The Baoneng Group (legal name Baoneng Investment Group Co., Ltd.) is a Chinese property and financial services conglomerate controlled by Chinese billionaire Yao Zhenhua , China's 52nd-wealthiest person as of August 2020.
108-605: The first predecessor of Baoneng was established in 1992 when Yao Zhenhua, taking advantage of the Shopping Basket Programme, set up a vegetable supplying and selling operation in Shenzhen which became one of the largest Shenzhen providers. In 1997, the operation was incorporated as Shenzhen Xinbaokang Vegetable Industries Co., Ltd., later renamed as Shenzhen Xinbaokang Industrial Development Co., Ltd. before adopting its current name in 2000. In 2003, Baoneng took
216-650: A 24 percent stake and Chery with a 25 percent stake. Later in January 2019, Kenon Holdings transferred the 12 percent stake of its 24 percent stake in Qoros to Baoneng Investment Group for RMB 1.56 billion yuan ($ 230 million). Baoneng owns 63 percent of Qoros, Kenon Holdings owns 12 percent of Qoros, and Chery Automobile continues to own 25 percent after the deal. As of January 2020, Baoneng Investment Group purchased PSA ’s assembly plant operated by Changan PSA in Shenzhen,
324-405: A cooperation agreement with Magna Steyr . In June 2010, Qoros relocated its production plant to Changshu Economic & Technological Development Zone following an in-depth appraisal. In October 2011, construction of the first prototype was completed. A formal unveiling ceremony was held at Changshu , Jiangsu Province, China. In 2013, Qoros unveiled a sedan atop a brand-new platform at
432-545: A copy of the civil complaint, evidence materials, and a response notice were served to Yao Zhenhua. On March 22, Baoneng Group responded that the news was untrue and disclosed that Yao Zhenhua had inspected the Baoneng Automobile Shenzhen factory on March 21; the court's official website also deleted the notice. And Qoros Auto under the Baoneng Group has also seen rights protection. In May 2022,
540-479: A growth of about 30% annually for several years. In 2012, Baoneng Group set up Qian Hai Life Insurance Co., Ltd., entering into the finance business. In 2015, Baoneng, through its subsidiaries Shenzhen Jushenghua Corporation and Qian Hai Life Insurance, attempted an hostile takeover of public (although de facto state-controlled) rival Vanke . In July 2015, Baoneng acquired an initial 5% of Vanke, raising it to 15.25% by November, surpassing SOE China Resources as
648-413: A high urban population make Shenzhen a large port megacity . The logistics industry accounts for around 10.1 percent (178.27 billion RMB) of the city's nominal GDP in 2015, which was an increase of 9.4 percent. Shenzhen Port's first foreign trade blockchain cargo release platform was launched recently. Shenzhen had prioritized the cultural industry in according to the 13th Five-Year Plan, establishing
756-651: A hub for technology, international trade, and finance. Shenzhen is the home to the Shenzhen Stock Exchange , one of the largest stock exchanges in the world by market capitalization and the Guangdong Free-Trade Zone . Shenzhen is ranked as an Alpha- ( global first-tier ) city by the Globalization and World Cities Research Network . Its nominal GDP has surpassed those of its neighboring cities of Guangzhou and Hong Kong and
864-647: A huge influx of refugees trying to escape to Hong Kong from the upheavals that were occurring in mainland China , and a range from 100,000 to 560,000 refugees resided in the county. In January 1978, a Central Inspection Team sent by the State Council investigated and established the issue of creating a foreign trade port in Bao'an County. In May, the investigation team wrote the "Hong Kong and Macao Economic Investigation Report" and proposed to turn Bao'an County and Zhuhai into commodity export bases. In August 1978,
972-544: A loan of 1.6 billion yuan being overdue. Since then, Great Wall Assets has invested in the acquisition of the non-performing assets, Baoneng's liquidity pressure has been temporarily relieved.。 At the beginning of 2021, news of layoffs, wage arrears, suspension of social security payments, and arrears of payments to suppliers began to spread from Baoneng Group, mainly concentrated in the Baoneng Fresh and Baoneng Automobile sectors, which expanded rapidly but failed to make
1080-414: A majority stake in the state owned enterprise (SOE) Shum Yip Logistics, which led to Baoneng taking control of land and other properties, allowing it to gain an advantage on the expanding Chinese property market. In 2005, the company built Shenzhen Baoneng All City, a mix of residential and commercial facilities which became a success. By 2009 the company launched similar ventures throughout China, achieving
1188-821: A new energy vehicle project with an annual output of 300,000 vehicles, marking Baoneng's entry into the automotive industry. In December of the same year, Baoneng Group acquired 51% of the shares of Qoros Auto for 6.63 billion yuan and became its controlling shareholder. In the early days of Baoneng's takeover of Qoros, sales showed an upward trend. In the same month, Baoneng Group's 30 billion new energy vehicle industrial park in Guangzhou started construction. In 2019, Baoneng Group once again acquired 12% of Qoros Auto's shares for 1.56 billion yuan, increasing its shareholding ratio to 63%. However, from 2019 to 2021, Qoros Auto's annual sales fell from 22,700 vehicles to 5,200 vehicles.。 In April 2017, Baoneng Department Store Retail Co., Ltd.
