Sino-Swiss Business News
Switzerland has secured its position as the most innovative country in the European Commission’s European Innovation Scoreboard 2023. It performed particularly well in education-related and environment-related indicators, and scientific publications. Switzerland has scored 139.6 per cent of the EU average in the European Commission’s latest European Innovation Scoreboard (EIS). An extended analysis that includes 11 other European countries shows that Switzerland continues to hold its 2022 title as the most innovative country in Europe in 2023, with top scores in education-related indicators, scientific publications and environment-related indicators, according to the Innovation Scoreboard’s country profile of Switzerland. Denmark, Sweden, Finland and the Netherlands remain in the top five. The 2023 EIS report is the third edition published using the new measurement framework introduced in 2021.
With manufacturers in China showing a strong demand for game-changing products and technical solutions, TE Connectivity Ltd, a Swiss connector and sensor manufacturer, is poised to enhance its localization strategies and introduce its latest technologies into China’s thriving auto market, said a senior executive. As China’s automotive sector undergoes a transformation marked by innovation, speed and agility, automotive component suppliers must possess the crucial ability to rapidly iterate and respond to emerging technologies and applications, said Field Sun, vice-president and general manager of TE Automotive China, a business unit of TE Connectivity.
On July 10, Mr. Philippe Praz, the Consul General of Switzerland in Guangzhou, attended the relocation ceremony of Sika Davco Guangzhou headquarters and delivered a speech. Founded in 1910 and headquartered in Baar, Swiss Sika Group is a leading global company specializing in specialty chemicals. Guangzhou was Sika’s first stop in the Chinese market, where it set up a production plant as early as 1993. Consul General Mr. Praz pointed out in his speech that, “Sika is one of the representative outstanding Swiss companies that have achieved great success in China. As a bridge between Switzerland and South China, the Consulate General will continue to provide strong support for the development of Swiss companies, like Sika Davco. At the same time, the Consulate General also actively assists Chinese companies to invest in Switzerland and explore the European market.”
Martina Hirayama, State Secretary for Education, Research and Innovation met with Chinese Vice Minister for Education on 3 July 2023 for a bilateral discussion on relations between the two countries in the area of higher education and vocational education and training. The discussion between State Secretary Martina Hirayama and Vice Minister Wu Yan focussed on professional education, mobility and the respective higher education system in Switzerland and China. The meeting was a good opportunity to prepare for the next Sino-Swiss Joint Working Group (JWG) on Education. In 2012, a bilateral agreement was signed for the purpose of strengthening cooperation in the area of higher education. Since 2014, JWG meetings between the State Secretariat for Education, Research and Innovation (SERI) and the Chinese Ministry of Education have taken place at regular intervals on the basis of this agreement.
Premier Li Qiang has stressed the importance of making concerted efforts in resuming world economic growth and addressing global challenges, ahead of the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum. He made the remarks on Monday when meeting with Klaus Schwab, executive chairman of the World Economic Forum, and Ngozi Okonjo-Iweala, director-general of the World Trade Organization, in Tianjin, where the forum will be held. The event, themed “Entrepreneurship: The Driving Force of the Global Economy”, runs from June 27-29. In his meeting with Schwab, Li said China’s cooperation with the WEF has been fruitful since Beijing started its alliance with the forum in 1979, which was marked by the arrival of a Chinese delegation in Davos. In the age of globalization, with interests intertwined, it is an irreversible trend that all countries must coordinate with each other and complement each other’s advantages, he said. He called on all countries to promote mutual trust, reduce misunderstanding, and achieve mutual benefits through candid and in-depth dialogue so as to overcome common challenges.
Lombard Odier is continuing to bet on Chinese equities, despite the recent souring of global investment sentiment towards the country, saying that it still expects the country to outperform developed markets. “We believe China will outperform in the second half after a period of underperformance, as companies deliver superior earnings growth for the full year relative to their developed market counterparts,” it wrote in its latest investment strategy report for private clients. Its outlook contrasts with the growing trend among asset allocators to abandon their overweight positions towards China having been disappointed by the failure of the reopening rally to sustain itself for as long as had been hoped.
Chinese State Councilor Shen Yiqin met with a foreign delegation led by Thomas Wagner, honorary president of the Swiss-Chinese Association and winner of the Chinese Government Friendship Award. Shen spoke highly of Wagner and the Swiss-Chinese Association for their positive contributions to the development of the China-Switzerland friendship. Shen said it is hoped that the two sides, guided by the jointly cultivated China-Switzerland spirit of “equality, innovation and mutual benefit” in cooperation, will seize the new opportunities of China’s modernization drive and promote people-to-people and cultural exchanges under the framework of the China-Switzerland innovative strategic partnership. Wagner said the Swiss-Chinese Association is willing to act as a bridge to promote economic development, cultural exchanges and local cooperation further between Switzerland and China.
Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank’s takeover by rival UBS, said two people with direct knowledge of the matter. Citigroup had at one point shown interest in acquiring Credit Suisse Securities China (CSS), they added. Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China. It had hoped to fast-track development via an acquisition but decided to stick to its original plan to grow the business organically, said one of the people.
On June 5, 2023, it was reported that UBS Group AG had significantly increased its stake in I-Mab, a Chinese biotech company. In fact, the investment bank had boosted its ownership of IMAB shares by an impressive 390.4% during the fourth quarter of the previous year. According to filings made with SEC, UBS Group AG currently holds almost 550,000 shares of I-Mab—543,472 to be precise. This is after the Swiss firm purchased an additional 432,657 shares during the said period. At the time of filing in Q4 2022, these equities were valued at a noteworthy $2,272,000.
DKSH’s Business Unit Performance Materials, a leading distributor of specialty chemicals and ingredients, will provide business development, marketing, sales, logistics, and distribution services for Ingredi’s range of natural actives for the personal care industry in South China. Based in Yunnan, China, Ingredi is an integrated solutions provider, including R&D, production, and marketing of natural raw materials obtained from the biological resources of the Pan-Himalayan region, for the personal care industry. Ingredi’s molecular adsorption technology and freeze-drying process give their products outstanding anti-inflammation effectiveness and an impressive soothing effect at low concentrations. DKSH was chosen to further increase the market potential for Ingredi’s range of personal care products and assist with R&D, new product development, and patent application. This is thanks to DKSH’s extensive distribution network, knowledgeable commercial and technical teams, strong capabilities in logistics, and value-added services, including technical and regulatory expertise.