Hangzhou Qiantang River Electric Group Co., Limited, formerly known as Xiaoshan Guangming Transformer Factory, was founded in May 1976. It was renamed to be Xiaoshan No. 2 Transformer Factory in June 1984 and was renamed again to be Hangzhou Qiantang River Transformer Factory in March 1987. On April 1st, 1993, it was reorganized into a joint-stock cooperative enterprise and named Hangzhou Qiantang River Transformer Co., Ltd.. In January 1995, Hangzhou Qiantang River Electric Group was founded. In June that year, Hangzhou Qiantang River Electric Appliances Group Co., Ltd. was set up which was renamed to be Hangzhou Qiantang River Electric Group Co., Ltd. in November that year according to the company's strategy for high voltage, high grade and diversified development directions. In December 1998, the enterprise was reorganized again and renamed to be Hangzhou Qiantang River Electric Group Co., Ltd..

The First Phase (1976-1983):
The start-up phase of the company: As a hand-workshop-style small factory owned by Guangming Commune of Xiaoshan County, it only had poor equipment and operated both mechanically and manually. At that time, experience management style was adopted with a strong traditional humanity idea. The factory had been operating in extensive management style. From 1981, the state began to gradually weed the 64 standard transformer, causing the factory falling into the trough. At that time, only 60 sets of power transformer were produced for a year for 2820 kVA. The factory was also engaged in steel window production for survival.

The Second Phase (1984-1992):
The phase laying foundation: In 1984, the manager responsibility system began to be implemented for trial. Mr. Xiang Zhongxiao served as the manager. The management then transformed from experienced management to strict systematic management. The output value and profit in that year increased by 95.4% and 161% respectively as compared with the previous year. In 1985, the factory built supporting workshop, purchased domestic silicon steel cutting line and improved product structure. Lower loss S7 series transformers became popular with users and entered the local market of Xiaoshan. A new production and business chapter was hereby opened. In January 1986, the company was included in the series of enterprises under the centralized management of Zhejiang Provincial Machinery Department. The factory was then renamed to be Hangzhou Qiantang River Transformer Factory and registered in the national trademark bureau the trademark of “Qianchao”. In September 1991, the factory was designated as a production enterprise for the state Ministry of Machine-Building Industry. Products of the factory gradually entered the provincial market, laying a solid foundation for its further development.

The Third Phase (1993-1998):
Rapid development stage: In April 1993, the joint-stock cooperative enterprise was established named Hangzhou Qiantang River Transformer Co., Ltd.. The enterprise management was transformed from factory-style management to modern corporate management system. The world-class German step-lap core automatic production line and the dry-type transformer vacuum epoxy cast production line were put into operation. In 1995, the company renamed to be Hangzhou Qiantang River Electric Group Co., Ltd.. In 1996, it introduced the corrugated oil tank automatic production line. Due to the accelerated technological innovation, product quality was well prasied by users. In 1997, "Qianchao” brand transformer was awarded as famous local industrial brand of Zhejiang Province and famous brand products of Hangzhou; in 1998, both output value and sales revenue exceeded 150 million yuan and both the profit and the tax broke 10 million yuan. The Company’s overall acquisition of the state-owned enterprise Quzhou Transformer Plant created a successful example for the acquisition of state-owned enterprise by private enterprise in Zhejiang Province. In December, as approved by Zhejiang Industry and Commerce Administration, Hangzhou Qiantang River Electric Group Company Limited was founded upon registration.

The Forth Phase (1999-present):
The stage exploring the “enterprise with 100-year history”. Since 1999, the enterprise management has been turned to group management mode, transforming from the single production business mode to the business mode with interactive production and capital management and diversified industrial structure development. It has become a common goal for the leadership and all staff of the Company to “build an enterprise with hundred-year history”. In 1999, “Qianchao” brand transformer was awarded as “Famous Zhejiang Brand” and “Famous Hangzhou Trademark”. In 2002, Jiangxi QRE Co., Ltd. was founded by joint contribution by the Company, Nanchang Tongyuan Industrial Company and natural persons, by which the industrial chain extended to central region of China. In 2003, CIS enterprise image system was fully introduced and the Company welcomed a completely new look; the first phase project of the new plant was also completed and put into operation; in 2005, “Qianchao” brand transformer was awarded as “Famous Chinese Brand” and “National Inspection-Free” product; in 2006, the Company set forth in the real estate industry and the "Shuimohong Village” project in Anhui was commenced for construction; at the same time, QRE set up joint venture overseas. It registered QRE Greensol Transformer Private Limited in India. In 2008, Beijing Ludian Qiantang River Transformer Co., Ltd. was established in Beijing, achieving the alliance between giants, complementary advantages, rooting in Beijing and facing North China and Northeast China markets. In 2009, “Qianchao” brand transformer was entitled by China’s well-known trademark. In recent years, QRE has made great efforts for the brand strategy implementation, capital restructuring, product development, market exploration and technical innovation. It has broken the boundaries of ownership to form the joint-stock cooperative system, non-public and state-owned systems mixed economic operation mode that laid a solid foundation for QRE’s rapid development in the future.