SECTION 10
#17327875499591296-523: A population of 30,000. In May 1980 the Central Committee designated Shenzhen as the first SEZ in China, which was promoted by then- paramount leader Deng Xiaoping as part of China's reform and opening-up . Its objective is to be an experimental ground for the practice of market capitalism within a community guided by the ideals of socialism with Chinese characteristics . On 26 August,
1404-497: A profit. The outside world believes that there are risks in the operation of Baoneng Group. The problem of wage arrears later spread to other business sectors, and the group's employees were also reduced by 20%. Since 2021, the Luohu District Human Resources Bureau of Shenzhen has issued several penalty decisions to Baoneng Group. The reason is that Baoneng Group failed to pay employees' arrears in
1512-430: A southern Chinese city where PSA builds DS models. Changan PSA is a 50-50 joint venture between PSA Group and Chinese automaker Changan Automobile . Changan sold its 50-percent share in the joint venture with PSA to Baoneng for 1.63 billion yuan ($ 234 million). By September 2020, Qoros 7 , the first model of Qoros under Baoneng Investment Group's control was launched. The model was also the flagship model of Qoros, as it
1620-691: A sub-provincial city, the National People's Congress (NPC) in 1981 granted legislative powers to Shenzhen and other Special Economic Zones, giving the city the privilege to make its own laws and regulations. The Standing Committee of the NPC also granted Shenzhen voted and passed the "Decision on Authorizing the Shenzhen Municipal People's Congress and its Standing Committee and the Shenzhen Municipal People's Government to respectively formulate laws and regulations for implementation in
1728-453: A timely and full manner in accordance with the law, and failed to correct the situation after being ordered by the labor and social security department. Earlier in 2019, Yao Zhenhua, chairman of the Baoneng Group, asked the Baoneng Group to "transform itself" and put forward the strategy of "Manufacturing Baoneng, Technology Baoneng, and People's Livelihood Baoneng", but the progress was not smooth. On June 30, 2021, Dagong International adjusted
1836-459: A total execution amount exceeding 960 million yuan. In addition, there are multiple pieces of information on dishonest persons subject to execution, consumption restriction orders and finalized cases, with a total amount of non-performance exceeding 420 million yuan. Sales in China commenced in December 2013, and by the first four months of 2014 the company had sold 1,490 Qoros 3 cars. The sedan
1944-595: Is considered the paradigmatic example of the 1980s approach to urbanization. In December 1990, under the authority of the China Securities Regulatory Commission , the Shenzhen Stock Exchange was established to provide a platform for centralized securities trading. In February 1992, the Standing Committee of the NPC granted the government of Shenzhen the power to make local laws and regulations. In 1996 and early 1997,
2052-423: Is dry. The annual precipitation averages at around 1,933 mm (76 in), some of which is delivered in typhoons that strike from the east during summer and early autumn. Extreme temperatures have ranged from 0.2 °C (32 °F) on 11 February 1957 to 38.7 °C (102 °F) on 10 July 1980. Like all governing institutions in mainland China , Shenzhen has a parallel party-government system, in which
2160-653: Is expected that within 3 to 4 months, the return of about 20 billion yuan will be completed.。 On March 17, 2022, the Guangzhou Intermediate People's Court announced in a notice that it had accepted a case involving a financial loan contract dispute between the Guangzhou Bank Co., Ltd. Development Zone Branch (the plaintiff) and the defendants Yao Zhenhua, Guangzhou Baoshi Logistics Co., Ltd., Baoneng Group, and Jushenghua. The notice stated that Yao Zhenhua's "whereabouts are unknown" and that
2268-518: Is intended to represent quality, and the whole name to echo the Greek chorus , a collective voice in plays and music, reflecting the multinational nature of the company. It was founded as a joint venture between Chery and Israel Corporation in December 2007 under the name Chery Quantum Automotive Corporation (CQAC); the name was changed to Qoros Auto Co., Ltd. in November 2011. The establishment of
SECTION 20
#17327875499592376-704: Is now Dongguan city, although a military garrison remained. During the Song dynasty , Nantou and the surrounding area became an important trade hub for salt and spices in the South China Sea . The area then became known for producing pearls during the Yuan dynasty . In the early Ming era, Chinese sailors of a fleet would go to a Mazu temple in Chiwan (in present-day Nanshan District ) to pray as they go to Nanyang ( Southeast Asia ). The Battle of Tunmen , when
2484-542: Is now among those of the cities with the ten largest economies in the world. Shenzhen also has the eighth most competitive and largest financial center in the world, the seventh-most Fortune Global 500 headquarters, fifth-highest number of billionaires , the second largest number of skyscrapers , the 19th largest scientific research output , and several higher education institutions , including Shenzhen University , Southern University of Science and Technology , and Shenzhen Technology University . Shenzhen railway station
2592-708: Is part of the 21st Century Maritime Silk Road that runs from the Chinese coast south to the tip of India via the Suez Canal to the Mediterranean, there to the Upper Adriatic region to the northern Italian hub of Trieste with its rail connections to Central Europe and the North Sea . As of August 2023, Shenzhen has the seventh-most Fortune Global 500 headquarters of any city in the world and
2700-532: Is set against the backdrop of the classic novel, Journey to the West . Qoros Auto Qoros Auto Co., Ltd. was a Chinese automotive manufacturing company headquartered in Shanghai , China. Its principal activity was the design, development, production and sale of passenger cars sold under the Qoros marque. It was founded as a joint venture between Chery and Israel Corporation in December 2007 under
