• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Factbox-What is China’s Jinjiang, the BYD contractor under fire in Brazil?

by December 27, 2024
written by December 27, 2024

SHANGHAI (Reuters) – China’s Jinjiang Group is in the spotlight after Brazil’s labour authorities said workers at a factory it is building for electric vehicle maker BYD (SZ:002594) were victims of human trafficking working in “slavery-like conditions”.

Jinjiang has rejected the claim about workers in slavery-like conditions and not responded to a request for comment on the trafficking allegation. China’s foreign ministry said it is communication with Brazil and that China requires Chinese companies to operate in compliance with the law.

Here is more about Jinjiang Group:

THE COMPANY

Privately held Jinjiang – the name means “gold craftsman” – was founded in 2002 and is qualified to provide property construction services. It is headquartered in Shenzhen, the southern Chinese city that is also home to BYD.

Chairman Ma Jianbin’s alma mater, the Sichuan College of Architectural Technology, posted on social media in 2021 that Jinjiang had a staff of 1,500 and annual revenue of 3 billion yuan ($400 million).

Besides BYD, major clients include Chinese property developers such as Vanke, Longfor and Country Garden (HK:2007), the post said.

Jinjiang is controlled by Ma Jianwei, whose personal information is not available, according to records on Chinese companies database Tianyancha.

JINJIANG’S WORK FOR BYD

Besides the Brazil factory, Jinjiang works on BYD factory construction across China in cities such as Changzhou, Yangzhou and Hefei, according to records on Tianyancha and job posts on Chinese websites and social media.

Jinjiang was seeking workers for the construction of BYD’s plants in Xian, Shaanxi and Zhengzhou, according to job posts by recruiters on the WeChat messaging app last month.

The company helped BYD build its Skyrail elevated monorail system in China, according to local government posts.

Reuters could not establish whether Jinjiang was working on BYD projects in Hungary, Mexico, Thailand and Uzbekistan, but recruitment posts for the firm show that it is hiring various positions in Hungary, including forklift driver and logistics specialist.

Jinjiang is recruiting hydraulic and steel structure engineers in Turkey as well as Turkish, Spanish, Portuguese and Hungarian translators, it said in posts that do not mention BYD.

WORK SAFETY RECORD

From 2018 to 2022, Jinjiang was ordered by Chinese courts to compensate workers in five disputes involving work accidents and injuries, according to Tianyancha.

It was fined in three cases in 2023 and 2024 for violating worker safety regulations, according to the database.

A penalty record also showed that in May 2022, a worker at a construction site of BYD’s in Hefei was killed in a falling accident. Jinjiang, the chief contractor of the project, was fined 310,000 yuan alongside two sub-contractors by the local authorities in 2023 for failing to implement safety measures.

JINJIANG, BYD RESPONSES TO BRAZIL CLAIMS

Jinjiang said on its Weibo (NASDAQ:WB) account that the portrayal of the workers as “enslaved” was inaccurate and that there were translation misunderstandings.

It posted a video of a group of Chinese workers, one reading to the camera a letter that Jinjiang said the workers had jointly signed, saying the claim that they had been rescued insulted their dignity.

The unidentified worker said they were shocked by the possibility that they could be sent home, that they wanted to keep their jobs and continue working in Brazil.

BYD initially said it had cut ties with Jinjiang, but Jinjiang’s Chinese statement was later reposted online by a BYD executive who accused “foreign forces” and some Chinese media of “deliberately smearing Chinese brands and the country and undermining the relationship between China and Brazil”.

Brazil’s Labor Prosecutor’s Office said BYD and Jinjiang have agreed to assist and house the 163 workers in hotels until a deal to end their contracts is reached.

($1 = 7.2992 Chinese yuan renminbi)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Japan stocks higher at close of trade; Nikkei 225 up 1.77%
next post
China sanctions military firms and executives over US arms sales to Taiwan

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Cargo thieves are attacking the U.S. supply chain at alarming rates

      May 10, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (450)
    • Stock (6,426)

    Latest News

    • Cargo thieves are attacking the U.S. supply chain at alarming rates
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

    Popular News

    • Turkey stocks lower at close of trade; BIST 100 down 0.08%
    • Trump picks Fiserv CEO Bisignano to head the Social Security Administration

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy