Ambassador Li Chao Attends the Ceremony of Guangzhou Hangxin Aviation Technology's Acquisition of Magnetic MRO

On 3 May, 2018, Chinese Ambassador to Estonia Li Chao attended the ceremony held at Tallinn Airport Old Building Hall that marked Guangzhou Hangxin Aviation Technology’s (Hangxin Technology) acquisition of Magnetic MRO. Nearly 100 representatives from political, business, aviation industry and media sectors of China and Estonia were present the ceremony.

Ambassador Li delivered a speech at the ceremony. He congratulated Hangxin Technology on its successful acquisition of Magnetic MRO, and wished them success in their future cooperation.

Ambassador Li noted that, the acquisition sets a string of new records. It is the first aviation industry cooperation project between China and Estonia, and the biggest investment made by Chinese companies in Estonia so far. This cooperation will also serve as a new benchmark for companies from the two countries to integrate their culture and explore global market shoulder by shoulder.

“China's aviation industry, although a late starter, is developing fast as China's aviation market and aircraft maintenance market keep expanding. In 2017, China's aviation maintenance market achieved more than 700 million euros. China-Estonia cooperation in the aviation industry enjoys great potential and broad prospects”, Ambassador said. He appraised the acquisition is a real combination, which will not only further enhance the competitiven ess of Hangxin Aviation Technology, but also enable Magnetic MRO to expand its global business, leading to mutual benefit and win-win outcomes and realizing the economic benefits of "1 + 1 greater than 2".

Ambassador Li also noted that, Hangxin Technology’s acquisition of Magnetic MRO was three-fold. It demonstrates the vast space of China-Estonia economic and trade cooperation. It is also a gratifying outcome of the two countries’ joint efforts to jointly implement the Belt and Road initiative. In addition, it shows China’s determination to deepen reform and open wider to the world. “I believe that if you consult Chairman Bu Fansheng about the development process and history of Hangxin Aviation Technology, you will have a deeper understanding of China's determination and real action to pursue further reform and opening”, he emphasized.

Magnetic MRO is an aircraft maintenance company in Tallinn, with global capabilities of total technical care maintenance and asset management. In January 2018, Hangxin Technology made its announcement to acquire Magnetic MRO after buying its 100% of shares at the price of 43 million euros.

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