2808-545: Is the third most populous city by urban population in China after Shanghai and Beijing . The Port of Shenzhen is the world's fourth busiest container port . Shenzhen roughly follows the administrative boundaries of Bao'an County , which was established in imperial times. After the Opium Wars , the southern portion of Bao'an County was occupied by the British government and became part of British Hong Kong , while
2916-509: Is the largest model offered by Qoros up to date. In January 2021, Baoneng Group took over 63% of the shares in Qoros, leaving Chery with 25% and Kenon Holdings with just 12%. As the parent company Baoneng Group began to report financial problems in 2021, Qoros Automobile was also announced by the Anhui Province Wuhu Economic and Technological Development Zone People's Court to auction production line equipment at
3024-406: Is the third original model of automobile from the Chinese manufacturer Qoros Auto, under the control of Baoneng Investment Group at the time. At the 2014 Geneva Motor Show, Qoros displayed a concept electric bicycle called the eBIQE. The Qoros 2 was first displayed at the 2015 Geneva Motor Show as a concept plug-in hybrid SUV. At the 2018 Beijing Auto Show, Qoros displayed a concept GT called
3132-562: Is to be joined by a hatchback version in July 2014. By August 2014, Qoros had sold 2,540 cars. Qoros is not expected to make a profit in the early years, "as is usual for beginning companies." The total sales for 2014, the company's first year of operation, was under 7,000 cars, far below its planned capacity for 150,000 cars. This led to a change in senior management, including the chairman Guo Qian replaced by Chery deputy president and Jaguar Land Rover board chairman Chen Anning. In February 2015,
3240-564: The 2011 Summer Universiade and the China Hi-Tech Fair. A large portion of Shenzhen's population are migrants from all over China, and the city's population structure skews younger than most places in China. The earliest known recorded mention of the name chen could date from 1410, during the Ming dynasty . Locals call the drains in paddy fields "Zhen" ( Chinese : 圳 ; lit. 'ditch', 'drain'). Shenzhen
3348-683: The 26th Universiade , an international multi-sport event organized for university athletes. In April 2015, the Shekou Industrial Zone and the Qianhai Zone were integrated within the newly established Guangdong Free-Trade Zone . On 18 August 2019 the central government in Beijing unveiled reform plans covering economic, social, and political sectors of Shenzhen, labeling Shenzhen a pilot demonstration zone for socialism with Chinese characteristics. Shenzhen roughly follows
Baoneng Group - Misplaced Pages Continue
3456-674: The CCP Committee Secretary , officially termed the Chinese Communist Party Shenzhen Municipal Committee Secretary, outranks the Mayor. The CCP committee acts as the top policy-formulation body, and is typically composed of 12 members (including the secretary). Despite being a sub-provincial city , Shenzhen as a SEZ still wields a lot of autonomy from the central government. In addition to being promoted to
3564-560: The Eastern Jin administration split up Nanhai and established a new Dongguan Commandery [ zh ] (东官郡). The seat of both the commandery and Bao'an County, one of its six counties, was located around the modern town of Nantou. In 590, the Sui administration merged the region back into Nanhai. In 757, the Tang administration renamed the county Dongguan, and moved its seat to what
3672-750: The Huiyang District Committee reported to the Provincial Committee on the "Report on the Request for the Change of Bao'an County to Shenzhen". On 18 October, the Standing Committee of the Guangdong Provincial Party Committee decided to change Bao'an County into Bao'an City and to turn it into a medium-level prefecture-level city with a foreign trade base. The Huiyang District Committee and
3780-639: The Lo Wu Bridge in Shenzhen, though this was detonated by the British, preventing the Japanese from entering Hong Kong. In 1953, four years after the founding of the People's Republic of China , the Bao'an County government decided to move to Shenzhen, since the town was closer to the KCR and had a larger economy than Nantou. From the 1950s to the end of the 1970s, Shenzhen and the rest of Bao'an County oversaw
3888-478: The Pearl River Delta , bordering Hong Kong to the south, Huizhou to the north and northeast, Dongguan to the north and northwest. Lingdingyang and Pearl River to the west and Mirs Bay to the east and roughly 100 kilometres (62 mi) southeast of the provincial capital of Guangzhou . As of the end of 2017, the resident population of Shenzhen was 12,528,300, of which the registered population
3996-631: The Shenzhen Guesthouse Hotel in Shenzhen was home to the Provisional Legislative Council and Provisional Executive Council of Hong Kong in preparation for the handover of Hong Kong in 1997. By 2001, as a result of Shenzhen's increasing economic prospects, increasing numbers of migrants from mainland China chose to go to Shenzhen and stay there instead of trying to illegally cross into Hong Kong. There were 9,000 captured border-crossers in 2000, while
4104-632: The Standing Committee of the National People's Congress (NPC) approved the "Regulations of the Guangdong Special Economic Zone." In March 1981 Shenzhen was promoted to a sub-provincial division . There were plans for Shenzhen to develop its currency, but the plans were shelved due to the risk and the disagreement that a country should not be operating with two currencies. To enforce law and order in
4212-781: The Yantian International Container Terminals , the Chiwan Container Terminals, the container terminals of the Shekou Industrial Zone , the China Merchants Port , and Shenzhen Haixing . The Port of Shenzhen is therefore capable of handled a record volume of containerization . With rising trade increased cargo shipments in 2005, the container port was ranked as the world's fourth-busiest container port . High port traffic levels combined with
