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ALIBABA GROUP HOLDING (BABA)
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Alibaba : Tencent to set up in Xiongan New Area

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10/06/2017 | 03:30pm CEST

Chinese corporate behemoths Alibaba Group Holding Ltd, Tencent Holdings Ltd and Baidu Inc will set up branches in China's Xiongan New Area.

They are among the first group of 48 companies that have been approved to set up in the new economic area. The move is part of the government's endeavor to expedite the construction of the area in Hebei province.

The new area was announced earlier this year. The project aims to relieve the pressure of population on Beijing and build another economic powerhouse along the lines of those built near Shenzhen and Shanghai.

Alibaba announced on Sept 29 that it will set up three subsidiaries in Xiongan with a total registered capital of 160 million yuan ($24 million; 20 million euros; ¡ê18 million).

Ren Geng, general manager responsible for Alibaba's business in Xiongan, says: "We will cooperate with the Xiongan New Area mainly in artificial intelligence, fintech and intelligent logistics to add a smart 'brain' to Xiongan to help it function in a well-rounded way." According to the administrative committee of Xiongan, among the 48 enterprises in the first group to set up in the area, 14 will focus on information technology, 15 on financial services and seven on high-end technology.

Xiongan will be built as an eco-friendly smart city. Four key business segments - environmental protection, traffic sensors, large data analysis and artificial intelligence - are to be its driving forces.

Internet-based business player Tencent also set up a subsidiary on Sept 26 in the new area with a registered capital of 20 million yuan, according to Tianyancha, an enterprise data query system.

The affiliate, in which Shenzhen-based Tencent holds a 90 percent stake, will provide such services as software and hardware design, data processing and storage.

"As the first group of internet-based companies entering the Xiongan New Area, Tencent will help promote its development with our rich experience in smart city, smart transportation and the internet of things," says a Tencent executive.

Half of the first group of 48 companies are from Beijing, while 13 are based in Shenzhen. Additionally, 19 companies are central SOEs, while 21 are private enterprises.

Among the private companies are Jingdong Finance, 360 Qihoo, Shenzhen Kuang-Chi, China Telecom and People's Insurance Co of China.

He Wei contributed to this story.

Contact the writers at chengyu@chinadaily.com.cn

© Copyright © 2017 China Daily Africa Weekly. All Rights Reserved., source Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -0.75% 164.63 Delayed Quote.-4.52%
TENCENT HOLDINGS LTD 3.15% 334.4 End-of-day quote.-18.00%
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Financials (CNY)
Sales 2019 394 B
EBIT 2019 113 B
Net income 2019 61 116 M
Finance 2019 192 B
Yield 2019 -
P/E ratio 2019 49,72
P/E ratio 2020 32,74
EV / Sales 2019 6,99x
EV / Sales 2020 4,85x
Capitalization 2 944 B
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Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 1 524  CNY
Spread / Average Target 34%
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Managers
NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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