Mr. Cai Hongquan (left), general manager of TONG MING ENTERPRISE CO., LTD

2012 Fastener Expo Shanghai was held successfully at Shanghai Everbright Exhibition Center, Shanghai, China on June 6th, 2012. ChinaFastener.com, being the official media of 2012 Fastener Expo Shanghai, interviewed some industry magnates and newborn enterprise working on fastener industry on site. Mr. Cai Hongquan, general manager of TONG MING ENTERPRISE CO., LTD, accepted the interview. 

Mr. Cai Hongquan noted that,” there is more than 30 years since TONG MING’s foundation. From 1997, TONG MING started to invest in mainland China and established new plant, which focused on the production of stainless steel fasteners. With the development of fastener industry, TONG MING changes from an export-oriented company into a domestic guided company with the domestic sales taking up 70% to 80%.”
 
The current situation of China's fastener industry
When talking about the current situation of fastener industry, Mr. Cai Hongquan thought that China’s fastener industry was confronting three problems, and that’s too high logistics cost, storage cost and how to realize payment collection. 

First, the logistics cost in China ranks the top three countries in the world. When confronted with the expensive logistics cost, TONG MING used different delivery ways like air transportation, ocean shipping, and land transportation to achieve the balance between effectiveness and cost. TONG MING owned warehouse and branch in every region, which contributed to that balance. TONG MING’s advantages on logistics could also be reflected on the 32 branch companies and long term cooperation with more than 3,000 customers.

Second, in respect to storage management, TONG MING owns 32 branch companies in China and they check the inventory every moment. In this way, the reserve ratio of stock is above 99.9%. In addition, the rate for goods out of stock is also important to storage management and TONG MING always makes it fewer than 5%. Under such management, TONG MING’s customers don’t need to stock goods and enjoy zero stock risk.

Third, as regards to collection, TONG MING’s customers are credible, whose bills are paid on time, and TONG MING has no bad debt. 

Tong Ming’s Future Development Strategy
When talking about Tong Ming’s future development strategy, Mr. Cai Hongquan was filled with confidence. He told that, “Based on its present advantages, TONG MING will make more products circulated. Neither the production nor the sale is a problem to fastener industry. The real problem existing in fastener industry is how to circulate. And Dong Ming will focus on the high-end stainless steel products and the rare products. On one hand, TONG MING will help production enterprise to explore selling channel; on the other hand, TONG MING will satisfy the demands of customers and market. At present, China’s output ranks No. one in the world but its quality doesn’t reach other countries’ level. Fasteners are widely applied in every industry and the high-end hardware products will become the direction of China’s fastener industry. And TONG MING will explore the circulating channel for high-end hardware products in future, the demand by market yet not satisfied will also be realized by TONG MING. ”

In the end, Mr. Cai Hongquan expressed, “this year’s Fastener Expo Shanghai is more successful than last year. It just likes a party, providing a communication platform for domestic manufacturers to learn the oversea conditions and foreign purchasers to learn how China’s fastener industry is.