4320-553: The death penalty with a two-year reprieve for accepting bribes up to US$ 5.4 million. Shenzhen has direct jurisdiction over nine administrative Districts and one New District : Shenzhen was originally Bao'an County . On 5 March 1979, the State Council of the People's Republic of China dissolved the county and set up the city of Shenzhen in its place initially with six districts: Luohu ( 罗湖 ), Nantou ( 南头 ), Songgang ( 松岗 ), Longhua ( 龙华 ), Longgang ( 龙岗 ), and Kuiyong ( 葵涌 ), with
4428-558: The "Regulations on Vigorously Developing Foreign Trade to Increase Foreign Exchange Income" and agreed to pilot the first special economic zones (SEZ) in Shenzhen, Zhuhai, Shantou, and Xiamen . In November, Shenzhen was elevated to the status of prefecture-level city at the regional level by the Guangdong provincial administration. Hundreds of small villages nearby, such as Yumin Cun, were incorporated into Shenzhen. In 1980, Shenzhen had
Baoneng Group - Misplaced Pages Continue
4536-556: The "empty building" was a misunderstanding.。Qoros 4S stores in other places are basically selling off vehicles or shutting down. A large number of dealers have withdrawn, and a few are planning to withdraw from the network.. In addition, in April 2022, the government removed the investment registration information of two investment projects established by Baoneng Automobile in Kunming because they had not started construction for two years.. At
4644-536: The 2013 Shanghai Auto Show called the Qoros 3 . The car marked the brand's entry into the market with modern features and Euro NCAP safety certification. In 2017, Qoros announced a hiatus to retail Qoros vehicles throughout Europe. However, they are looking into South America as a promising market. As of early 2018, private Chinese conglomerate Baoneng Investment Group had acquired a 51 percent stake in Qoros, leaving Singaporean investment company Kenon Holdings with
4752-505: The Bao'an County Committee, however, defended the change to rename Bao'an County to Shenzhen, claiming that people in the world know more about Shenzhen and its port than they know about Bao'an County. On 23 January 1979, the Guangdong provincial administration and the district of Huiyang announced their proposal to rename Bao'an County to Shenzhen and was approved and put into effect by the State Council on March 5 of that year. Also,
4860-481: The Baoneng Automobile Xi'an base to return the real estate certificate, and later declared it cancelled for not returning it within the prescribed time limit. As of July 18, 2023, the total amount of execution of Baoneng Group exceeded 41.7 billion yuan, Yao Zhenhua was restricted from high consumption. On July 31, Yao Zhenhua was attacked by an employee who was owed wages in the park and was knocked to
4968-458: The Baoneng Group acquired a 63% controlling stake in the automobile maker Qoros . Chery took a 25% and Kenon Holdings the remaining 12%. That same year, the Baoneng Group set up the subsidiary Baoneng Motor to manage its automotive business. Baoneng launched projects to build new energy vehicle plants in Kunshan , Xixian , Kunming , Hangzhou , Xi'an , and Guangzhou . In January 2020,
5076-408: The Baoneng Group agreed to acquire the assets of Changan PSA from stockholders Changan Auto and Groupe PSA through its wholly owned subsidiary Shenzhen Qianhai Ruizhi Investment. In May 2020, after the transaction was completed, Changan PSA was dissolved and its facilities renamed as Shenzhen Baoneng Motor Co., Ltd. The vice president of the Baoneng Group, Sun Li, became the legal representative of
5184-551: The China International High-tech Achievements Fair, which showcases high-tech products and provides for dialogue and investment for high-tech. As a result, Shenzhen is dubbed by media outlets as "China's Silicon Valley " or the "Silicon Valley of Hardware" for the world. Shenzhen is home to a number of large financial institutions, such as China Merchants Bank and Ping An Insurance and its subsidiary Ping An Bank . Since
5292-629: The Guangzhou People's Intermediate Court charged former Shenzhen Deputy Mayor Wang Ju with bribery and abuse of power and sentenced him to 20 years in prison. In June 2005, the Shenzhen People's Intermediate Court charged sentenced Luohu District Public Security Director An Huijun to 15 years in prison for accepting bribes. In May 2011, the Zhengzhou Intermediate Court sentenced former mayor Xu Zongheng to
5400-473: The Ming won a naval battle against invading Portuguese , was fought south of Nantou. To prevent a rebellion from Ming loyalists under Zheng Chenggong , better known as Koxinga, on the Chinese coast, the recently established Qing administration resettled coastal residents inland and re-organized coastal counties. As a result, Bao'an County lost two-thirds of its territory to the neighboring Dongguan and
5508-739: The Shandong Automobile Circulation Association issued a document stating that due to the closure of the Qoros Auto direct store in Jinan, the factory service phone number has been cancelled. The association has included the Baoneng Qoros Auto brand in the consumer blacklist and issued a consumer warning. On May 11, Baoneng responded that its headquarters had moved from Shenzhen Industrial Logistics Building to Shenzhen Baoneng Center, emphasizing that
SECTION 50
#17327875499595616-783: The Shenzhen Fashion Creative Industry Association (深圳市时尚文化创意协会) and planning the 4.6 square-kilometer Dalang Fashion Valley (大浪时尚创意城). On 7 December 2008, UNESCO approved Shenzhen's entrance into the Creative Cities Network , and awarded the Shenzhen the title of "United Nations Design Capital." Altogether, the cultural industry in turn contributes to 5.8 percent (102.116 billion RMB) of Shenzhen's economy in 2015. Shenzhen-based video game developer Game Science released Black Myth: Wukong , which achieved significant commercial success on its August 20, 2024 release. The game
5724-551: The Shenzhen Special Economic Zone" in order to give fully strengthen Shenzhen's legislative powers without interference from the central government. There were several cases of high-ranking Shenzhen officials that were arrested on charges relating to corruption. In December 2002, the Shenzhen People's Intermediate Court sentenced Zhao Yucun, former Commissioner of Shenzhen Customs, to life imprisonment for taking bribes of 9 million RMB . In November 2003,
