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Seven companies in Shaoxing, East China's Zhejiang province, were recently listed among Zhejiang's top 50 private companies for transnational business operations, according to a list recently released by the Zhejiang Transnational Company Institute and the Zhejiang Cross-border Investment Company Association. This is the second most of any city in Zhejiang.

The Shaoxing companies on the list are Hailiang Group, Sanhua Group, Wanfeng Auto Holding Group, Lonsen, Wolong Holding Group, Smart Shirts, and Yankon.

Among these companies, Smart Shirts is the only one that didn't make the list last year.

In order to encourage local companies to go global, Shaoxing initiated a three-year plan in 2017 to prioritize the development of 12 local private transnational companies. The plan encourages companies to invest in, hold, and acquire overseas companies.

Wolong Holding Group acquired the LV motor business owned by General Electronics in 2018, making the group the world's second largest electronics company.

Over the past 10 years, Sanhua Holding Group has also conducted a number of overseas mergers and acquisitions. The group has established branches in over 10 foreign countries, including the United States, Mexico, and Poland, employing thousands of local workers.