HUANG Hongsheng, the founder of China's Skyworth Digital Holdings who was jailed in 2006, is on a comeback path with plans to fully engage in the automotive industry.

Huang, 55, who was bailed out in 2009, took up the position of chairman of Nanjing Golden Dragon Bus Co after investing in its major shareholder, Nanjing Chuangyuan Tiandi Automobile Co.

The 75 million yuan (US$11.9 million) Nanjing Golden Dragon, which produces Golden Dragon and Dong-woo brand buses, has two other investors, Xiamen King Long United Automotive Industry Co and Nanjing Dongyu Automobile Group Co, following a three-party restructuring last year.

Huang, also known as Stephen Wong or Wong Wang-sang overseas, was sentenced to six years' imprisonment in 2006 on four counts, including theft of corporate funds. He was also found guilty of conspiring to embezzle more than 50 million yuan from two Skyworth subsidiaries with his brother from 2000 to 2004.

Huang set up Chuangyuan Tiandi Holding Co in 2010 after his release. The company plans to invest 10 billion yuan on Golden Dragon's production base in Nanjing, east China's Jiangsu Province, with aims to make it one of the largest for manufacturing and developing new-energy vehicles in the country, Huang said earlier this month.

According to the company's statement posted on its website, Nanjing Golden Dragon targets to have an annual output of 30,000 units of buses, light commercial vehicles and sport-utility vehicles with a total revenue of 5 billion yuan within three years. Its ultimate goal is to achieve a revenue of 15 million yuan with an annual capacity of 70,000 units within five years.

Source:shanghaidaily