5832-528: The State Council dissolved the "second line," and expanded the Shenzhen SEZ to include all districts, a five-fold increase over its pre-expansion size. On 26 August 2010, on the 30th anniversary of the establishment of the Shenzhen SEZ, the State Council approved the "Overall Development Plan for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone." In August 2011, the city hosted
5940-484: The State Council, Shenzhen re-organized Longhua New District as Longhua District and Pingshan New District as Pingshan District on 11 October 2016 and Guangming New District as Guangming District on 24 May 2018, therefore becoming their own jurisdictions. Shenzhen was the first of the Special Economic Zones (SEZ) to be established by then paramount leader Deng Xiaoping . Back to Apr 1979, Shenzhen
6048-536: The United Kingdom, and leased the New Territories from Xin'an to the United Kingdom for 99 years. Xin'an was briefly occupied by a British force under the command of Henry Arthur Blake , the governor of Hong Kong , for half a year in 1899. From the 3,076 square kilometres (1,188 sq mi) of territory that Xin'an held before the treaties, 1,055.61 square kilometres (407.57 sq mi) of
6156-471: The administrative boundaries of the historical Bao'an County . The southern portion of Bao'an County became part of British Hong Kong after the Opium Wars , while the village of Shenzhen was on the border. Shenzhen railway station was the last stop on the mainland Chinese section of the Kowloon–Canton Railway , and Shenzhen's economy grew and it became a city by 1979. Shenzhen is located within
6264-575: The announcement of its subsidiary Zhongju High-Tech, Baoneng Group announced a plan to resolve the liquidity crisis. The first is to accelerate the sale of six projects in Foshan, Guangdong, Shaoxing, Zhejiang, etc., with an estimated return of 4.792 billion yuan in the fourth quarter; in addition, Yao Zhenhua has publicly sold eight assets including Shenzhen Baoneng Center, logistics park assets, Qianhai project, etc., involving land, old town renovation, equity of financial enterprises and commercial complexes. It
6372-434: The area that is now Shenzhen over 600 years ago. The Hakka people also have a history in Shenzhen since 300 years ago when they first immigrated. In 214 BC, when Emperor Qin Shi Huang unified China under the Qin dynasty , the area was submitted to the jurisdiction of the established Nanhai Commandery , one of the three commanderies that were set up in Lingnan , and was assimilated into Zhongyuan culture. In 331 AD,
6480-448: The city limits with a total capacity of 525 million tonnes. Notable rivers in Shenzhen include the Shenzhen River , Maozhou River and Longgang River. Although Shenzhen is situated about a degree south of the Tropic of Cancer , due to the Siberian anticyclone it has a warm, monsoon -influenced, humid subtropical climate ( Köppen Cwa ) though it is fairly close to a Tropical one. Winters are mild and relatively dry, due in part to
6588-514: The city merged Shekou Management Area and Nantou Management Area to form the Nanshan District , renamed Shangbu Management Area to the Futian District , and merged Luohu Management Area and Shatoujiao Management Area to form the Luohu District . In December 1992, Bao'an County was dissolved again, with its area taken by Shenzhen and split into two new districts: Bao'an District and Longgang District , though economic privileges within special economics zones did not pertain to them as they were outside
SECTION 60
#17327875499596696-484: The city receives 1,853 hours of bright sunshine annually. The monsoon reaches its peak intensity in the summer months, when the city also experiences very humid and hot conditions. Despite this, extreme heat is rare, there are only 2.4 days of 35 °C (95 °F)+ temperatures. The region is prone to torrential rain as well, with 9.7 days that have 50 mm (1.97 in) or more of rain, and 2.2 days of at least 100 mm (3.94 in). The latter portion of autumn
6804-455: The city would establish six districts: Luohu , Nantou, Songgang, Longhua , Longgang and Kuiyong. On 31 January 1979, the Central Committee of the Communist Party approved a plan to establish the Shekou Industrial Zone in Shenzhen with the purpose "to lead domestic, overseas, and diversified operations, industrial and commercial integration, and trading" based on the systems of that of Hong Kong and Macau . The Shekou Industrial Zone project
6912-619: The city's establishment as a SEZ, a number of foreign banks had established offices in the city, including Citibank , HSBC , Standard Chartered , and Bank of East Asia . In total, the financial industry accounts for 14.5% of the city's nominal GDP in 2015 (254.282 billion RMB), which was a 15.9% increase over the previous year. By the end of 2016, the total assets of the financial industry amounted to 12.7 trillion RMB (banking industry assets were 7.85 trillion RMB, security companies assets were 1.25 trillion RMB, and insurance industry assets were 3.6 trillion RMB), making Shenzhen's financial industry
7020-440: The city, the Shenzhen government erected a border known as the second line ( Chinese : 二线关 ), which consisted of barbed wire and checkpoints between the city and the rest of China. Initially, the border control was relatively strict, requiring non-Shenzhen citizens to obtain special permissions for entering. Over the years, border controls have gradually weakened, and permission requirement has been abandoned. In January 1990,
7128-496: The city, the Shenzhen government erected barbed wire and checkpoints between the land borders of the main sections of the SEZ and the SEZ outskirts, as well as the rest of China, in 1983, which was known as the second line border. Much of Shenzhen's urban development in the 1980s focused in the area around the old border crossing and the market town. According to academic Richard Hu, whose research focuses on urbanization , in official discourses on urbanization in China , Shenzhen
