Haima Automobile: the group, its brands and who controls it
Facts checked
- Private
- SZSE 000572
Listing: Shenzhen Stock Exchange, ticker 000572
Haima is China's Hainan carmaker. It began in 1992 as a venture between the Hainan provincial government and Mazda, assembling Mazda models on the island. FAW took over Mazda's share in 2006; the venture kept the right to build older Mazda designs and to use Mazda engineering but not the Mazda name, so it carried on under the contracted name Haima — 海南 plus 马自达, which also happens to read as 'seahorse'.
Sales peaked around 230,000 vehicles in 2011 and have been much smaller since. The current range is short: the 8S crossover and the 7X people-carrier, including a battery-electric 7X-E. The company has run a hydrogen fuel-cell programme aimed at Hainan, which has set out to phase out sales of fuel-only cars, and it has looked to exports to make up domestic volume.
The corporate structure has two layers, and they are often confused. The listed company, Haima Automobile Co., Ltd. (SZSE 000572), is controlled by privately held Haima-named investment vehicles associated with its chairman, not by the province. Provincial state capital sits one level down: in July 2021 FAW handed its 49% of the FAW Haima manufacturing venture to Hainan Development Holdings for nothing, leaving the listed company with 51% and the province with the rest. The exact shareholdings in the listed company could not be checked against a filing for this record.
Key facts
| Chinese name | 海马 “HIGH-mah” 'seahorse' as an ordinary word; as a company name it is a contraction of 海南 Hǎinán (Hainan) and 马自达 Mǎzìdá (Mazda) |
|---|---|
| Legal name | Haima Automobile Co., Ltd. |
| Ownership | Private |
| Founded | 1992 |
| Headquarters | Haikou, Hainan, China |
| Vehicles | Cars |
| Listings | SZSE 000572 |
| Listing | Shenzhen Stock Exchange, ticker 000572 |
| Origin | Founded January 1992 as a Hainan provincial government venture with Mazda; FAW bought Mazda's share in 2006 |
| Manufacturing venture | FAW transferred 49% of FAW Haima to Hainan Development Holdings at no charge in July 2021; Haima Automobile holds 51% |
| Peak sales | About 230,000 vehicles in 2011; 157,242 passenger cars in 2013 |
| Current models | Haima 8S crossover and 7X / 7X-E people-carrier |
Ownership tree
- Haima Automobile (group)
- Haima (brand) Held at 100%
Who controls Haima Automobile?
Haima Investment Group Co., Ltd. controls Haima Automobile.
Privately held Haima-named investment vehicles, associated with the company's chairman, are the largest shareholder group in the Shenzhen-listed Haima Automobile. Public data services list two such holders at roughly 28.8% and 5.66%, but the figures are undated and were not checked against a filing. Note that Wikipedia states the Hainan provincial government holds 51%; that appears to describe a subsidiary rather than the listed company and could not be reconciled.
Former owners
Holdings that have ended. They are here because the story needs them and are never part of the current tree.
Mazda Motor Corporation formerly held Haima Automobile from 1992 until 2006.
Mazda was the Hainan provincial government's partner in the 1992 venture that became Haima, assembling Mazda models on the island. Its share went to FAW in 2006; Haima kept the right to build older Mazda designs but not to use the Mazda badge. The size of Mazda's stake was not verified.
FAW Group formerly held Haima Automobile from 2006 until July 2021.
FAW Group took over Mazda's share of the Hainan venture in 2006, after which the business was described as an FAW subsidiary and the manufacturing arm traded as FAW Haima. In July 2021 FAW transferred its 49% of FAW Haima to Hainan Development Holdings at no charge, leaving Haima Automobile with 51%. The structure at the listed-company level was not verified.
Brands
| Brand | Held | Origin | Founded | Models | Markets |
|---|---|---|---|---|---|
| 海马Haima | directly | China | 1992 | 0 | 1 |
Joint ventures
| Venture | Partner | Since | Note |
|---|---|---|---|
| Hainan Mazda Automobile Co., Ltd. | Mazda Motor Corporation | 1992 to 2006 | Hainan provincial government venture assembling Mazda models. Mazda's share went to FAW in 2006. |
| FAW Haima Automobile Co., Ltd. | FAW Group | 2006 to July 2021 | FAW transferred its 49% of the manufacturing venture to Hainan Development Holdings at no charge in July 2021, leaving Haima Automobile with 51%. |
Haima Automobile: questions people ask
- Is Haima related to Mazda?
- Historically, yes. Haima began in 1992 as a Hainan provincial venture with Mazda and the name is a contraction of Hainan and Mazda (马自达). Mazda left in 2006 when FAW bought its share; Haima kept the right to older Mazda engineering but not to the Mazda badge.
- Is Haima state-owned?
- The listed company is not. Its largest shareholders are private Haima-named investment vehicles associated with the chairman. Hainan provincial state capital holds 49% of the FAW Haima manufacturing subsidiary, transferred from FAW in July 2021.
- What does Haima mean?
- 海马 (Hǎimǎ) is the ordinary Chinese word for 'seahorse'. As a company name it is a contraction of 海南 Hainan and 马自达 Mazda.
- Does Haima still make cars?
- Yes, on a small scale from Haikou in Hainan. The current line-up is the 8S crossover and the 7X people-carrier, including a battery-electric version, alongside a hydrogen fuel-cell programme aimed at Hainan's plan to end sales of fuel-only cars.
Related
Sources for Haima Automobile
- Wikipedia, Haima Automobile. Read . Founding, the Mazda and FAW history, the July 2021 transfer, models and sales history
- Investing.com, Haima Automobile Co Ltd share price (SZ 000572). Read . Confirms the Shenzhen listing and ticker
- CarNewsChina, The Big Read - FAW (4/5) - Mazda involvement creates Haima and Bestune. Read . The Hainan Mazda to FAW Haima chain and the loss of the Mazda badge