In 2023, many foreign enterprises not only did not withdraw from China but actually increased their investments.

I’ve seen many netizens claim that foreign enterprises are withdrawing capital and relocating to Vietnam and India. Indeed, some foreign companies have withdrawn investment, laid off staff, or even shut down operations. However, as of 2023, a greater number of foreign enterprises are choosing to invest in China—not just building factories, but also establishing global R&D centers. This is the reality. Below is a list of foreign enterprises I know that have recently invested in China. Feel free to add more examples or corrections in the comments section. 1. Amcor — Headquartered in Switzerland; a global leader in packaging. Huizhou, Guangdong: In August 2022, Amcor inaugurated its Asia-Pacific R&D Center in Jiangyin. Subsequently, Amcor invested RMB 1 billion to build a global flagship factory in Huizhou, Guangdong, covering over 55,000 square meters. 2. PPG — Headquartered in the U.S.; a world-leading supplier of coatings and specialty materials; ranked among the Fortune 500. Tianjin: In April 2023, PPG’s Global Coatings Innovation Center—TEDA project in Tianjin Economic-Technological Development Area (TEDA) successfully passed joint acceptance inspections and is set to commence formal operations. This Tianjin innovation center is PPG’s largest R&D facility outside the United States. 3. Cummins — Headquartered in the U.S.; ranked among the Fortune 500. Many first learned about Cummins through its excellent diesel engines. Foshan, Guangdong: In April 2023, Cummins Enze (Guangdong) Hydrogen Energy Technology Co., Ltd.—a joint venture between Sinopec Capital’s Enze Fund and Cummins with equal 50:50 equity—commenced operations in Nanhai District, Foshan City, Guangdong Province. The company focuses on proton exchange membrane (PEM) electrolyzers for hydrogen production. Hydrogen energy is one of the new energy sources I am particularly bullish on—and China hosts many outstanding domestic and foreign enterprises in this field. 4. Tesla — A U.S.-based company; no further introduction needed given its immense global recognition. Shanghai: In 2023, Tesla’s Gigafactory for energy storage was established in Shanghai. Construction began in 2023, with commissioning scheduled for 2024 and an energy storage capacity nearing 40 GWh. This marks Tesla’s first energy storage Gigafactory outside the United States. As shown above, foreign enterprises have made numerous investments in China—including many U.S.-based ones.

A comprehensive overview of the top-listed companies by industry in China and the U.S., Q1 2021

6. Top 20 Listed Companies in the 'Healthcare' Sector in China and the U.S. by Market Capitalization 7. Top 20 Listed Companies in the 'Consumer Staples' Sector in China and the U.S. by Market Capitalization 8. Top 20 Listed Companies in the 'Materials' Sector in China and the U.S. by Market Capitalization 9. Top 20 Constituents of the Hang Seng Index by Market Capitalization II. Sub-sector Categories 10. Top 20 Listed Comprehensive Banks in China and the U.S. by Market Capitalization 11. Top 20 Listed Investment Banks and Brokerage Firms in China and the U.S. by Market Capitalization 12. Top 20 Listed Insurance Companies in China and the U.S. by Market Capitalization 13. Top 20 Listed Companies in the 'Oil, Gas & Consumable Fuels' Sector in China and the U.S. by Market Capitalization 14. Top 20 Listed Biotechnology Companies in China and the U.S. by Market Capitalization 15. Top 20 Listed Specialty Chemicals Companies in China and the U.S. by Market Capitalization 16. Top 20 Listed Automobile Manufacturers in China and the U.S. by Market Capitalization 17. Top 20 Listed Interactive Media & Services Companies in China and the U.S. by Market Capitalization 18. Top 20 Listed Life Science Tools & Services Companies in China and the U.S. by Market Capitalization [Note]: Chinese companies include those listed on the Shanghai, Shenzhen, and Hong Kong stock exchanges. I. Size, Indices, and Industry Group Categories 1. Top 20 Listed Companies in China and the U.S. by Market Capitalization (Market cap threshold for this edition: USD 333.5 billion) ・Exchange rates used this period: USD/CNY (offshore) = 6.5620; USD/EUR = 0.8524 ・Top three by total market cap: Apple (USD 2.05 trillion), Microsoft (USD 1.78 trillion), Amazon (USD 1.02 trillion). ・Berkshire Hathaway remained at #10 this quarter—the highest-ranked non-tech company, trailing nine tech giants. ・Side note: Buffett’s target—USD 1 trillion market cap ・Four Chinese companies appear on the list: Tencent (#6), Alibaba (#8), Kweichow Moutai (#14) ・This quarter’s replacement: Bank of America → NVIDIA ・Data extraction date: March 31, 2021 (same applies to all subsequent entries) 2. Top 20 Listed Companies in China by Market Capitalization (Companies listed on Shanghai, Shenzhen, and Hong Kong exchanges) (Market cap threshold for this edition: USD 91.1 billion) ・Includes companies listed across the Shanghai, Shenzhen, and Hong Kong stock exchanges. ・12 A-share companies and 8 H-share companies appear on the list. ・Top three by market cap (RMB): Tencent Holdings (RMB 4.94 trillion), Alibaba Group (RMB 4.03 trillion), Kweichow Moutai (RMB 2.52 trillion). ・Most represented sector: Comprehensive banks—6 companies. ・Side note: New benchmark—USD 10 billion market cap (Part I), (Part II) ・This quarter’s replacements: China Tourism Group Duty Free Corporation and Kuaishou-W → Xiaomi Group-W and Jialongyu (Golden Dragon Fish) 3. Top 20 Listed Companies in the TMT + E-commerce Sector in China and the U.S. by Market Capitalization (Market cap threshold for Top 20: USD 216.1 billion) 4. Top 20 Listed Companies in the TMT + E-commerce Sector in China and the U.S. by Market Capitalization—Area Chart ・Includes companies classified under the GICS Industry Groups 'Information Technology' and 'Communication Services', as well as those under the GICS Sub-Industry 'Internet & Direct Marketing Retail', all benefiting from high switching costs and network effects—their dual moats. ・Monitor Tencent and Alibaba’s shifting positions globally within this sector. ・Four Chinese companies rank among the Top 20: Alibaba, Tencent Holdings, Meituan-W, and TSMC. ・First tier: The 'Big Four'—Apple, Microsoft, Amazon, Google ・Second tier: Facebook, Tencent, Alibaba 5. Top 20 Listed Companies in the TMT + E-commerce Sector in China by Market Capitalization & Area Chart (Market cap threshold for Top 20: USD 36.1 billion)

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Nykredit A/S acquired 722,178 shares of PPG Industries worth approximately $87.6 million in the second quarter. Despite mixed analyst sentiment, PPG reported strong quarterly revenue growth and increased dividends.

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