Chinese firms see impressive growth in UK

• Monday, March 2, 2020
• Source:ferro-alloys.com

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• Keywords:Chinese enterprises，Britain，growth

[Ferro-Alloys.com] 800 largest Chinese enterprises in Britain increased revenue growth by 17 percent on 2018, according to a new report.

 

Last year, those 800 companies amassed a combined revenue totaling £91 billion ($117 billion), up from £68 billion in 2018 when 750 companies were analyzed. Overall revenue growth was up 17 percent, compared with 12 percent in 2018.

 

The pound has remained weak against the yuan since the UK voted to leave the European Union in 2016, making Britain an attractive destination for Chinese investors.

 

UK professional services company Grant Thornton estimates there are 13,000 China-owned businesses based in the UK.

 

The consumer sector accounts for more than a quarter of the 800 companies, though the manufacturing and industrial sector is the biggest moneymaker, generating 70 percent of total revenues.

 

Chinese foreign direct investment in Europe has been comparatively modest since China imposed regulations on capital outflows.

 

Major deals in 2019 included China-based steel maker Jiangsu Shagang Group acquiring a 24 percent stake in UK data center company Global Switch in a £1.8 billion deal, and the acquisition of London-based payment company WorldFirst by Alibaba affiliate Ant Financial in a deal valued at £550 million.

 

A mammoth deal in the manufacturing sector is yet to be finalized. Late last year, Chinese steel company Jingye Group announced it would be investing £1.2 billion in British Steel over the next 10 years. （China Daily Global）

 

 

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