China-based heavy equipment manufacturer LiuGong, opened a Hong Kong subsidiary May 7. Wang Xiaohua, chairman of LiuGong Group, Zeng Guang’an, chairman of LiuGong machinery and president of LiuGong Group, and other top executives attended the opening ceremony.

LiuGong now has 10 subsidiaries, seven spare parts depots and two overseas manufacturing operations around the world. It has more than 320 overseas dealers in 130 countries. The establishment of the Honk Kong subsidiary will improve LiuGong’s expansion in overseas markets, the company said. It is also an important step in optimizing overseas capital management.

“Capital operation is critical during the whole process of LiuGong’s globalization,” said Zeng Guang’an. “We should pay more attention on tax, financing, foreign exchange management for better development of our overseas market. Located at the center of the Asia Pacific region, Hong Kong has a sound legal system and an excellent free trade market. We believe the establishment of LiuGong Machinery Hong Kong Co. Ltd. will play an increasingly important role in our overseas expansion.”