Fintech PR
From Ningbo to the world: China’s port city evolving into global opening-up hub
NINGBO, China, March 28, 2024 /PRNewswire/ — For many people, the city of Ningbo may not sound as well-known as metropolis such as Beijing and Shanghai in China, but it may be closer to the daily life: the Chinese-made hardware tools, rice cookers and even new energy vehicles people bought are very likely to travel across the ocean from this Chinese city in east China’s Zhejiang Province.
The high probability of this trade link comes from Ningbo’s unique port status, according to Information Office of Municipal Government of Ningbo.
In the Ningbo-Zhoushan Port which faces the East China Sea, ships with a maximum carrying weight of 300,000 tonnes can come and go freely, and super ships with a maximum carrying weight above 400,000 tonnes can enter and exit with the tide. It is a rare outstanding deep-water port in the world.
Last year, the throughput of the port reached 1.324 billion tonnes, ranking first in the world for 15 consecutive years, and its container throughput ranked third worldwide. It’s also home to the largest iron ore terminal in China, the largest crude oil terminal in Asia and the second largest single container terminal on earth.
Ningbo has been an important trading center since ancient times. As early as the Tang Dynasty, Ningbo was one of the starting points of the Maritime Silk Road. In modern times, Ningbo was one of the five treaty ports open to foreign trade. After 1978, Ningbo was among the country’s first coastal cities to embrace the country’s reform and opening-up campaign.
Today, Ningbo is connected with more than 60 Chinese cities through sea-rail intermodal transport, and has access to more than 600 ports in over 200 countries and regions with the help of 300-plus container routes. It has become an important port and shipping logistics center, strategic resource allocation hub and modern shipping service base in the world.
In late 2023, Ningbo was approved to extend the opening up to all its eight port areas, adding new momentum to the Ningbo-Zhoushan Port’s sprint to be a world-class top port.
Unique port resources endow Ningbo with prowess to connect with the rest of the world, but the city’s opening-up and enterprising moves not only target improving the throughput capacity of the world’s largest port, but also seeking wider connectivity, deeper-level exchanges and higher-level opening-up.
Now Ningbo is building a world-class air-rail integration hub and a new engine of international open development by further optimizing the transport planning of its western region.
It is estimated that in 2050, the passenger transport capacity of Ningbo’s west transport hub will reach about 220 million passengers per year, and the air cargo volume will reach 3 million tonnes annually, which will help Ningbo become a modern coastal metropolis.
Among the international destinations accessible to Ningbo, the Central and Eastern European countries (CEEC) along the Belt and Road Initiative are the bright spots for deepening global economic cooperation and trade exchanges.
Ningbo started to hold exhibitions to promote trade with the CEEC in 2014, and established the first and only demonstration zone for economic cooperation and trade exchanges between China and CEEC in 2017. In 2019, the China-CEEC Expo was upgraded to a national-level international event.
Thanks to a good business environment, a strong digital economy foundation and a unique port logistics hub system, Ningbo’s cross-border e-commerce has seen fast growth, with an increasingly wider and denser digital trade network.
Ningbo has maintained the first place in the country’s cross-border e-commerce retail imports during China’s largest online shopping festival “Double 11” for seven consecutive years. The city’s online purchase bonded business in cross-border e-commerce accounts for nearly a quarter of the Chinese market, and its overseas warehouse area accounts for 1/6 of the country’s total. In March last year, the first fifth-freedom freight air route in Zhejiang was opened in Ningbo, lending strong steam to the growth of the city’s cross-border e-commerce business.
In September 2020, the Ningbo Area of Zhejiang Free Trade Pilot Zone was officially listed, opening a new chapter of institutional opening in the city.
For example, aiming at the circulation security and data security of international trade of bulk commodities, Ningbo launched the digital service platform “TradeGo” to ensure the uniqueness and authenticity of digital documents through blockchain technology. The platform has become one of the only 10 recognized platforms for electronic bill of lading in the world.
The open environment and enterprising culture have not only shaped Ningbo’s extensive foreign trade network, but also sharpened the innovation edge of a strong manufacturing city in a global market with open competition.
