UK refiner, AI unicorn to set up base in district

British chemical giant Ineos has announced it is to set up its regional headquarters in Putuo District, as will do a domestic startup firm on artificial intelligence.

British chemical giant Ineos has announced it is to set up its regional headquarters in Putuo District, as will do a domestic startup firm on artificial intelligence.

With a registration fund of US$55 million, the Ineos (China) Investment Co has registered in the Zhenru area of Putuo to become the first top 500 multinational company headquarters based in the region.

The UK refiner is a leading global petrochemical manufacturer with 171 production sites in 24 countries and regions around the world. Last year Ineos’ sales exceeded US$60 billion.

Ineos has a diversified product portfolio with a wide range of market applications.

Its products cover packaging and food, construction, automotive and transport, fuel and lubricants, appliances, pharmaceuticals and pesticides as well as textile industries.

As a major foreign investor in Shanghai, the company signed a contract with the Zhenru Investment Center to base its headquarters here.

It is expected to become a landmark project for the ongoing development of the Zhenru subcenter.

The Putuo investment promotion center has pledged to offer the best services and further attract investment to drive the quality development of the regional economy.

Meanwhile, the Shenzhen-based Orbbec will set up its East China headquarters in the Changzheng Town of Putuo District.

The leading technology firm, established in 2013, will focus on the development of three-dimensional visual applications and AI solutions on medical and health, smart education, urban management and security.

As a leading unicorn enterprise in AI industry, the firm’s valuation has exceeded 10 billion yuan (US$1.47 billion).

It has become the world’s leading provider of AI and 3D sensing technology solutions, with more than 2,000 customers worldwide, including Hewlett-Packard, Ant Financial, OPPO, Ping An Group, Baidu.com and other well-known domestic and foreign companies.

To further optimize its business environment, Putuo has launched an upgraded reform program and unveiled one-stop services for newly established enterprises.

The district has also launched a “3+5+X” industrial policy system to optimize the overall business environment in terms of corporate services and talent development.

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