CSR Signs Strategic Cooperative Agreement with Hunan Province and National Development Bank

In the morning on May 24 when the 2010 National Entrepreneurs Day & Annual Conference of Chinese Entrepreneurs was being held, CSR signed strategic cooperation framework agreement with Hunan Provincial Government and the National Development Bank, and they achieved extensive common ground in such issues as establishment of long-term and stable strategic cooperative partnership, further expansion of cooperative fields, and improvement of cooperation level. Chairman of China Enterprise Confederation and China Enterprise Directors Association Wang Zhongyu, Vice Secretary of Hunan Provincial Committee Mei Kebao, and Vice Governor of Hunan Province etc. attended the signing ceremony.

Chairman of CSR Zhao Xiaogang attended the signing ceremony and delivered a speech, and Vice Chairman Tang Kelin, on behalf of the CSR, signed the cooperative agreement. At the meantime, Vice Chairman and Financial Supervisor of CSR Zhan Yanjing, General Manager of Urban Rail Business Department Xu Hongchun, General Manager of CSR Zhuzhou Electric Locomotive Co., Ltd. Xu Zongxiang, General Manager of CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd. Ding Rongjun, also attended the ceremony in tandem with General Manager of CSR Zhuzhou Electric Locomotive Co., Ltd. Hu Yang, General Manager of CSR Yangtze Rolling Stock Co., Ltd., and General Manager of CSR Yangtze Rolling Stock Co., Ltd. Zhuzhou Branch Zhao Weiping.

CSR s cooperation with Hunan Provincial Government and the National Development Bank aims to foster Hunan Province RMB 100-billion Rail Transit Equipments Industry Cluster in light of the Government Support, Market-oriented Operation principle, so as to promote Hunan Province to become the most competitive region in global rail transit equipments industry as well as to build Zhuzhou City into the Capital of China in Rail Transit Equipments Manufacture . As per the agreement, CSR Group will offer strong support to its Hunan-based four enterprises as well as enlarge investment in R & D and technical reconstruction, so as to develop high price-performance ratio and high-reliability new rail transit products like inter-city train, urban rail metro vehicle, and maglev train by its advanced technologies and advantaged manufacture resources, in addition to consolidating and extending its product lines in new energies and new materials sectors like transformer, wind power, and electric car. Within five years, CSR Group s cumulative investment in HunanProvince will exceed 10 billion yuan. Meanwhile, the National Development Bank will capitalize on comprehensive service measures to serve CSR s mid and long-term industry development strategy. It will also leverage its strong points in international cooperation to bolster CSR s Walk Out strategy and to facilitate CSR to actively develop international cooperation businesses. In addition, the National Development Bank will provide ZhuzhouRailTransitIndustryPark with all-round financial services so as to extend CSR s development space in HunanProvince.