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Chinese listed firms seek opportunities along Belt and Road
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CHINESE listed companies have actively participated in the Belt and Road Initiative, using it as an opportunity to expand overseas while boosting revenues.
By the end of 2016, 284 of the 1,870 companies listed on the Shenzhen Stock Exchange had taken part in the initiative through various means, according to a statement released by the exchange.
Private companies accounted for 70 percent of this number, while state-owned enterprises were the major forces behind infrastructure construction projects in countries and regions along the routes.
Altogether, the companies exported products worth more than 90 billion yuan (US$13.05 billion), constructed projects totaling about 150 billion yuan, and made around 60 acquisitions of overseas assets.
Accelink Technologies, an opto-electronic components supplier, for example, made 800 million yuan in overseas revenue in 2016 through exporting to countries including Australia, India and Ethiopia.
KDX, a polymer material provider, made 718 million yuan of sales in countries and regions along the Belt and Road in 2016, accounting for 23 percent of its overseas revenue.
Proposed in 2013, the Belt and Road Initiative is a grand plan to connect Asia with Europe and Africa along, and beyond, ancient trade routes by putting in place an unparalleled trade and infrastructure network.
So far, the initiative has won support from more than 100 countries and international organizations, of which over 40 have signed cooperation agreements with China.
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