Top 20 Multinational Private Companies in Ningbo Announced
Ningbo Shenzhou knitwear Co., Ltd.
Loctek Ergonomic Co., Ltd.
The list of Top 20 local private companies with multinational operations in Ningbo was announced recently. With its average multinational index evidently exceeding that of Zhejiang Province and the whole country, Ningbo is featuring more prominently in the global industrial chain.
To a certain degree, the list reflects the fundamentals of the cross-border operations of enterprises in Ningbo as it offers a comprehensive assessment based on companies’ data such as overseas assets, revenue, employees, and innovation-driven growth index.
Companies in Ningbo that win this laurel are largely from automotive manufacture, garment, resource development, equipment, home appliances and stationery, all of which represents Ningbo’s competitive industrial clusters.
Ningbo Joyson Electronic Corp. is a global automobile parts supplier, mainly dedicated to the development and manufacture of automotive safety systems and intelligent driving systems, with more than 50,000 employees in 30 countries around the world.
Joyson Electronic recently completed a strategic investment in Innovulsion, a LIDAR manufacturer and is thus able to provide ultra-long-range, high-precision LIDAR for ET7, the first sedan to be delivered by NIO by the end of 2022.
Risen Energy Co., Ltd. stands as a major provider of photovoltaic modules and relevant solutions for the world, with an extensive sales network throughout countries and regions along the “Belt and Road”, including Indonesia, Kazakhstan, Ukraine and the Czech Republic.
According to statistics, overseas assets of these 20 enterprises total 13.306 billion dollars, overseas revenue 15.495 billion dollars and overseas employees 123,000 in 2019, driving exports of 1.473 billion dollars and imports of 2.226 billion dollars through enterprises abroad, and contributing significantly to the extension of value chain of Ningbo enterprises outside China.
Their global business expansion is to lower the cost of production factors and boost operation efficiency. In terms of labor-intensive industries such as garment and stationery, not only can companies reduce the cost of land and labor, but also stay close to local markets if they set up factories in countries like Vietnam and Cambodia, let alone the tariff preference they will enjoy in exports to western countries.
Shenzhou International, BROS Eastern, Aux Group and Cre8 Direct on the list are all establishing manufacturing bases in Southeast Asia.
Early in 2005, Shenzhou International set up its garment factory in Cambodia, after which it has been busy recruiting employees and purchasing materials to measure up to its increasing production capacity. A local branch of the company has acquired 3.7 hectares of land lately so as to accommodate 10,000 workers by the end of this year.
Cross-border operation upgrades companies’ international and modern management ability, ushering “made in Ningbo” into the global stage. To take Loctek Ergonomic Co., Ltd. Its overseas warehouse service in Europe and America enables medium-sized and small enterprises to access storage, logistics, patent, legal, after-sales and marketing services.
Statistics demonstrate that in 2020 the multinational index of the Top 20 enterprises in Ningbo averages 31.7%, significantly higher than that of Top 100 multinational companies in China at 16.10% and that of Top 50 local multinational private companies in Zhejiang Province at 28.74%.
By Yan Jin
Top 20 Local Private Companies with Multinational Business
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