Local startups eye global expansion
Shanghai's tech startups are accelerating their plans to expand overseas, according to their statements at a recent forum.
Emerging companies in the medical, smart-driving, navigation and online radio industries all tipped entry into foreign markets during the Shanghai New Economy forum.
Tusimple, a local startup which raised US$215 million in its latest round of financing, operates a fleet of self-driving trucks. The company is currently testing its services in Yangshan Port.
“The US market has a flexible and open regulatory environment for self-driving. Comparatively, the domestic regulatory environment is more strict,” said Xue Jiancong, vice general manager of Tusimple.
Ximalaya, an online audio platform with 600 million users, also has a strategy to go abroad.
Since 2017, the Shanghai-based company has opened offices in overseas markets like Japan. Currently, Ximalaya has more than 50 million overseas users.
Pingan Group’s medical division has also established labs in the United States and Israel, according to the company.
More than 30 companies were named as Shanghai’s Top 30 New Economy Companies at the forum. These cover companies in the manufacturing, medical, transport and new-service industries.
Shanghai's mature capital market is a great advantage to local startups. Officials have vowed further diversifications and improvements in the market in the future.