• Friday, July 19, 2019

South Korea's SK Group Sets Up First China JV Under New Foreign Investment Law

Discussion in 'China & Far East' started by TaiShang, Apr 16, 2019.

  1. TaiShang

    TaiShang ELITE MEMBER

    Messages:
    26,206
    Joined:
    Apr 30, 2014
    Ratings:
    +72 / 93,155 / -2
    Country:
    China
    Location:
    Taiwan, Province Of China
    South Korea's SK Group Sets Up First China JV Under New Foreign Investment Law

    ZHANG YUSHUO
    DATE : APR 16 2019/SOURCE : YICAI

    [​IMG]
    South Korea's SK Group Sets Up First China JV Under New Foreign Investment Law

    (Yicai Global) April 16 -- South Korean conglomerate SK Group has become the first foreign entity to establish a joint venture in China under the new foreign investment law that was passed about one month ago.

    SK Group finished its USD250 million investment in energy meter maker Londian Electrics, China Securities Journal reported yesterday. Londian owns China's copper foil giant Wason Copper Foil. The new JV will aim to become the world's top supplier of key materials for new energy vehicles.

    China's parliamentary body of the National People's Congress passed the new foreign investment law on Mar. 15 to encourage overseas companies to enter the Chinese market with more equal treatment.

    SK Group has been seeking investment opportunities in China as a company with an annual sales of over CNY700 billion (USD104.3 billion), said Wu Zuoyi, the Seoul-based firm's chief executive.

    Londian will make substantial progress and become the leader in the global copper foil industry, said Zhou Daoping, the Shenzhen-based firm's president.

    The South Korean company has made inroads into the NEV market in China since last October when its battery unit SK innovation announced it will invest KRW400 billion (USD354 million) to construct a plant for NEV battery packs in Changzhou in Jiangsu province. The factory is scheduled to start mass production in the third quarter.

    Founded in 1962, SK Innovation provides traction batteries for famous carmakers such as Hyundai Motor, Kia Motors, Mercedes-Benz, Daimler and BAIC Motor.

    Wason Copper Foil was established in 2001 and it sells its products to firms such as Panasonic Electric Works, LG Chem, Samsung SDI and Contemporary Amperex Technology.

    https://www.yicaiglobal.com/news/so...rst-china-jv-under-new-foreign-investment-law
     
    • Thanks Thanks x 1