Hangzhou – a first class city for business
Hangzhou is year after year one of the top provincial capitals in China with the largest GDP. In the first three quarters of 2024, marking a 4.5-percent year-on-year growth. Hangzhou’s GDP reached 1.52 trillion yuan ($213.6 billion).
Among the world’s top 500 corporations, eight are in Hangzhou. Moreover, Hangzhou are home to over 300 listed companies, all headquartered in the city. This makes Hangzhou the 4th city, only Beijing, Shanghai and Shenzen have nore.
Hangzhou also dominates the 2024 Top 500 Chinese Private Enterprises list with 36 companies.
Some of the Top 500 multinational companies are established in the city.
VisitHangzhou.com proudly present below two companies whose founders we have met in Hangzhou.
Alibaba.com
One of the most famous companies on the Internet, but also worldwide, is the e-commerce giant Alibaba.com. The largest e-commerce company in the world. The CEO Jack Ma and his team of 18 founders created the company in March 1999. To get a 40 percent stake in Alibaba.com in 2005 the US company Yahoo paid $1 billion plus that Alibaba took over the search engine Yahoo, China.
www.alibaba.com
Songcheng Group
The Chairman of the Songcheng Group Huang Qiaoling and Leif Almo, founder of VisitHangzhou.com and Scandnet AB/Ltd, Sweden.
The first private tourist corporation of Zhejiang Province is the Songcheng Group evolving from Hangzhou Worldland & Real Estate Co. Ltd, founded in 1994. Today a cultural landmark. Now it has developed into a large-scale enterprise group with headquarter in Hangzhou, comprising of 30 Holding and Share companies, with the total assets of 70 billion yuan (2021). Songcheng Performance Development Co. has established 10 large tourism resorts and 74 theatres of various kinds with 175.000 seats.. Another project is the World Leisure Expo Park.
When you are visiting Hangzhou – don’t miss the Song Dynasty Town and their world class “The Romantic show of Song Chen”. Also “little Venice” is a top spot to visit where you also can take a ride with a gondola.
Chairman of the Songcheng Group is another successful and famous businessman – Huang Qiaoling. https://www.songcn.com/index_en.shtml
The top 5 “Kunpeng* Companies” in Hangzhou
Companies who receive the title are large companies that are seen as making significant contributions to society Hangzhou’s economic development.
Based on the companies revenue the top 5 are ranked and rated below:
Six-star Kunpeng companies (Revenue of over 200 billion yuan -$28.83 billion)):
1. Alibaba Group
Five-star Kunpeng companies ( Revenue of over 100 billion yuan)
1. Zhejiang Hengyi Group
2. Zhejiang Geely Auto Group
Four-star Kunpeng companies (Revenue of over 50 billion yuan)
1. Hangzhou Hikvision Digital Technology Co Ltd
2. NetEase (Hangzhou) Network Co Ltd
* Kunpeng, in Chinese mythology, is a giant bird that also can turn into a huge fish.
Business Etiquette
Visithangzhou.com gives here some advices that can be the key to success for those who intend doing business in China and in Hangzhou:
Entering a meeting
It can happen when you entering a room that your hosts greeting you by clapping. You can respond the greetings by clapping also. It’s common that in the conference room there is one large table in the centre, or tables put in a square. As the system in China is very hierarchical you can be sure that the person who is entering the room first and placed at the middle of the long side of the table has the highest rank. Let your host or his assistants suggest how you will be seated, but the head of your group will always be placed in front of the host.
Dress code
If you are visiting China on business, smart clothing is a must. Suit and tie have become the common business dress code but do not wear anything too noticeable, as that might offend. Conservative casual wear is acceptable when you are not in a business meeting. In the wintertime (see below) it can be very cold in Hangzhou so a warm coat is recommended.
Business Cards
With business card translated into Chinese on one side, and in English on another, you will always have a good start at a meeting.
When you hand over your card, with the Chinese side upwards, hold it in both hands and bow slightly. When you receive the other person’s card give a polite comment before you put it with care in your business card box. Don’t forget to bring quite a lot of business cards with you!
Business and Banking hours
In most offices, also government ones, the working hours are Monday-Friday 9 a.m. to 5:30 p.m.
Banks are normally open Monday to Friday from 9 a.m. to 5:30 p.m. Some banks are open also on Saturdays and Sundays from 10 a.m. to 4 p.m.
Be aware of that some banks are closing for exchange of currency and traveller cheques one hour before the ordinary closing time.