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Appointment with SCO, the Wind Coming From the Sea Report Series 3 Qingdao enterprises are deeply participating in the global value chain integration

Appointment with SCO, the Wind Coming From the Sea Report Series 3

Qingdao enterprises are deeply participating in the global value chain integration

As an open coastal city and famous city of manufacturing, Qingdao enterprises are unprecedentedly investing and conducting mergers and acquisitions in overseas countries and regions. At the end of last year, Hisense took over the color TV business of Toshiba, a time-honored TV brand. This June, Doublestar contributed 4 billion Yuan to hold the majority of shares of South Korean Kumho Tire, one of top 10 global tire brands and the foreign brand occupying the largest share of the Chinese tire market. 
According to relevant data, by the end of 2017, the city has cumulatively invested 1,542 overseas projects with the total investment of 29.55 billion USD and involving 99 foreign countries and regions, the investment is mainly made in the real economy including mining, manufacturing, wholesale and retail, agriculture, forestry, husbandry, fishery and information technology service industry. The structure is getting more and more rational and the health degree is higher and higher. 
Before China joined the WTO, overseas merger and acquisition were a novelty and unattainable for domestic enterprises. However, Qingdao enterprises courageously took the first shot. In 2001, Haier unprecedentedly took over a fridge factory of Italian Meneghetti Company and became the first Chinese enterprise that merged a factory in the core-manufacturing hub of home appliances in Europe. 
After this first small display, Haier has performed many overseas mergers and acquisitions successfully one by one. In 2009, Haier acquired 20% shares of Fisher&Paykel, a well-known brand in New Zealand. After three years, Haier bought its remaining 80% shares and completely obtained its core technology, brand and channels. In the same year when Haier made this acquisition, Haier also successfully acquired the white appliance business including fridge and washing machine of Japan Sanyo Electric Group in Japan and Southeast Asia. 
According to the related reports issued by PricewaterhouseCoopers, the scope of overseas merger and acquisition made by Qingdao enterprises is getting larger and larger, the involved industries are diversified, the structure is becoming more rational and the health degree is improving continuously. 
Nowadays, Qingdao enterprises are participating in the in-depth integration of global value chain with international mindset, speeding up the construction of a global industrial chain ecology integrating research and development, production and sales and continuously improving new international competitive advantages and the level of open economy of Qingdao as Qingdao obtains advanced technology, well-established brands, perfect channels, vast markets and high-level talents. (Shen Junlin)


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