The strategic transformation of Sanpower Group has received another substantial support from financing institutions. On 22^nd March, China Minsheng Bank (CMBC) and Sanpower Group signed a Comprehensive Strategic Cooperation Agreement to roll out comprehensive and in-depth cooperation using the “Headquarters to Headquarters” model. Hong Qi (Chairman of CMBC), Shi Jie (Vice President of CMBC), Lin Jingran (President of CMBC Nanjing Branch), Yuan Yafei (Chairman of Sanpower Group), Yang Huaizhen (President of Sanpower Group), Liu Zhenhua (Global Executive Vice President of Sanpower Group) and other senior leaders attended the signing ceremony. Liu Yongbiao, Director of Nanjing Finance Office, witnessed the event.

According to the agreement, CMBC will provide Sanpower with a framework line of credit with a maximum value of RMB 10 billion (apprxo.USD 600 million), in line with national legal and regulatory requirements, the bank’s credit policy and the requirements on risk control for credit approval. Noting its innovative and comprehensive supply chain solutions, CMBC has also agreed to help boost Sanpower’s supply chain management capability by offering financing credit services to qualified suppliers along Sanpower’s industry chain.

With the signing of this strategic partnership agreement, CMBC, through its rich experience in investment banking, will focus on the strategic layouts of Sanpower and its subsidiaries to provide financing and credit services in accordance with national laws and regulations, supervision requirements and CMBC’s internal credit extension approval.

Both parties believed that this signing marks the beginning of information sharing, complementarity of advantages and win-win. Both will endeavor to build a new platform and mechanism for cooperation and development, deepen all-round collaboration and exchange on resources, business integration, full-process services, etc. As a result, higher levels of strategic synergy will be realized and new potential of innovation will be further tapped.