Qingdao Transformer Group Co., Ltd, founded in 1969, was reconstructed into a transformer-focused group company in 1994, which consists of 38 enterprises including Qingdao Qingbu Transformer Co., Ltd., Qingdao Longda Electric Co., Ltd., Qingdao Hengsheng Electric Co., Ltd., Qingdao Hengxun Power Cable Co., Ltd. and Qingdao Hengxun Electric Cable Co., Ltd. The tightly-knit group of enterprises is an economic entity involved in nine industries, i.e. electric, machinery, electronic, light industry, rubber, chemical, aquaculture and real estate.