Weichai has long been developing a globally integrated innovation system.

In 2005, Weichai made its first acquisition, by purchasing Zhuzhou Torch Spark Plug Co in Hunan province.

The deal allowed Weichai to obtain a controlling stake in Shaanxi Fast Gear and Shaanxi Heavy-duty Motor Company.

Two years later, Weichai introduced the first heavy truck powertrain in the world, by combining its engine development technologies with Zhuzhou Torch Spark Plug's transmission and axle technologies. The powertrain has brought 40 billion yuan in sales revenue to Weichai over the past decade.

Weichai also went on the acquisitions hunt, in a move to integrate global resources and support its innovations.

In 2009, subsidiary Weichai Power acquired French marine engine developer and producer Moteurs Baudouin.

In 2012, Weichai Power bought a 25 percent stake in German forklift-maker Kion for 467 million euros ($556.86 million) and a 70 percent controlling stake in Kion's subsidiary Linde Hydraulics, for 271 million euros.

In the same year, Weichai purchased a majority stake in Italian yacht-maker Ferretti, to tap into the luxury yacht sector.

"All those businesses have cutting-edge core technologies," said Zhang Quan, CEO of Weichai Power.

"The deal with Linde Hydraulics broke the monopoly, held by foreign businesses, in the high-end hydraulics market in China."

Weichai has established R&D centers in various countries, including the United States and Germany. It has established an integrated innovation platform that comprises more than 110 companies, upstream and downstream the vehicle component industry.

Wang said Weichai will develop innovation centers in Aschaf enburg in Germany, Chicago in the US and in Japan's capital, Tokyo.

It will also establish development platforms with leading universities, such as the Massachusetts Institute of Technology and the University of Tokyo.