Ningbo has 104 national single-product champion enterprises in the manufacturing industry, the largest number among Chinese cities and far exceeding Shenzhen, which ranks second. Many of their products bring first-class Chinese manufacturing to global consumers via the Ningbo-Zhoushan Port.
Looking ahead, Ningbo aims to build an international opening-up hub city.
According to Ningbo’s plan, by 2026, the Ningbo-Zhoushan Port’s cargo throughput is expected to maintain the top spot in the world, and the number of enterprises with an annual trade value of over 10 million U.S. dollars and foreign investment projects with a total investment of more than 100 million U.S. dollars, among others, will double compared with 2021.
From a port city to an international hub for trade, Ningbo is set to make its mark on the global map.
View original content:https://www.prnewswire.co.uk/news-releases/from-ningbo-to-the-world-chinas-port-city-evolving-into-global-opening-up-hub-302102022.html
HANGZHOU, China, April 27, 2025 /PRNewswire/ — Hikvision has announced its full-year financial results for 2024 and first-quarter results for 2025. In 2024, the company reported total revenue of RMB 92.496 billion, marking a 3.53% year‑over‑year (YoY) growth. In the first quarter of 2025, the company reported revenue of RMB 18.532 billion, up 4.01% YoY. Net profit attributable to shareholders reached RMB 2.039 billion, reflecting a 6.41% YoY increase.
Over the past two decades, Hikvision has established itself as a global security leader, developing a robust AIoT ecosystem encompassing over 30,000 products. Today, the company remains committed to steady and solid progress, navigating uncertainties with a positive and prudent approach. It maintained its leading position in the domestic security market while seeking growth from overseas markets and innovative businesses. With profitability as a central focus, the company is driving organizational transformation and refining management practices to support long-term, sustainable growth. Notably, Hikvision is at the forefront of leveraging breakthroughs in large-scale AI model technologies to accelerate scenario-based digitalization across diverse industries.
Throughout the past year, the company strengthened its overseas presence, with main business revenue from international markets rising to RMB 25.989 billion, accounting for 28.10% of total revenue and reflecting an 8.39% YoY growth. Hikvision’s overseas revenue spans over 180 countries and regions, with developing markets contributing more than 70% of that total. The steady increase of overseas business revenue has emerged as an important driver of the company’s overall profit growth. Meanwhile, Hikvision’s innovation businesses continued to grow rapidly, with revenue reaching RMB 22.484 billion.
In 2024, Hikvision continued to prioritize research and development, investing RMB 11.864 billion in R&D, accounting for 12.83% of its total revenue. Over the years, the company has built a multi-level R&D system with the headquarters’ R&D capabilities at the core, radiating to key regions both domestically and internationally.
In its latest developments, Hikvision is actively advancing AIoT technologies, with its Guanlan Large-Scale AI Models integrating vision, language, and multimodal capabilities, among others. These innovations have significantly enhanced both perception and cognition abilities of Hikvision’s products and solutions. For instance, in perimeter protection, the large vision model can achieve a 90% reduction in false alarms.
Looking ahead, Hikvision is committed to a strategy of high-quality growth, with a stronger focus on driving innovation, enhancing efficiency and ensuring long-term sustainability.
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View original content:https://www.prnewswire.co.uk/news-releases/hikvision-releases-2024-full-year-and-2025-first-quarter-financial-results-302439140.html
- $135M Capital Raise, Comprised of Private Placement and In-Kind Contributions, Aims at Increasing iMENA’s Shareholding in Existing Businesses
- Company completes restructuring into a Saudi company, iMENA Holding
- Transformation part of evolution into regional digital powerhouse.
RIYADH, Saudi Arabia, April 27, 2025 /PRNewswire/ — iMENA Group (“iMENA”), a regional leader in digital platforms in the MENA region, has raised $135 million from Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), FJ Labs, a global venture capital firm known for backing category-leading marketplace and network-effect platforms, and Saygin Yalcin, the founder and CEO of SellAnyCar, and a number of other leading Saudi investors.
The capital raise is compromised of a private placement and in-kind contributions and is the first tranche of a pre-IPO funding round. The new funding round will be used to increase iMENA’s shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny; to drive vertical and geographic expansion; and to improve synergies across its platforms.
iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. This transformation marks a major milestone in the company’s evolution into a regional digital powerhouse, ahead of a potential public listing. Furthermore Saygin Yalcin will also join iMENA’s Board of Directors and management committee to help drive strategic direction for the company.
