To accelerate New Business Development, GL events China's Strategic Investment in North Star Events Group
02-Aug-2021
On July 7, GL events China Limited announced its investment in Beijing North Star Events Group Co., Ltd. ("North Star Events Group"), a wholly-owned subsidiary of Beijing North Star Company Limited ("North Star Company Limited"). This investment is initiated by North Star Company Limited through public bidding on China CBEX to introduce four strategic investors: GL events China Limited ("GL events"), Beijing Tourism Group Co., Ltd., Beijing Shougang Construction Investment Co., Ltd., and Jingdong Technology Holding Co., Ltd.. At that time, North Star Events Group will be renamed as "Capital Events (Group) Co., Ltd.".
The government work report of the State Council for the year of 2021 pointed out that "adhering to the general tone of making progress while maintaining stability", and "adhering to the principle of making progress while maintaining stability and promoting high-quality development" will also be the general tone of China's convention and exhibition industry development from now on. As one of the important carriers to serve the function of "four centers" in Beijing, the convention and exhibition industry has become an important platform for investment and trade in Beijing, and has played a leading, gathering and radiating role in the social and economic development of the capital. The strategic investment will help to further enhance the capital strength of North Star Events Group's convention and exhibition section, upscale its market-oriented operation, improve the industrial chain, and accelerate the transformation and upgrading of traditional exhibitions.
North Star has 25 years of experience in hosting and operating the convention and exhibition industry. The Beijing International Convention Center managed by North Star, opened in 1990, is the first professional international convention and exhibition center in China. Today, North Star operates and manages 20 convention and exhibition venues including China National Convention Center and Beijing International Convention Center, with a total floor area of 4.2 million square meters. North Star has accumulated rich experience in serving state affairs and government affairs, and has grown into a convention and exhibition group covering a variety of business sectors such as convention and exhibition, management and export of convention and exhibition brand, convention and exhibition hosting and organization, convention and exhibition research and informatization.
Mr. ZHOU Jianliang, Chief Executive Officer of GL events Group in China said, "We are delighted to participate in this strategic investment. Building on our global experience and strong resources in building an international convention and exhibition destination, we will have in-depth strategic cooperation with North Star Events Group, and in synergy with the expertise and advantages of other companies which have taken part in this investment, help North Star to speed up the establishment and improvement of its market-oriented operation mechanism, and build up a convention and exhibition platform with comprehensive business sectors and outstanding advantages in the capital city. The strategic investment and cooperation reflect the confidence of both sides in the development of the Chinese market, as well as the recognition of both sides' brands and market advantages. GL events Group is committed to become an urban convention and exhibition integrated operator. We are delighted to become one of the backbone forces to build Beijing into an international convention and exhibition destination while seizing the opportunity of "dual circulation economy".
The strategic investment and cooperation will help to accelerate the integration of GL events Group's convention and exhibition whole-industry chain (services, exhibitions organization, venue management), enhance its global core resources and capabilities, further improve its business sector layout, and create greater value for its partners and customers in a sustainable manner.
