Beijing SOE creates technology incubator

Beijing BBEF Electronics Group Co Ltd announced the establishment of a company for technological incubation on Thursday, as the traditional State-owned enterprise seeks international opportunities to transform and stimulate new growth engines.

The move came after Beijing unveiled an action plan on developing science, technology and innovation (STI), which called for more international cooperation on STI under the Belt and Road Initiative.

The company, 761 C Space, will provide incubator services for international companies that want to land in China, including commercial, communication and financial services.

BBEF is backed by Beijing Electronics Holding Co Ltd, the parent company of a group of leading companies such as display provider BOE Technology Group Co Ltd.

With the support of abundant resources in advanced technology from its parent company, 761 C Space will also focus on technology transfer in industries including high-end electronic components, high-energy storage batteries as well as intelligent equipment and systems.

"Technology transfer is an important way of promoting the nation’s independent innovation as well as science and technology," said Qi Zhanyong, president of BBEF.

"Faced with the increasingly fierce competition from abroad, Beijing is expected to accelerate the combination of technology, talent and capital," he added.

Qi noted that establishing 761 C Space is of great importance to transforming the company, expanding its businesses as well as creating new momentum.

At the launch ceremony, the Beijing-based company attracted a group of company representatives and related business institutes from European economies -- including Italy, France and Portugal -- with the hope of joining hands with Europe in nurturing technology and innovation.

"What we see now is a changing China where innovation and consumption are driving economic growth, which brought huge opportunities for European companies to step into the Chinese markets," said Chris Cheung, director of the EU SME Center.

"For European small and medium enterprises, China’s new economy -- including biotech, new materials, electronic cars and new energy -- is quite attractive and they are seeking market opportunities, transparent processes and well-rounded business environments from incubators," he added.

According to a report from the Startup Genome, a global big-data community thriving on tech startup environments, Beijing ranked fourth last year in terms of the global startup environment, following Silicon Valley, New York and London.

"China is developing at an unprecedented speed with a huge market for innovative businesses, while Europe lacks good channels to communicate with its counterparts. Establishing these channels is highly significant in creating bilateral business opportunities," said Richard Deng, chief representative of SPI China, a Portugal-based consulting firm.