ABB has completed the divestment of all its shares in two Shanghai-based Electrification joint ventures, Shanghai ABB Breakers Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. to holding subsidiaries of Shanghai Guangdian Electric Group (SGEG), ABB’s joint venture partner in the two companies. Financial details have not been disclosed. Tarak Mehta, President of ABB’s Electrification business, said: “The completion of this divestment reduces the complexity of the Electrification business in China and improves our focus in this key market. It is a significant step forward in ABB’s ongoing strategy of active portfolio management.” ABB acquired a 60% stake in the two joint ventures as part of the GE Industrial Solutions acquisition in 2018. With the sale now complete, SGEG now owns the two Shanghai companies. ABB and SGEG will continue to operate as long-term partners via a multi-year mutual supply agreement.
Walking along the antique pathways in Shanghai Yu Garden, the brand-new Swatch concept store under traditional classical architecture jumps into sight around the corner. The wave point element and the simple modern design of the store blends with the classic Chinese style of Yu Garden, igniting unique sparks of creativity. On November 26th, the Swiss fashion watch brand Swatch opened its concept store in Shanghai Yu Garden with a new collection unveiled during the opening event. In a cooperative effort with local artist Wu Mengyu, the new Swatch X You customization collection in a Chinese traditional style has been launched. Since its founding, Swatch has had a strong connection with art. The artwork was inspired by Yu Garden, connecting the contrast of modern playfulness and classic elegance with daytime and nighttime. This innovative cooperation offers more opportunities for consumers to freely express their own personalities via Swatch customization styles that allow them to design online.
The Zurich and Singapore based FinTech Incubator & Accelerator F10 has signed a Memorandum of Understanding with the Chinese Zheshang Venture Capital Company Ltd to create more opportunities for investment and Startup development within the F10 ecosystem at the “Zurich Lake – West Lake” forum for FinTech and Wealth Management. The event brought highly ranked representatives of government, banking and FinTech as well as academia from Switzerland and China together to discuss economic and cultural exchanges. The goal of this MOU signed at the “Zurich Lake – West Lake” FinTech and Wealth Management Forum in December 2019 is the establishment of an exchange mechanism to create opportunities for investment and the development of Startups within the F10 ecosystem. The memorandum includes the exploration of global markets between Chinese venture capital companies and Swiss multinational companies in the canton of Zurich.
The Swiss Tobacco brand, Davidoff has now launched a Hong Kong flagship inside the luxury retail complex; The Landmark. The 580sq ft outlet is significantly larger than the brand’s previous space. The original outlet was the brand’s third best-selling cigar outlet internationally and accounted for over twenty-five percent of the brand’s Asian sales. “We are delighted to relocate our new flagship store in Hong Kong,” said Davidoff Asia MD Laurent de Rougemont. “The challenge in designing this unique cigar shop was to preserve the company’s history but to continue our mission to delight and surprise our customers worldwide by delivering unique brands and unrivaled retail experiences.” “This enlarged new flagship store continues the Davidoff legacy of an inspiring place where aficionados can find exceptionally crafted Discovery Series cigars from different regions, as well as the complex tasting profile of Winston Churchill Collection,” said Davidoff Hong Kong regional manager and store manager Charles Lim.
Switzerland enjoys a good reputation worldwide for its exquisite products and financial hubs. Global Times reporter Lu Wenao had a chance to speak with Nicolas Bideau – head of Swiss Presence, a promotional arm under the Swiss Foreign Ministry – on multiple topics such as Switzerland’s experience in maintaining its national image and his thoughts on bilateral cooperation with China. Mr. Bideau stated, “The image of Switzerland is very cliché. When you ask a random Chinese what Switzerland is, he or she will tell you about the chocolate, the mountains, the banks and so on. But we are not only that. We are a nation which is very innovative. If you have a look at the innovation index, we are at the top, we do have very powerful high schools, universities and so on. I’m always trying to find enterprises that could give a face to the digital part of the innovative product of Switzerland because they provide a different image of Switzerland. We do have a lot of research on innovation, but we have a small market. This is the big difference with China. China has innovation and a big market, meaning that you can fulfill all the line from the research till the product.”
Novartis is exiting drug discovery at its Shanghai site and shifting its focus to drug development, saying accelerating approvals in China are pushing the Swiss company to dedicate the operation’s resources to getting its medicines to market. The move marks an about-face from just three years ago, when Novartis had christened the USD 1 billion campus as its Chinese hub for early-stage research. About 150 of the more than 1,000 Shanghai staffers will lose their research jobs, while Novartis plans to add 340 new positions to develop up-and-coming drug prospects over the next four years, a period in which it expects to file 50 new drug applications with China’s regulator. The changes, first reported by website Fierce Biotech, were confirmed by Novartis, which said Shanghai’s role in coming up with new molecules would now be replaced by developing drug prospects, including early clinical development and trials, for the fast-growing Chinese market.
Roche is aiming to develop medicines ‘in China for China and the world’, Swiss pharmaceutical giant Roche Group – which established the first foreign-funded research and development center in Shanghai in 2004 and was the first multinational enterprise in Shanghai Zhangjiang Hi-Tech Park in 1994 – announced the completion of a new innovation center in the city on October 21st. Representing an investment of CNY 863 million (USD 122 million), the innovation center focuses on research and early development of innovative drugs for immunology, inflammation and infectious diseases, and will further bring China’s R&D to the world stage by developing innovative drugs to meet patients’ unmet needs. In an interview with China Daily, Severin Schwan, CEO of Roche Group, said that as always, China plays a vital role in Roche’s global strategy, and with this center, it is committed to making Shanghai the third strategic global center of Roche following Basel, Switzerland, and San Francisco, the United States.
Swiss pharmaceutical company Novartis and China’s internet giant Tencent jointly announced the official launch of an online long-term disease management platform for heart patients during the ongoing China International Import Expo on Wednesday. The platform called “AI”, representing care for the heart in Chinese, covers daily health indicator monitoring and health condition assessment through voice and image recognition and interaction as well as access to personalized information, and lies inside WeChat as a mini program, the developers said. It is the country’s first of such online AI-powered platform providing disease management for heart patients, the companies claimed. Official figures showed that there are at least 10 million patients with heart diseases in China, and medical experts said that around 50 percent of the patients die within five years after being diagnosed.
China Pacific Insurance (Group) Co. is in talks to invest at least USD 2 billion for a stake in Swiss Re AG as it seeks to build partnerships overseas, according to people familiar with the matter. Swiss Re would also spend USD 500 million to USD 1 billion for a minority stake in China Pacific as part of the deal, the people said, asking not to be identified because the information is private. Discussions are at an advanced stage and an agreement may be reached soon, though talks could still be delayed or fall apart, the people said. Swiss Re said in a statement it has been exploring a potential investment in a sale of new securities by China Pacific. No definitive agreements have been reached, and a deal would depend on factors including whether China Pacific decides to proceed with the offering, according to the statement.
ABB is to acquire a majority stake of 67 percent in Shanghai Chargedot New Energy Technology Co., Ltd. (“Chargedot”), a leading Chinese e-mobility solution provider. The transaction is expected to be completed in the coming months and ABB has the possibility to increase its stake further in the next three years. Since its establishment in 2009, Shanghai-based Chargedot has made a significant contribution to the uptake of electric vehicles in China. The company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers, EV charging network operators and real estate developers. It has approximately 185 employees and its other shareholders among others include Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC. Chargedot is a natural fit for ABB, which as a global leader in sustainable transportation infrastructure, already offers solutions from grid distribution to charging points for cars and trucks, as well as for the electrification of ships, railways, trams, buses and cable cars.