On October 21st as per London time, Chinese President Xi Jinping attended the China-UK Industry and Commerce Summit held in London and made a speech, where enterprises and institutions from China and the UK signed agreements for major projects. Mr. Yue Lei, Senior Vice President and Mr. Wu Gang, Vice President of Sanpower Group were invited to the summit as company representatives invested in Britain.

The China-UK Industry and Commerce Summit is a top-level platform for bilateral trade and economic activity between China and Britain. While the leaders of both countries have visited both Beijing and London, the China Council has held summits for the Promotion of International Trade (CCPIT), UK Trade and Investment (UKTI) and China Britain Business Council (CBBC).

Since last year, via overseas M&A activities or direct investments, Sanpower Group has been accelerating its process of internationalisation, emphasising both domestic and overseas markets, where resources at home and abroad are mobilised. The acquisition of 89% of House of Fraser (HoF), a department store with British Royal Warrant distinction, by Nanjing Cenbest, a subsidiary company of Sanpower Group, is Sanpower’s largest investment to date in the UK. After the acquisition, Q4 sales at HoF have increased 12% year-on-year, a record of growth not matched in 166 years.

This year marks the China-Britain Culture Year. Since HoF’s acquisition, the bond between Sanpower Group and the UK has become stronger. This became especially apparent when, on December 21st, Yuan Yafei, Chairman of Sanpower Group and Prince William, the Duke of Cambridge jointly launched the Wildlife Conservation Fund. The move demonstrates Sanpower and the UK’s friendship and kindness towards one another.

According to Yue Lei, Senior Vice President of Sanpower, the company is and will continue to focus on opportunities and investments in areas such as public welfare, culture, and art in the UK. As President Xi Jinping’s visit to Britain marks the beginning of a “Golden Decade” for Sino-British relations, Sanpower Group will strive to be a participant, a constructor and a contributor to this relationship.