Nasir Alsharif, Chairman of iMENA Holding said: “This transaction marks an important inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest investment entities. We are shaping the future of the region’s digital economy as a platform of internet marketplaces driving innovation at pace and at scale. The high growth and profitability of our businesses, in sectors and markets within which we have high conviction, provides material value creation opportunities and an exciting pathway for us to accelerate forward.“
A spokesperson at Sanabil Investments added: “We are excited to invest in iMENA Holding, a digital platform with proven scalability and profitability. Leveraging our own experience in internet marketplaces, we understand their unique strategy and are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange.“
Acting as financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi, CEO of Al Rajhi Capital commented “Al Rajhi Capital is proud to support iMENA’s transformation and potential IPO journey. The group’s integrated model and strategic vision make it a standout in the region’s digital landscape“.
Closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia.
iMENA Holding’s new Board of Directors will comprise the following regional leaders and sector veterans:
- Nasir Alsharif, Chairman of iMENA, Board Member at AWJ Holding Company and Executive Chairman of Sackville Capital
- Khaldoon Tabaza, Co-founder & Managing Director of iMENA
- Adey Salamin, Co-founder of iMENA and CEO of OpenSooq
- Saygin Yalcin, Founder & CEO of SellAnyCar
- Mazin AlDawood, CEO of Osool & Bakheet Investment
- Usman Sikandar, Head of Investment Banking at Al Rajhi Capital
- Marco Somalvico, Vice President M&A of E&
Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in due course.
iMENA’s businesses, OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and vertical marketplaces across the largest sectors in the region, including real estate, automotive, and mobility, with operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. iMENA’s businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%. Almost 40% of the aggregate revenues of iMENA’s businesses come from Saudi Arabia, with another 40% from the UAE, making them iMENA’s two core strategic markets. iMENA’s businesses aim to serve as a compelling proxy for the digital economy in the Middle East and North Africa region, giving investors direct exposure to the region’s fastest-growing online sectors.
About iMENA Holding:
iMENA was founded in 2012, and has evolved into a regional internet champion, building and scaling high-growth internet businesses across the Middle East and North Africa region. The company was co-founded by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, joined as part of this restructuring by Saygin Yalcin, plan to leverage their expertise in technology and investment to continue building and operating digital marketplaces. Over the years, iMENA has launched, acquired, scaled, and successfully exited from a number of successful regional platforms, thereby becoming a strategic consolidator in the digital economy.
- Nasir Alsharif, iMENA’s Chairman, is an experienced investor and builder of investment businesses across venture capital, technology and broader private markets, with current roles including Board Member at AWJ Holding Company and Executive Chairman of Sackville Capital.
- Khaldoon Tabaza, Managing Director of iMENA Holding and Chairman of Opensooq, is a pioneer in the region’s technology and venture capital ecosystem with more than 30 years of experience in building and investing in digital ventures across MENA, including founding the first venture-backed online business in the MENA region more than 25 years ago.
- Adey Salamin is a marketplace expert and the CEO of OpenSooq, known for scaling the platform into one of the region’s most visited websites and mobile applications. Adey has over 20 years of experience as a founder, operator, investor, and advisor of growth businesses.
- Saygin Yalcin is a serial entrepreneur and Founder & CEO of SellAnyCar, one of the most prominent digital automotive brands in the Middle East. Previously, he was Founder and CEO of Sukar.com and Vice President of Souq.com following a merger forming the Middle East’s largest E-commerce group that was later acquired by Amazon.
For more information on OpenSooq, please visit: www.opensooq.com
For more information on SellAnyCar, please visit: www.sellanycar.com
For more information on Jeeny, please visit: www.jeeny.me
Contact:
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Fintech PR
CGTN: Unboxing economic policy tools: What’s behind China’s latest CPC leadership meeting?
BEIJING, April 26, 2025 /PRNewswire/ — CGTN published an article on China’s latest leadership meeting on the economic situation and work. Exploring the country’s economic policy tools, the article highlights the strong resilience and potential of the Chinese economy. It also takes a look at the meeting’s stress on enhanced efforts to accelerate the implementation of more proactive and effective macro policies, as well as boosting services consumption to strengthen the overall role of consumption in driving economic growth.
