Hong Kong-listed B2B online trading group HC International will move its headquarters and more than 1,000 employees from Beijing to Huizhou’s Daya Bay, it announced. The move is expected to inject nearly RMB76.5 billion per year into the local economy, with a tax contribution of RMB730 million annually.
Focused on a new technology park projects, HC International (2280.HK) is expecting to lower its cost base while it expands its reach into the country’s third- and fourth-tier cities. The company is of a similar nature to e-commerce giant Alibaba, in that it helps traditional businesses get online. It did RMB10 billion of turnover last year, but its stock has been underperforming as profit margins have been steadily narrowing.