The Ministry of Commerce declared that export brands will have development priority for the years 2005 and 2006. Phoenix bicycles, manufactured by Phoenix Co., Ltd. located in Shanghai Jinshan district, has been ranking top among the six brands selected from Shanghai. Thus far, Phoenix bicycles has six different series, more than 300 models and over 500 varieties. Its products have been sold to Europe, America, Japan, Southeast Asia, East West Africa and the Middle East and are widely welcome in the international market. In 2004, Phoenix Co., Ltd., exported 3.59 million bicycles, generating a total foreign exchange of USD150million.

Phoenix Co., Ltd., was originally a subsidiary of Shanghai Light Industry Holding Company (Group). In May 2004, it moved to Jinshan district, along with the other four companies under Shanghai Light Industry Holding Company (Group), namely Shanghai Toys Imp. & Exp. Co., Ltd., Shanghai Leather Co., Ltd., Shanghai Shenglong (Group) Co., Ltd. and Double Happiness Co., Ltd.