SHANGHAI :
China's Big Four Tech Firms Among First 48 Companies to Set Up Shop in Xiong'an New Area
Dou Shicong
DATE:  Sep 29 2017
/ SOURCE:  Yicai
China's Big Four Tech Firms Among First 48 Companies to Set Up Shop in Xiong'an New Area China's Big Four Tech Firms Among First 48 Companies to Set Up Shop in Xiong'an New Area

(Yicai Global) Sept. 28 -- Hebei Xiong'an New Area Management Committee has greenlit the first group of companies to operate in the region, including e-commerce giants Alibaba Group Holding Ltd. [NYSE:BABA] and JD.com Inc. [NASDAQ:JD], internet and gaming stalwart Tencent Holdings Ltd. [HKG:0700] and major tech firm and search provider Baidu Inc. [NASDAQ:BIDU].

Of the 48 companies approved, nine have already acquired business licenses, including a Tencent subsidiary.

All of the companies approved are high-tech firms or those that provide high-end services, comprising 15 modern financial services firms, 14 high-tech enterprises, seven high-end technology research institutes, five green tech companies and seven other service providers, local news outlet Hebei News reported on Sept. 28.

Of the companies, 19 are central state-owned enterprises and 21 are private. The report did not mention the ownership status of the remaining firms. Beijing-based firms make up the bulk of the bunch, with 24 companies, while 13 are based in southern tech hub Shenzhen.

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Keywords:   Xiong'An New Area,Alibaba,JD.com,TENCENT,Baidu