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Chinese Siemens rival plans European expansion
Shenzhen Innovation Technology Company plans to carry out acquisitions in Europe to compete with major industrial companies such as Siemens and Robert Bosch. The company, which has become China's largest local industrial automation firm, achieved revenue growth of over 22% last year and is planning a secondary listing on the Hong Kong Stock Exchange to raise up to two billion dollars for its international expansion. It aims to establish a strong presence in Europe, especially in the market for electric vehicle powertrain systems and industrial automation, and aspires to surpass Siemens in sales in China within the next two years. Last year, the company’s revenue in the Chinese market reached approximately 6.3 billion dollars, compared to 7.1 billion dollars for Siemens. Innovance faces challenges in expanding its European footprint, which relies on acquisitions and competing with Western companies in the fields of automation and electrical industries.
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