Finnish lift maker Kone plans to set up its southern China headquarters in Shenzhen, which will include a research and development center and a logistics hub, to tap growing opportunities in the Greater Bay Area.
The southern China headquarters in Qianhai will begin operations in early 2026, while its logistics hub will be up and running in October. Its other mainland headquarters is in Kunshan, east Jiangsu province.
The company on Friday signed an agreement with the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, marking the launch of its investment initiative in the Guangdong-Hong Kong-Macau Greater Bay Area.
Kone, which started operations on the mainland in 1996, has delivered more than 1.6 million lifts and escalators, making China its single biggest market.
The company’s main competitors in China, the world’s largest market, include Otis, Schindler, Hitachi and Toshiba.
China’s lift and escalator market was valued at US$34.8 billion in 2024 and was forecast to reach US$52.2 billion by 2030, growing at a compound annual rate of 6.8 per cent during the period, according to a report from TechSci Research.
