The skyline of Qingdao's Shinan district, located along the coast of Shandong province in China. [Photo/IC]

In the latest 2022-2023 list released by Shandong province, Qingdao's Shinan district was recognized as a leading area for the headquarters economy, with the number of headquarters enterprises in the district reaching 160.

Located in the heart of Qingdao, the district embodies the essence of a headquarters economy while rapidly developing a modern industrial framework. It is continuously enhancing and revitalizing its network of headquarters.

Last year, ATRenew Inc emerged as the only unicorn company in the "Internet + Recycling" industry, establishing its headquarters in Shinan. Their national mobile recycling operations generated an impressive 1.2 billion yuan ($166.08 million) in retail sales in the first quarter of this year.

In a strategic move, Shinan district signed an agreement with Rox Co., leading to Rox promptly establishing an industrial presence in Qingdao. Their first model, the ROX 01 motor, went into mass production within a year and is targeting a sales goal of 30,000 units for this year.