With the approval of Hunan Provincial People's Government, in order to revitalize the effective assets of Xiangtan Cable Factory, Hunan Valin Iron and Steel Group Co., Ltd. and Xiangtan Iron and Steel Group Co., Ltd. jointly funded the establishment of a state-owned joint-stock enterprise. The company was formally established in July 2003, with an existing registered capital of 253 million yuan. The company has been producing wires and cables for nearly 60 years.