Our history can be traced back to 2005 where our co-founder, Mr. Xu, in view of the prospects in the automobile industry, decided to leverage on his experience in manufacturing business gained from the Buyang Group and engaged in automobile wheel manufacturing business, focusing on the overseas aftermarket, through Buyang PRC. After having accumulated the relevant experience, Mr. Xu decided to expand the automobile wheel manufacturing business and incorporated Buyang Wheel, our wholly-owned subsidiary in 2007.
To further develop and expand our business, we started developing the domestic aftermarket in 2011 and invested over RMB10 million to expand our production capacity in the same year, including the introduction of low pressure casting machines and painting equipment. We have also developed and registered our trademark in 2013 and our “BYW” branded aluminum alloy automobile wheel was subsequently rated as name brand of Zhejiang province (浙江名牌) by the Zhejiang Bureau of Quality and Technical Supervision in 2018. Over the years, we have grown and reached an annual sales of over one million aluminum alloy automobile wheels in the year ended December 31, 2020 with customers from over 50 countries.