Estonian and Lithuanian Ambassadors Visited Hangxin

Magnetic Group

Riding the wind of “the Belt and Road” initiative and according to strategic development plan of the corporate, Guangzhou Hangxin Aviation Technology Co., Ltd. (hereinafter referred to as “Hangxin” ) is acquiring Magnetic MRO AS (hereinafter referred to as “MMRO” ), an Estonian aircraft maintenance corporate. With the headquarter locating in Estonia, MMRO operates in different locations all around the globe, including Lithuania. For the purpose of deepening the understanding of the project and strengthening the cooperation and communication, H.E. Ms. Ina Marčiulionytė, Ambassador of Lithuania to China, H.E. Mr. Marten Kokk, Ambassador of Estonia to China and Estonian Commercial Counselor Ms. Merike Grünthal visited Hangxin on March 20th and March 22nd in 2018.

The H.E. Lithuanian and Estonian Ambassadors to China were briefed on the overview of Hangxin, and visited the component maintenance workshop of Hangxin. During the visit, the overall strength of Hangxin was fully recognized by the Ambassadors. H.E. Ambassador Ina Marčiulionytė, in her remarks, said that Vilnius, the capital of Lithuania, was the sister city of Guangzhou, and Lithuania had an excellent business environment. H.E. Ms. Ina Marčiulionytė also welcomed Hangxin to seek more investment opportunities in Lithuania. It had been 26 years since Estonia and China established diplomatic ties, according to H.E. Ambassador Marten Kokk. In his speech, H.E. Mr. Marten Kokk mentioned that the investments from Chinese corporates were increasing in Estonia, the culture exchanges between Estonia and China became more frequently, and the cooperation between the two countries in education and tourism had been enhanced in recent years. H.E Mr. Ambassador said that Estonian government welcomed Hangxin to invest in Estonia and would continue to follow closely and support Hangxin’s acquisition in Estonia. Mr. Fansheng Bu, Chairman of the board of Hangxin, extended a warm welcome to H.E. Ms. Ina Marčiulionytė and H.E. Mr. Marten Kokk. Mr. Bu pointed out that this acquisition not only responded to the “the Belt and Road” initiative but also started a new chapter of Hangxin’s business expansion to Europe. Mr. Bu hoped that Hangxin would win the continued attention and supports from Lithuanian and Estonian government after the completion of acquisition.

After more than 20 years’ development, Hangxin becomes a well-known third-party maintenance corporate in Asia-Pacific region. The component maintenance capabilities of Hangxin cover more than 30,000 PNs, more than 30 aircraft types, and over 30 ATA chapters. Regarding the maintenance strength Hangxin has been ranked top in Asia-Pacific region.

The main business line of MMRO covers aviation maintenance and aviation asset management. MMRO has been awarded National Champion for Estonia, Best Integrated MRO Specialists in Europe and Award for Excellence in Engine Management in Europe. This acquisition will promote the globalization of Hangxin’s current business. After the completion of acquisition, Hangxin will gradually improve its aviation industry layout, further expand its business into MRO business including base maintenance, line maintenance, aircraft interiors and painting, and aviation asset management including aircraft teardown, aircraft engine and aircraft spare parts trading.

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