Innovance

In 2003, a group of engineers from Huawei, led by Zhu Xingming, founded Inovance Technology in Shenzhen, China. Their playbook was clear from day one: compete in the high-end industrial automation market and avoid domestic price wars. They started by manufacturing electrical equipment and industrial automation control products, setting the stage for future growth. The company focused on providing a wide range of industrial automation solutions, including AC drives, servo systems, programmable logic controllers, and industrial robots. This strategy was powered by a significant commitment to research and development, which laid the groundwork for its technological advancements. A pivotal moment arrived on September 28, 2010, when Inovance held its initial public offering on the Shenzhen Stock Exchange. The IPO provided the capital to expand its product lines and begin taking market share from established European and Japanese competitors. Fueled by its public listing, Inovance began a phase of strategic expansion. A key move came in 2019 with the acquisition of BST, a major supplier of elevator components, which was merged with Inovance's existing elevator business unit, Monarch. This created a world-leading supplier of elevator control solutions. The company also expanded its global footprint, establishing R&D centers and offices in Europe and other parts of Asia to better serve international markets. Today, Inovance stands as China's largest industrial automation company and is recognized as a significant global player. Having grown from a domestic startup to a public company with a multi-billion dollar market capitalization, it now aims to challenge the top three largest companies in the sector globally.