Executives from over 100 listed companies joined representatives from 12 Investment promotion agencies by other countries in China and more than 50 Financial Institutions and Service Agencies attended a conference in Nanjing City on October 28.
The conference was organised by the Jiangsu Provincial Department of Commerce, the Jiangsu Provincial Financial Supervision and Administration Bureau, and the Jiangsu Bureau of the China Securities Regulatory Commission amid efforts to boost overseas investment by Jiangsu’s listed companies, including investment in countries along the Belt & Road.
In the first three quarters of this year, 485 Jiangsu companies registered their overseas investment, with the total agreed amount at $4.1 billion and $2.8 billion already transferred, a year-on-year growth of 18 percent.
Up to now, the province has invested in more than 1,000 projects in countries and regions along the Belt & Road. Such projects involve a total agreed investment of 15.77 billion yuan, which accounts for 44 percent of Jiangsu’s total outbound investment, much higher than 19 percent in 2014.
In recent years, Jiangsu’s high-quality listed companies, which also represent the province’s economic power, have followed the trend of globalisation and accelerated the presence in the world market, further enhancing their core competitiveness through international development. Jiangsu currently has 586 companies listed domestically or overseas, ranking third in the country.
As a typical example, JCET Group, a leading global semiconductor system integration packaging and test provider, purchased JCET Group STATS ChipPAC in Singapore to acquire advanced technologies. JCET Group’s agreed investment of $1.63 billion is the largest M&A deal by a Jiangsu company in countries along the Belt & Road.