Samsung Electronics Vice Chairman Lee Jae-yong flew to Shenzhen, China on May 2 with semiconductor and display business unit executives, unlike in his lone business trip to Europe in late March. The executives include Device Solutions Division head Kim Ki-nam, Memory Division head Jin Kyo-young, System LSI Division head Kang In-yeop and Samsung Display President Lee Dong-hoon.
Samsung Electronics said that the vice chairman would discuss cooperation with Chinese companies such as BYD during the business trip. Two years ago, Samsung Electronics bought 2% of BYD shares for approximately 500 billion won. The two companies are expected to strengthen their cooperation in the automotive electronics industry.
The vice chairman is likely to meet with the heads of leading IT companies such as Alibaba Chairman Jack Ma, too. The vice chairman has built rapport with a number of Chinese politicians and entrepreneurs since his appointment as a Boao Forum director in 2013. The Alibaba chairman, in the meantime, met with the Samsung Electronics vice chairman twice during his visit to South Korea in 2015.
It is said that his business trip to Shenzhen is to seek new business opportunities and growth drivers to follow semiconductor. Shenzhen is home to a large number of IT firms and the headquarters of well-known Chinese IT companies like Tencent and Huawei are located there.