Now owning two of the 18 companies authorized to manufacture plasma products, its Zhejiang Haikong Biological Co Ltd is the only supplier of human albumin and globin in Zhejiang province.

"We've made detailed research on the medical biology industry, and noticed that producing plasma products is a unique way to apply high- technology to drug-making while making sufficient profits," Shao said.

The group has taken over a plasma manufacturer in Xinjiang and partly bought shares in a Jiangxi-based plasma producer.

Hailuo started producing fingerprinting products by coincidence, and has been working with a South Korean research team since 2006.

After making an initial 80 million yuan investment over seven years, the fingerprint modules finally started making profits.

"I am in charge of two subsidiaries making fingerprint-related products, which is the newest industry Hailuo has tried," said Shao Shaoqing.

He said he expects the technology, developed in cooperation with its South Korean partner, will become part of everyday life, as people no longer use keys, but only their fingerprints.

In addition, Hailuo has adopted more advanced technology to upgrade some traditional products, such as umbrellas and condiment dishes.

The group has bought some derelict former State-owned factories to manufacture products in Wenzhou, and has also started making and selling organic food products.

"More organic food will be introduced to meet increasing demand from consumers who are looking for a higher-quality and healthier lifestyle," said Shao.

An amazing 568 types of umbrella have been transformed from being just practical tools to being innovative and fashionably designed items, he added.

Now the largest umbrella exporter in China, Hailuo sold 50 million umbrellas worldwide in 2012, and is carrying out regular market research to learn more about what consumers need.

"Umbrellas and food are two essential daily commodities for everyone, and demand for those two products won't be affected by any slowing down in the economy," said Shao.

All of Hailuo Group's subsidiaries are hiring managers with professional qualifications.

Shao said Hailuo has succeeded by simplifying its organizational structure and making the best possible use of its talent.

"We have enjoyed gradual growth in annual sales and expanded our cooperation network all over the country," he added.

Like many other enterprises in Wenzhou, Hailuo keeps an eye on profitable opportunities, making investments when appropriate.

An investment-consulting department has been launched, after approval by the city government in 2012, to provide short-term loans at reasonable interest rates to help troubled local SMEs solve their financial problems.

"We also need new financing to take the company forward, especially from the government. Hopefully, the ongoing financial reforms will open up some new funding channels for us," said Shao.

yuran@chinadaily.com.cn