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Bank of China Suzhou Branch Signs Comprehensive Strategic Cooperation Agreement with Yongding Group

2017-07-26

On the afternoon of May 15, 2017, the signing ceremony of the comprehensive strategic cooperation agreement between Bank of China Suzhou Branch and Yongding Group Co., Ltd. was held in Suzhou Bank of China Tower. Under the verification of Dong Zonglin, Secretary of the Party Committee of Bank of China Suzhou Branch, Vice President Bao Danfang, Chairman of Yongding Group Molindi, and General Accountant Wang Fuying, Vice President Liu Bin of Bank of China Suzhou Branch and Vice Chairman Zhu Qizhen of Yongding Group respectively represented both parties Signed the "Comprehensive Strategic Cooperation Agreement. Relevant persons in charge of the Corporate Finance Department, Risk Management Department, Trade Finance Department and Wujiang Branch of Bank of China Suzhou Branch, and the team of Jiangsu Yongding Taifu Engineering Co., Ltd. attended the signing

Under the implementation of the national "Belt and Road Initiative" strategy, the Bank of China strives to build the financial artery of "Belt and Road Initiative" and strive to become the backbone, main channel and aorta of "Belt and Road Initiative" financing. As of the end of March 2017, Bank of China has followed up projects along the "Belt and Road" with a total investment of more than US $437.2 billion and provided intentional credit support of more than US $100.5 billion. Relying on the advantages of professionalism, efficiency, pragmatism and innovation, and relying on Suzhou's huge export-oriented economy, Bank of China Suzhou Branch has played an active leading role in serving the country's "Belt and Road Initiative" strategy. it has supported a large number of benchmark backbone enterprises in Suzhou to successfully "go out".

Yongding Group has the first listed company in China's cable industry (Yongding Co., 600105). It has taken the lead in upgrading from "product manufacturing" to "design-supply-construction-maintenance" integrated services in this region and this industry. It has closely followed the national "the belt and road initiative" strategy to undertake international engineering general contracting business, and has accumulated nearly US $3 billion in engineering contracts for power transmission, transformation and power stations, many demonstration projects such as China's preferential buyer's credit, China's 421 project and China's commercial buyer's credit have been successfully delivered. On October 14, 2016, President Xi Jinping witnessed the signing of the US $1.15 billion EPC contract for the "Bangladesh National Power Grid System Project. These projects have not only promoted the export of over -10 billion China's electromechanical equipment and the outsourcing of over -1 billion design services, but also actively exported Chinese technical standards, accelerated the internationalization of domestic supporting industries, and cultivated a large number of outstanding international compound talents.

Based on their respective business advantages, in order to form closer strategic cooperation and jointly implement the implementation of the national "One Belt One Road" strategy, Bank of China Suzhou Branch will provide Yongding Group Co., Ltd. with a credit support of no less than US $1 billion in the next 5 years. For the development of Yongding Group in major fields such as cable manufacturing, overseas engineering, and overseas investment, these include short-term liquidity loans, medium-and long-term project loans, syndicated loans, export purchase loans, and trade financing services such as the opening of letters of credit, foreign exchange charges, the issuance of letters of guarantee, and the issuance of bankers' acceptances.

The signing of the comprehensive strategic cooperation agreement will further deepen and expand the business cooperation between the two sides and achieve win-win development in the implementation of the national "Belt and Road Initiative" strategy.