7236-431: The company announced a new CEO, former General Motors' executive Phil Murtaugh . Murtaugh left the company after less than a year. Over 2015, Qoros sold 14,000 cars. In 2016, sales of Qoros cars increased by 70 percent, totalling 24,188 for the year. The company had planned to sell models in Europe, and piloted sales in Slovakia, but in April 2017 it formally announced that it had no plans to sell cars in Europe for
7344-545: The company took place during a peak time in the development of China's automotive industry, following the country's joining the World Trade Organization and amid a phase of rapid growth in vehicle production and sales. Qoros was established as a 50-50 joint venture between Chery and Kenon's subsidiary Quantum. Kenon later took over Quantum's stake, making the current partners Chery and Kenon Holdings , which controls Israel Corp's investment. Qoros opened an office in Shanghai in September 2008. In October 2009, Qoros signed
7452-645: The company was dissolved, the site still exists and supports after-sales service of vehicles. In May 2022, the Shandong Automobile Circulation Association issued a statement saying that due to the closure of the Qoros direct-sale store in Jinan and the cancellation of the factory service phone number, the association included the Baoneng Qoros Auto brand in the consumer blacklist and issued a consumer warning. On May 11, Baoneng responded that its headquarters had moved from Shenzhen Industrial Logistics Building to Shenzhen Baoneng Center. As of July 12, 2023, Qoros has information on hundreds of persons subject to execution, with
7560-404: The county was ceded to the British. In response to the Wuchang Uprising in 1911, Xin'an residents rebelled against the local Qing administration and successfully overthrew them. In the same year the Chinese section of the Kowloon–Canton Railway (KCR) was opened to the public. The last stop on the Chinese side was Shenzhen railway station , helping the town's economy and opened Shenzhen up to
7668-405: The deferred repayment plan. In the future, it will implement debt repayment funds through the disposal of some assets, strategic focus on reducing expenses and other plans. It is expected that all repayments of related wealth management products and trust plans will be completed before the end of 2021. . Entering October, the debt situation of Baoneng Group companies further deteriorated. According to
7776-410: The economic output of Shenzhen the third largest out of Chinese cities, trailing behind Shanghai and Beijing . In addition, Shenzhen's GDP growth between 2016 and 2017 of 8.8% surpassed that of Hong Kong and Singapore , with 3.7% and 2.5% respectively. With a market capitalization of US$ 2.5 trillion as of 30 November 2018, the Shenzhen Stock Exchange (SZSE) is the 8th largest exchange in
7884-481: The end of 2022, and was found to have Many vehicles in various provinces and cities have been seized and even listed as dishonest executors. At the same time, netizens have also noticed that its car sharing brand "Linked Cloud" has begun to take back its strongholds, and they suspect that Qoros Group is in financial crisis. In March 2022, it was dissolved due to declining vehicle sales and the rapid growth of quality of other brands, which made it uncompetitive. Although
7992-609: The end of the same year, the Changshu competent authorities also issued a warning to Qoros Auto. Since 2023, some of Baoneng's assets have been auctioned, including dozens of properties in Shenzhen Baoneng City Garden and some of its shares in Zhongju High-Tech.. In April of the same year, Baoneng Automobile continued to suffer from problems such as arrears of rent, payment for goods, deposit for
8100-605: The existing unused border structures have been demolished and are being transformed into urban greenspaces and parks. On 15 January 2018, the State Council approved the removal of the barbed wire fence set up to mark the boundary of the SEZ. In early 2011, the provincial government of Guangdong approved the establishment of the Shenzhen-Shantou Special Cooperation Zone in the city and SEZ of Shantou , Guangdong that will last until 2040 with
8208-467: The fifth-highest number of billionaires of any city in the world. Shenzhen's nominal GDP is projected to be among the world top 10 largest cities in 2035 (together with Beijing , Shanghai and Guangzhou in China) according to a study by Oxford Economics and its nominal GDP per capita will reach above US$ 57,000 (ranking first in mainland China) in 2030, which is comparable to Tokyo and Seoul. Shenzhen
8316-496: The first ever Chinese car to achieve such a rating. It also received the highest score for safety of any car reviewed by Euro NCAP during 2013. In November 2015, the Qoros 5 was launched at the Guangzhou motor show in China, with sales commencing in March 2016. The Qoros 5 is the second model of automobile from the Chinese manufacturer Qoros Auto, jointly (50%–50%) owned by Kenon Holdings and China's Chery Automobile Company at
8424-533: The foreseeable future. In December 2011, the company released an image of its first prototype, which made its first public appearance at the Geneva Motor Show in March 2013 with the Qoros 3 sedan pre-production model, together with the Qoros 3 Estate Concept and Qoros 3 Cross Hybrid Concept. In September 2013, the Qoros 3 achieved a five-star rating in the Euro NCAP crash tests, making it
8532-528: The ground.. Baoneng Group responded that all its colleagues strongly condemned the violent attack, and had taken corresponding legal actions and necessary measures to ensure the personal safety of all cadres and employees and the normal operation of the company.。On August 15, Yao Zhenhua’s 300 million yuan equity in Baoneng Group was frozen by the court. The Baoneng Group comprises about 40 companies in real estate, logistics, microfinance, education, healthcare. Baoneng has over 40 shopping malls in China. In 2017,
8640-537: The influence of the South China Sea , and frost is very rare; it begins dry but becomes progressively more humid and overcast. However, fog is most frequent in winter and spring, with 106 days per year reporting some fog. Early spring is the cloudiest time of year, and rainfall begins to dramatically increase in April; the rainy season lasts until late September to early October. With monthly percent possible sunshine ranging from 27 percent in March to 53 percent in October,
