Famous Chinese Bicycle Brands Investing in Factories in Indonesia

In January this year, China's famous bicycle brand Shanghai Phoenix announced that the company's wholly owned subsidiary Shanghai Phoenix Bicycle Co., Ltd. intends to invest RMB 29 million yuan, to set up a subsidiary in Hong Kong, and by the Hong Kong subsidiary in Indonesia to invest in the establishment of a wholly owned subsidiary of PT.Phoenix Bicycle Indonesia, with a registered capital of RMB 28 million yuan.Phoenix Indonesia is mainly engaged in the production and sales of bicycles, strollers and electric bicycles, with an annual production capacity of about 1.4 million units. Building a factory in Indonesia not only reduces the trade risk, but also deeply integrates into the market of the "One Belt, One Road" countries through localized production, creates jobs for the local community, and at the same time realizes the change of the enterprise's role from a trader to an investor.