Fosun forges partnership with Jiading district

Shanghai-based conglomerate Fosun International Ltd signed a strategic cooperation agreement on Thursday with the local administration of Jiading district to advance the development of intelligent manufacturing and industrial automation in Jiading which is well-known for its automotive industry.

Fosun's subsidiary FFT Holding - the German industrial giant fully acquired by Fosun in May - will be responsible for the cooperation. The automotive industry, which contributed more than 72 percent of Jiading's GDP in 2018, will be the focus of the partnership, according to the agreement.

Jiading district and Fosun will also set up an emerging industry investment fund for intelligent manufacturers, which will mainly target the high-tech projects to be built in the district. According to Fosun's founder and chairman Guo Guangchang, FFT's China headquarters will be located in Jiading and its global headquarters will move here soon.