Think London attracts major Chinese investors to the capital

10-Apr-2006

Two major Chinese investors, CNOOC and leading Chinese medical device company Mindray, have announced this week that they are opening European headquarters in the capital. Foreign direct investment agency Think London assisted them, and worked with Mindray in collaboration with UK Trade & Investment Guangzhou.

This news coincides with Mayor Ken Livingstone’s delegation to China which aims to promote London to business, student and tourist communities and to further strengthen relations between London and China. At the same time, Think London will open its first office in Beijing reflecting the growing importance of China’s businesses to London’s economy.

The first of the companies to open its regional headquarters in London is CNOOC Limited. CNOOC Limited is China’s largest producer of offshore crude oil and natural gas, and one of the largest independent oil and gas exploration and production companies in the world. The company is listed on both the New York Stock Exchange and the Stock Exchange of Hong-Kong. It is CNOOC’s intention to further expand its overseas business, so its new headquarters in London is positioned perfectly for accessibility to both markets.

CNOOC’s Managing Director in London, Mr Zhuobiao Chen, explains:

“London is the international hub for oil and gas transactions and geographically it is ideally positioned for access to the Middle East and Africa. We chose London because of the wealth of talent and expertise available in conducting complicated cross border transactions. We appreciate the help Think London gave us, including intelligence on oil and gas marketing in London, connections to fellow Chinese investors and help with logistics.”

The second Chinese company to be unveiling its new European office in London this week is Mindray, a leading medical device designer and manufacturer. Its headquarters are in Shenzhen and it has 29 offices throughout China, as well as overseas in USA, Canada, Turkey and Hong Kong.

Mindray chose London because of its position and importance in Europe where the company already has co-operative relationships with companies in the healthcare equipment field and a network of distributors with whom they want to strengthen relations. The London operation will focus on marketing and sales, as well as providing training and after-sales service to their clients. They anticipate their European headquarter will grow to 20 employees within the next 3 years.

Speaking of Mindray’s decision to set up in London, Mr Minghe Cheng, Executive Vice President, commented:

“We chose London to set up our European headquarters, primarily because the capital provides all that is needed to successfully operate a business whilst also providing excellent access to the rest of Europe.”

He continued:

“London is a city that welcomes overseas companies and this was shown to us in the services that Think London provided to our company to facilitate the set-up of our new office. This included access to research and intelligence on the labour market and specifically the healthcare sector. Additionally they helped us to make connections into the academic healthcare community and all the business and professional services contacts that we needed to make this a success.”

Michael Charlton, Chief Executive of Think London, commenting on the two companies said:

“With China’s increasing dominance on the international business scene it is vital that we work hard to forge strong relationships with key Chinese companies. In 2004 alone, investment to London from greater China totaled £120m. Think London is delighted to have helped CNOOC and Mindray set up their European headquarters in the capital – the latest of over 40 companies that we have assisted from the region in the last five years. With the opening of our office in Beijing we hope to see this number steadily rise as we forge stronger links between London and China.”