September 24, Zhongshan, Guangdong The three parties representing ICBC ICBC Guangdong Branch ("ICBC Guangdong"), ICBC International Holdings Limited ("ICBC International") and ICBC Financial Leasing Co Ltd ("ICBC Leasing"), signed a full Strategic Cooperation Agreement ("Agreement") with Guangdong Mingyang Wind Power Industrial Group ("Mingyang Wind Power").
Signatory guests at the ceremony are: Li Chunhong, Deputy Secretary General of the Government of Guangdong Province; Li Qihong, Mayor of Zhongshan Municipal People's Government, ICBC Vice President Li Xiaopeng and Zhang Chuanwei, Chairman of the Board of Mingyang Wind Power. The Agreement demonstrates itself by being the first such conclusion in Guangdong where a corporate company marches on the same tune with three entities - a commercial bank, an investment bank and a financial leasing company.
At the same time this is a landmark of innovation. The agreement addresses the newest model of offering commercial bank's financial services and products to a company under one roof covering territories from home and abroad, upstream and downstream, full products.
Under the Agreement, ICBC Guangdong, ICBC International and ICBC Leasing will provide commercial banking services to Mingyang Wind Power including RMB financing and cash management. Besides, the agreement parties vow to draw closer on in-depth cooperation in many arenas as investment banking, financial leasing, and international services.
ICBC Vice President Li Xiaopeng sheds his opinions on the cooperation pact. ICBC always moves forward with government policy to support new energy industry like wind power. The Agreement is an innovative measure of ICBC to adapt to globalized economy and meet the new challenges in shaping Guangdong's open economy. It also marks a new milestone for the ICBC financial services to Mingyang Wind Power: First, services to a company from financial institutions of local and overseas. Second, bundled services of upstream and downstream offered to a company from financial institutions. Third, all-inclusive services offered to customers across an array of products encompassing commercial banking, investment banking and financial leasing. The signing of the agreement holds up as an example of how ICBC evolves herself from a capital supplier to a financial service provider with full products, full lifecycle and full value chain.
Chairman of Mingyang Wind Power Zhang Chuanwei related that Mingyang Wind Power works with ICBC on the ground of driving financial innovation by the dynamics of wind power industry. By dint of moving the financial value chain up the industry value chain, Mingyang Wind Power hopes to loom large and helps China in the development of new energy industries and low-carbon economy.
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ICBC International Holdings Limited
ICBC International Holdings Limited ("ICBC International") is the wholly-owned subsidiary of the Industrial and Commercial Bank of China Limited (ICBC). Headquartered in Hong Kong, ICBC International is the overseas platform for investment banking services of the bank and serves as the liaison center for all ICBC branches and subsidiaries in China. Main services include stock offering and underwriting, IPO sponsorship, mergers and acquisitions, debt financing, corporate restructuring, securities and brokering, direct investment, fund management, financial consultancy, compliance consultancy and a range of diversified financial solutions.
ICBC Financial Leasing Co., Ltd
ICBC Financial Leasing Co., Ltd., ("ICBC Leasing") is a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited and based in Tiannjin Binhai New Area. The Company is a pilot under State Council. It is the first financial leasing company opened by commercial bank under the approval of China Banking Regulatory Commission. ICBC Leasing is also one of the biggest financial institutions joining the row to set up in the zone just after China government unveils Binhai's development strategy.
ICBC Leasing is primarily a large and professional leasing company engaging in the financial leasing for aircrafts, vessels and equipment. Capitalizing ICBC's professional standing and outstanding corporate culture, the Company is the first among the peers to put up a comprehensive product service system.
Main areas of leasing service are financing lease of newly purchased equipment, equipment export lease, operating lease of newly purchased equipment, vendor leasing, optimized sale-leaseback, sublease of tax leasing, financing sale-leaseback and international synthetic lease. Major financing services are the transfer of rent receivables, securitization of leasing asset and investment fund for equipment.
Industrial services mainly cover trading and management of equipment asset, consultancy in equipment investment.
Guangdong Mingyang Group
Guangdong Mingyang Group was established in 1993. The Group mainly engages in the manufacturing of high and low voltage switch cabinet as well as design, production and sales of wind power generators. Under the Group there are two main companies: Guangdong Mingyang Electric Group Co. Ltd. ("Mingyang Electric") and Mingyang Wind Power Technology Co. Ltd. ("Mingyang Wind Power"). Today, Mingyang Electric is one of the top three manufacturers of high and low voltage switch cabinet in China. Mingyang Wind Power is one of the four main suppliers in China specialized in megawatt wind power equipment.
