Shanghai recently hosted a ceremony to certify the latest batch of foreign-funded R&D centers — while at the same time signing off on significant foreign investment projects.
Wells Advanced Materials (Shanghai) emerged as the sole company in the city's Jiading district to receive certification for its foreign-funded R&D center.
Known for its expertise in epoxy resins, the company focuses on wind turbine blades, high-performance composite materials and electronic insulation. Since listing its shares on the Shenzhen Stock Exchange in October 2023, Wells Advanced Materials has expanded its R&D and sales network across Shanghai, Guangzhou and Zhuhai cities.
Vice General Manager Shen Fei emphasized that the certification will enhance innovation and regional economic growth.
The event also marked the signing of three major projects in Jiading, with investments topping $310 million in the automotive and fashion sectors.
Swedish group SKF, a leader in making bearings and seals, will invest over $100 million to establish its Asia-Pacific automotive headquarters in Jiading.
Auto safety glass and industrial technical glass-making multinational Fuyao Group plans to invest 693 million yuan ($96.63 million) in a high-end automotive aluminum parts production plant in Jiading, aiming to boost its capabilities and support services for global automotive brands.
In addition, Munsingwear (Shanghai) — a joint venture between Chinese menswear company Lilanz Group and Japanese sportswear manufacturer Descente — is now operating in Jiading with a capital of 278 million yuan, managing the Munsingwear golf apparel brand in China.
These developments are widely said to underscore international confidence in Jiading's investment environment. The district is now home to 73 regional headquarters and R&D centers for multinationals, with an estimated total investment of $24.89 billion.