Alibaba, Tencent among firms to set up branches in China’s new Xiongan zone

HONG KONG (Reuters) – Chinese e-commerce firm Alibaba, tech giants Tencent and Baidu all plan to set up branches in China’s new Xiongan economic zone, the official Xinhua News Agency said on Thursday.

President Xi Jinping in April announced the launch of the Xiongan New Area, aiming to match the success of zones in Shenzhen and Shanghai that helped make China an economic powerhouse.

The first group approved by the Xiongan management committee is made up of 48 companies, Xinhua said.

Of those, 14 are leading Chinese information technology firms, 15 are in the finance sector, seven are research institutes, while five focus on green technology.

Jingdong Finance, 360 Qihoo, Shenzhen Kuang-Chi, State Development & Investment Corporation, China Telecom, and People’s Insurance Company (Group) of China Ltd. (PICC) are also on the list, Xinhua reported.

(Reporting by Meg Shen; Editing by Adrian Croft)