Hyosung’s President Cho Hyun-joon, had a meeting with Mr. Chen Xin, the Party Secretary of Quzhou

2016.07.19



    On 19th, at Quzhou (衢州) City in Zhejiang (浙江), China, Mr. Cho Hyun-joon the Head of the Strategic Headquarters (President) who is leading Hyosung’s business in China met Quzhou City’s Party Secretary Chen Xin (陈新) to discuss over cooperative plans for Hyosung’s business in China.

    Party Secretary Chen became the youngest Party Secretary of Quzhou City, Zhejiang in 2012 and, since then, has led formation and development of industrial complexes by Zhejiang around the Quzhou area, and recently he is cultivating the China-Korea Cooperative Industrial Complex focusing on precision chemical engineering, silicon and biological chemistry within the Quzhou National 고신 Technical Industrial Complex.

    Quzhou City is actively seeking to attract investment by companies and making an industrial complex for each industrial field. The city once named a central road within the Quzhou downtown as ‘Hyosung Boulevard (曉星大路)’ after an investment company Hyosung as an expression of gratitude.

    This day, President Cho met Party Secretary Chen Xin to brief Hyosung’s main businesses and investment in China and they exchanged opinions about Hyosung’s core businesses such as spandex, NF3 and heavy industries.

    At this meeting, President Cho said, “Since having entered into China in the late 90s, Hyosung has successfully been doing business for nearly 20 years,” and “Hyosung will nurture the spandex plant and NF3 plant under construction in the Quzhou area to an axis of the main production base in China.”

    Party Secretary Chen responded, “We appreciate Hyosung very much for the investment to Quzhou City, for the first time as a Korean company, in NF3 the core material for semiconductor and Hyosung’s growth engine the spandex business,” and “let’s dream of the future in which Hyosung and Quzhou can develop together.”

    In the late 90s, President Cho emphasized, “To be global No.1 of the spandex business, we have to first invade the Chinese market,” and made the C (China) Project Team by himself to jump into the Chinese market. After that, Hyosung’s spandex business stepped up to the Chinese market No.1 share in 2007, 5 years after the spandex plant in Jiaxing, Zhejiang began full-scale operation in 2002 and, on the basis of this, Hyosung maintains its position as the global No.1 spandex maker after 2010.

    In the process, Hyosung actively pursued the localization strategy and accordingly China corporations appointed Chinese for main posts over all the business parts including production, sales and procurement. Due to the success in localization, these China corporations are becoming the role model for Hyosung’s production bases in the world constructed later.

    Recently, President Cho is accelerating to invade the Chinese ATM market as the Head of the Information & Communications PG. Designating China as the outpost for expanding the IC business, Hyosung constructed the Huizhou Plant last year. The Huizhou ATM Plant began full-scale operation in the past March and, due to this, Hyosung is considered to have made a basis for active response to product supply within the Chinese market and the global demand for ATM.

    Hyosung is now operating 18 corporations (production and sales corporations) and 6 offices in China including Jiaxing of Zhejiang, Zuhai of Guangdong, Beijing and other places, and is constructing the spandex (16,000 ton yearly production scale) and NF3 (1,500 ton yearly production scale) plant in the Quzhou area of Zhejiang. When this plant is completed, Hyosung will operate a total of 20 corporations and 6 offices.

    On the other hand, President Cho met Mr. Mai Jiao Meng (麦教猛) the Mayor of Huizhou City visiting Korea in October of the last year, to discuss over operation of Nautilus Hyosung’s production corporations located in Guangdong (廣東) and Huizhou (惠州, Huizhou) and to request support, as a part of his continuing move for expansion of China business.



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