BEIJING, Feb. 2, 2023 /PRNewswire/ -- Sheng Hong Holding Group, a leading high-tech enterprise in Suzhou, signed a contract to settle its battery gigafactory and new energy research institute projects involving a total investment of about 30.6 billion yuan in Zhangjiagang City of east China's Jiangsu Province.

The projects will be completed in phases and are expected to generate annual revenue of more than 56 billion yuan upon completion. Among them, the first phase of the 24GWh project and the new energy battery research institute project involving a total investment of 14 billion yuan are expected to be completed and put into operation in three years, with their annual revenue expected to reach 24 billion yuan.

Han Wei, Party chief of Zhangjiagang, said that the city has been committed to creating advantageous business environment for major projects and high-quality enterprises and providing a solid guarantee for the implementation of projects.

As one of the Fortune Global 500 companies growing in Suzhou, Sheng Hong Holding Group has developed into an international high-tech industrial group integrating the whole industrial chain of petrochemical refining, new energy, new materials and high-end textiles.

Miao Hangen, chairman of Sheng Hong Holding Group, said the projects launched by the group are expected to inject impetus into the economic development of Zhangjiagang City.

In addition, Zhangjiagang witnessed the signing of 100 major projects involving a total investment of 59.72 billion yuan at a major project promotion event held on January 29, 2023, including 22 foreign-funded projects worth of 10.18 billion yuan.

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