8748-546: The largest shareholder of Vanke. Baoneng Group also became the largest shareholder of Gree Electric Appliances, but was criticized by Dong Mingzhu, who called it a "destroyer of Made in China". Under pressure from all sides, Baoneng gradually withdrew from Gree Electric Appliances at the end of 2016.。 In October 2017, Baoneng Group signed a project cooperation framework agreement with the Fuyang District Government of Hangzhou, reaching an intention to settle
8856-494: The largest shareholder. On 11 December 2015, Baoneng had a 22.45% stake. Vanke chairman Wang Shi openly opposed the takeover, and in that month Vanke temporarily left the stock exchange to block Baoneng's continued stock acquisition, accusing it of obtaining funds through allegedly illicit methods. The CSRC actioned against Baoneng, finally leading to the suspension of its insurance business, while Vanke retook its shares. The dispute ended in 2017 when Shenzhen Metro Group became
8964-410: The name Chery Quantum Automotive Corporation (CQAC). The name was changed to Qoros Auto Co., Ltd. in November 2011. In December 2017 Baoneng Group , secured a 51 percent stake in Qoros for 6.6 billion RMB. The first production model, the Qoros 3 , made its first public appearance at the Geneva Motor Show in March 2013 and went on sale in China in November 2013. Qoros is an invented word. The Q
9072-461: The new company. Official website Shenzhen Shenzhen is a city in Guangdong , China. A special economic zone , it is located on the east bank of the Pearl River estuary on the central coast of Guangdong, bordering Hong Kong to the south, Dongguan to the north, Huizhou to the northeast, and Macau to the southwest. With a population of 17.5 million in 2020, Shenzhen
9180-410: The purpose of economic development. The zone would be managed by Shenzhen and another Cantonese city, Shanwei . The zone is under the jurisdiction of Shenzhen instead of Shantou, with residents living there considered to be permanent residents of Shenzhen. The Shenzhen government later established two new districts on 27 October 2011, Longhua New District and Dapeng New District . With approval of
9288-429: The rating outlook of Jushenghua, an investment holding platform under Baoneng, from "stable" to "included in the credit watch list" in its follow-up rating report on Jushenghua and related bonds.. Under the pressure of debt, Baoneng Group has already defaulted on its debts. On August 20, Ju Shenghua, a subsidiary of Baoneng, announced that Baoneng Group had reached a preliminary agreement with investors and Minsheng Trust on
9396-412: The same day. However, Baoneng Fresh's operation and management problems have also attracted criticism.。 Baoneng Group encountered a crisis in the first half of 2020. According to Great Wall Assets , in the first half of 2020, Qianhai Ruizhi, a subsidiary of its client Baoneng Automobile, encountered temporary liquidity problems during the implementation of industrial mergers and acquisitions, resulting in
9504-521: The same figure was 16,000 in 1991. Around the same time, Shenzhen hosted the second Senior Officials' Meeting of APEC China 2001 on 26 May 2001 in its southern manufacturing center and port. In May 2008, the State Council approved the Shenzhen SEZ to promote Shenzhen's administrative management system, economic system, social field, independent innovation system and mechanism, system and mechanism for opening up and regional cooperation, and resource conservation and environmental friendliness. On 1 July 2010
9612-486: The seat based in Luohu. In October 1981, Bao'an County was re-established, with its region now based outside Shenzhen. In June 1983, the districts were dissolved and re-established instead as five management areas ( 管理区 ): Shekou ( 蛇口 ; south-west Shenzhen), Nantou ( 南头 ; west Shenzhen), Shangbu ( 上步 ; central Shenzhen), Luohu ( 罗湖 ; east-central Shenzhen), and Shatoujiao ( 沙头角 ; far-east Shenzhen). To enforce law and order in
9720-568: The second line border are referred to as guannei ( 关内 ; 'within the border') while districts that are outside the second line and do not have special economic privileges such as Bao'an and Longgang are referred to as guanwai ( 关外 ; 'outside the border'). The Shenzhen government later established two new districts as part of the guanwai : Guangming New District in August 2007 and Pingshan New District in June 2009. On 1 July 2010,
9828-459: The second line border was dissolved, and the Shenzhen SEZ was expanded to cover the entire city. Therefore, the four guanwai districts Bao'an District, Longgang District, Guangming New District, and Pingshan New District, would be given special economic privileges like the guannei districts. The area of the Shenzhen SEZ also increased from 396 square kilometres (153 sq mi) to 1,953 square kilometres (754 sq mi). Since June 2015,
9936-625: The second line border. At this point, Shenzhen has five districts: Luohu, Futian, Nanshan, Bao'an, and Longgang. In March 1998, Shenzhen's government created the Yantian District from the eastern portions of the Luohu District (the original area of the Shatoujiao Management District), and within the second line border. Yantian, Luohu, Futian, and Nanshan together as the special economic districts within
10044-580: The second network, arrears of wages, social security, and housing provident fund payment, resulting in only 7 directly-operated stores in the country (all of which are self-owned properties); at the same time, the announcement of its Qoros 7 by the Ministry of Industry and Information Technology had expired, and a large number of purchased vehicles were detained and could not be registered, causing Baoneng Automobile's overall business to stagnate, with only 126 people in office. The local planning department required
10152-514: The strike committee to create a blockade around Hong Kong. In 1931 Chen Jitang and his family established several casinos in Shenzhen, the largest of which being Shumchun Casino. During World War II , the Japanese occupied Shenzhen and Nantou , forcing the Bao'an County government to relocate to the neighboring Dongguan County. In 1941, the Japanese army tried to cross into Hong Kong through
