In 2005, production and sales were expected to exceed 15,000 units, with revenue nearly doubling again to reach 3 billion yuan. By 2006, the target was 25,000 units sold, with revenue surpassing 5 billion yuan. If these goals were met, Yaxing could reclaim its status as the top bus manufacturer in China. To achieve these targets, Yaxing planned to focus on expanding its existing bus and passenger vehicle markets while also investing heavily in road passenger cars, tour 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 its presence in Southeast Asia, West Asia, Mongolia, and developing regions like Latin America and Africa. Once a dominant force in China's bus industry, Yaxing reached its peak in 1997, selling 14,000 vehicles annually—more than the combined total of the second through fifth largest companies. However, the rapid growth of the passenger car market led to increased competition, and Yaxing struggled due to poor product development, ineffective marketing strategies, and outdated management systems. As a result, the company lost much of its competitive edge. In an effort to restore Yaxing’s vitality, four leading groups from Yangzhou decided to divest their state-owned shares and bring in private capital and modern management practices. This transformation was seen as essential for long-term sustainability. Since 2001, Greencool had acquired several struggling companies, including Guangdong Kelon, Jilin Jinnor, Shanghai Shangling, Ariston in the Far East, Xiqiao in Hangzhou, and Meiling in Hefei. These acquisitions were followed by successful turnarounds. For example, after taking over Kelon, which had suffered massive losses for two years, Greencool turned it around within a year, achieving nearly 100 million yuan in profit. The company’s strategy of “smooth transformation and rapid development,” along with cost-cutting measures and improved management, played a key role in earning Yaxing’s trust. With Greencool at the helm, the future of Yaxing Bus looked more promising than it had in years. (By Li Jun)

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