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CMBC and Shandong Weiqiao Pioneering Group Enter into a Strategic Cooperation Agreement

  • On May 12, CMBC and Shandong Weiqiao Pioneering Group Co., Ltd. held a strategic cooperation agreement signing ceremony in China Minsheng Bank Building located at Xidan, Beijing; President Zheng Wanchun and Mr. Zhang Shiping, Chairman of Shandong Weiqiao Pioneering Group attended the ceremony and witnessed the agreement signing. According to the agreement, the two parties will establish a strategic cooperative partnership; CMBC will give full play to its strengths of capital, information, technology and personnel in the financial sector to provide Weiqiao Pioneering Group with high quality, efficient, safe, convenient and integrated financial services, so as to enhance the industry and finance synergy, achieve the strategic bank-enterprise cooperation and development, and boost China's economic transformation and upgrading.


      

    Shandong Weiqiao Pioneering Group, the most competitive enterprise of China's cotton fiber textile processing industry and the world's largest cotton textile enterprise, has been listed among Fortune 500 enterprises for 4 consecutive years; in 2015, with a revenue of 45.757 billion USD, the Group ranks No. 234 of Fortune 500, No. 41 of China's Top 500 Enterprises, No. 4 of China's Top 500 Private Enterprises and No. 1 of Top 100 Enterprises in Shandong respectively. By 2015, the Group achieved pre-tax profits of 17.5 billion CNY and profits of 12 billion CNY, ranked first among the industrial enterprises above designated size in Shandong Province; its cotton and aluminum production scale ranked the first in the world.   

     


     

    Mr. Zhang Ping expressed gratitude to CMBC's financing support to Weiqiao Pioneering Group over the years and introduced that the Group has always been adhering to the development of the real economy and its strategic approaches of being market-oriented, focusing on economic benefits, taking cotton textile production as the basis, taking "spinning - dyeing - clothing" and "thermal power - metal smelting - metal rolling process" as the two wings, conducting large-scale production, diversified operation and intensive growth and continuing to make itself bigger and stronger. Mr. Zhang Ping said they hope to get more business support and more quality and efficient financial services from CMBC.


    President Zheng Wanchun suggested that the two parties can carry out comprehensive cooperation in the fields of new financing services, cash management and settlement business, bonds issuance business, equity financing, mergers and acquisitions, investment banking and retail personal business. He also said that CMBC is willing to become Weiqiao Pioneering Group's banking and financial advisor and hopes to take entering into this strategic cooperation agreement as a starting point so as to promote the bank-enterprise cooperation to a deeper level. Before the signing ceremony, Shi Jie, President Assistant of CMBC, made a brief exchange with Mr. Zhang Ping on the cotton and aluminum product capacity utilization, sales conditions, inventory size, cost control, operating profit and other business conditions. 

     


     

    CMBC and Weiqiao Pioneering Group are both excellent Chinese private enterprises and have the same source and similar development. The business cooperation between the Parties has last for 14 years; later, CMBC's Corporate Client Dept. will work closely with Ji'nan Branch and other business departments to comprehensively promote and implement the contents of bilateral strategic cooperation.

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