10260-439: The third largest in China. Shenzhen is one of the world's top ten financial centers as of 2019, jumping five places to ninth place as determined by "variety of areas of competitiveness, including business environment, human capital, infrastructure, financial sector development and reputation." SF Express and China International Marine Containers (CIMC) have their headquarters in Shenzhen. The Port of Shenzhen comprises
10368-424: The third-most in China after (Beijing and Shanghai) within its city limits. Shenzhen's industry is described by its Municipal Bureau of Statistics to be upheld by its four-pillar industries: high tech , finance , logistics , and culture . Shenzhen is a large hub of the Chinese and global technology industry and home to a large startup ecosystem. As of 2020 the city was ranked as the 4th Fintech powerhouse in
10476-616: The time. The five-door CUV was launched at the Guangzhou Motor Show in November 2015. Sales commenced in China early March 2016. The Qoros Young is a compact crossover from the Chinese manufacturer Qoros Auto, after the holdings of Qoros was jointly (50%–50%) owned by Kenon Holdings and China's Chery Automobile Company, the Qoros Young was revealed as a rebadged version of the Chery Tiggo 7. The Qoros 7
10584-429: The village of Shenzhen was next to the border. Shenzhen turned into a city in 1979. In the early 1980s, economic reforms introduced by Deng Xiaoping resulted in the city becoming the first special economic zone of China due to its close proximity to Hong Kong, attracting foreign direct investment and migrants searching for opportunities. In thirty years, the city's economy and population boomed and has since emerged as
10692-475: The world. In the 2021 Global Financial Centres Index , Shenzhen was ranked as having the 8th most competitive and largest financial center in the world and 6th in Asia & Oceania region (after Shanghai, Hong Kong, Singapore, Beijing, and Tokyo). As of 2020, Shenzhen is ranked as an Alpha- ( global first-tier ) city by the Globalization and World Cities Research Network . According to Forbes , Shenzhen has
10800-707: The world. In 1913, the Republic of China administration renamed Xin'an County back to Bao'an County to prevent confusion from another county of the same name in Henan Province. During the Canton–Hong Kong strike , the All-China Federation of Trade Unions set up a reception station for strike workers in Hong Kong in Shenzhen. Strike workers were also given pickets and armored vehicles by
10908-525: The world. Shenzhen is primarily known for its high-tech industry, which has a value of 585.491 billion RMB (US$ 82.9 billion) in 2015, a 13 percent increase compared to last year. Out of the nominal GDP of 1,750.299 billion RMB in 2015 the high-tech industry generated 33.4 percent. Shenzhen is home to a number of prominent tech firms, such as Huawei , Tencent , DJI , and ZTE . Other tech firms include personal computer manufacturer Hasee , Hytera , OnePlus , and BYD Company . Shenzhen annually holds
11016-493: Was 4,472,200, the actual administrative population was over 20 million. It makes up part of the Pearl River Delta built-up area with 44,738,513 inhabitants, spread over 9 municipalities (including Macau ). The city is elongated measuring 81.4 kilometers from east to west while the shortest section from north to south is 10.8 kilometers. Over 160 rivers or channels flow through Shenzhen. There are 24 reservoirs within
11124-473: Was established to enter the retail field, and plans to launch three formats: Wanmai convenience stores, "Youbaoli" selected supermarkets, and "Dongshi Xishi" warehouse-style membership stores. In 2020, the community fresh food chain "Baoneng Fresh" was established. As of the end of 2020, there were more than 1,000 stores, with central warehouses in more than 100 cities across the country. On October 31, 2020, it set an industry record of 403 community stores opened on
11232-906: Was incorporated into Dongguan in 1669. After the Qing dynasty was defeated by the United Kingdom of Great Britain and Ireland in the First Opium War and the Second Opium Wars , Hong Kong Island and the Kowloon Peninsula were ceded to the British in the Treaty of Nanking and the Convention of Peking . On 21 April 1898 the Qing government signed a "Special Article for the Exhibition of Hong Kong's Borders" with
11340-577: Was led by Hong Kong-based China Merchants Group under Yuan Geng 's leadership and was to become the first export processing industrial zone in mainland China. At the beginning of April 1979, the Standing Committee of Guangdong Province discussed and proposed to the Central Committee to set up a "trade cooperation zone" in Shenzhen, Zhuhai , and Shantou . In the same month, the Central Working Conference decided on
11448-434: Was named after a deep ( Chinese : 深 ; lit. 'deep') drain that was located within the area." The oldest evidence of humans in the area on which Shenzhen was established dates back during the mid- Neolithic period. Human have inhabited the area throughout the past 6,700 years. Historic counties were first established in the area 1,700 years ago. The historic towns of Nantou and Dapeng , were built on
11556-470: Was reformed as a Special Export Zone to create a favorable investment environment and introduce advanced technology and management experience, later renamed to Special Economic Zone in May 1980. As of 2022, Shenzhen has a nominal GDP of 3.24 trillion RMB (HK$ 2.87 trillion), which surpassed neighboring Hong Kong 's GDP of HK$ 2.11 trillion and Guangzhou 's GDP of 2.88 trillion RMB (HK$ 2.68 trillion), making
11664-583: Was the last stop on the mainland Chinese section of the Kowloon–Canton Railway . The city is a leading global technology hub. In the media Shenzhen is sometimes called China's Silicon Valley . The city's entrepreneurial, innovative, and competitive-based culture has resulted in the city being home to numerous small manufacturers and software companies. Several of these firms have become large technology corporations, such as Huawei , Tencent , and DJI . As an important international city, Shenzhen hosts numerous national and international events every year, such as
#958041