China’s economy delivered a strong start in the first quarter of the year, demonstrating steady performance and resilience.
The country’s GDP grew 5.4 percent year on year to 31.8758 trillion yuan (about $4.42 trillion) in Q1 2025, ranking among the highest of the world’s major economies and positioning the country to better weather global uncertainties.
During a meeting held by the Political Bureau of the Communist Party of China Central Committee on Friday, the Chinese leadership analyzed and studied the current economic situation and economic work.
Noting that the country has seen its economy improve this year, with public confidence continuously boosted and solid progress made in high-quality development, the meeting called for efforts to accelerate the implementation of more proactive and effective macro policies and boost service consumption to strengthen the role of consumption in driving economic growth.
More proactive, effective macro policies
Besides the GDP, China has seen other economic indicators exceeding market expectations in the first quarter. For example, fixed-asset investment went up 4.2 percent year on year, with investment in infrastructure construction rising 5.8 percent and manufacturing investment increasing 9.1 percent.
Thanks to policy support, local-level responsiveness and the rapid buildup of innovation-driven momentum, the country’s economy showcases strong resilience and potential.
China has made thorough policy preparations to address external changes, as a series of targeted macro policies have already taken effect, and more incremental policies will be introduced as needed to mitigate external shocks.
Friday’s meeting called for efforts to make full use of a more proactive fiscal policy and a moderately loose monetary policy, coordinate domestic economic work and endeavors in the international economic and trade field, unswervingly manage the country’s own affairs well, and keep employment, businesses, markets and expectations stable.
Luo Zhiheng, chief economist at Yuekai Securities, said efforts should be made to make good use of aggregate and structural policy tools, cut the reserve requirement ratios and interest rates when appropriate, and boost consumption and corporate investment demand.
A multi-pronged approach for struggling enterprises
To aid businesses facing challenges, the meeting urged a multi-pronged approach, including stronger financial support and accelerating integration between domestic and foreign trade development.
Stressing the need to ensure people’s livelihood, it said that for enterprises that suffered relatively bigger impacts from tariffs, the proportion of unemployment insurance funds returned to enterprises to keep payrolls stable will be increased.
Amid recent U.S. tariff hikes, China’s foreign trade enterprises are actively responding with innovative products, seizing orders and expanding markets.
The country has also taken swift and proactive measures to cope with tariff shocks – reaching out to broader overseas markets while bolstering domestic sales channels with upgraded products.
Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, urged the use of policies such as financial support and consumption coupon subsidies to further support foreign trade enterprises and continue to increase financial subsidies for export-to-domestic enterprises.
Boosting service consumption
Friday’s meeting also highlighted the need to boost service consumption, urging a swift removal of restrictive measures in the consumption sector and proposing to introduce a re-lending facility for service consumption and elderly care.
Service consumption has gradually become a new engine of economic growth and an important area for tapping consumption potential. In the first quarter of 2025, retail sales of consumer goods, a major indicator of the country’s consumption strength, gained 4.6 percent year on year.
Supported by targeted policies to boost consumption, service-related spending also picked up pace. In the first quarter, retail sales of services grew 5 percent year on year.
In addition, a series of documents to boost service consumption are implemented intensively. For instance, Chinese authorities have unveiled a work plan to boost service consumption in 2025 and released a series of new measures aimed at expanding and upgrading consumption in the domestic services sector as part of broader efforts to stimulate domestic demand.
A report released by a think tank, the China Institute for Reform and Development, forecasts that by 2030, the per capita services consumption of China’s urban and rural residents could exceed 20,000 yuan, accounting for more than half of total consumption.
Services consumption has become a propeller of goods consumption, and a “goods-like services” trend is gaining momentum across the country, said Chi Fulin, head of the think tank.
For more information, please click:
https://news.cgtn.com/news/2025-04-25/Unboxing-China-s-economic-policy-tools-after-latest-leadership-meeting-1CRzRDF2bLi/p.html
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-unboxing-economic-policy-tools-whats-behind-chinas-latest-cpc-leadership-meeting-302438954.html
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