May. 1, 2020
announced its plan to establish overseas subsidiaries with its own fund— Hailir Laos Co., Ltd and Hailir Cambodia Co., Ltd—to be undertaken by Hailir or its affiliates. The establishment of the overseas subsidiaries is aimed at supporting the further exploration of the Southeast Asian market, the implementation of China’s Belt and Road Initiative, overseas registration, development of overseas sales channels and customer resources, as well as to enhance the overall competitiveness and the profitability of the company. The investment shall be within Yuan20 million and Yuan7 million, respectively, with the proposed scope of business covering imports, exports and the marketing of pesticides and fertilizers.
One important purpose of setting up the subsidiaries is to speed up the overseas product registration process and marketing of pesticide products, as part of the company's business strategy.
The overseas investment needs to go through the relevant business and foreign exchange examination and approval procedures in China, and then enter registrations in local countries.