Jidong Development Group Holding the Open Ceremony for Share

Jidong Development Group held the open ceremony for shareholding system reform in the South Lake Weijing International Hotel on Feb 10, 2011. The secretary of Tangshan municipal committee, Wang Xuefeng, the deputy secretary and mayor, Chen Guoying, the deputy mayor, Xing Zhichun and principals from other government units participated in the ceremony. The representative of the shareholder of Rongyuan Growth Fund, senior project manager, Ye Ranbing, the legal representative of Xinyuanjing Growth Fund, Zhangjie, the president and secretary of the Party committee of the Group, Zhang Zengguang, the general manager and deputy secretary of the Party committee, Wang Xiaohua and other members of the leading team participated in the ceremony. The deputy mayor Xing Zhichun hosted the ceremony.
Cheng Guoying congratulated to the Group for the successful shareholding system reform on behalf of Tangshan municipal committee and government. He said, Jidong Development Group was the super-large state-owned backbone enterprise in Tangshan and took the leading position in national building material industry. At present, the Group had 3 listed companies and had developed its industry from cement to equipment manufacture, engineering design & construction, commercial concrete, real estate and etc. The Group had become a brilliant name card of Tangshan. Rongyuan Growth Fund and Xinyuanjing Growth Fund were famous PE Fund both home and abroad with strong capability. They had abundant experience and first scale on capital management and operating management. This capital injection had realized the equity stake diversification of Jidong Development Group which would be a stable foundation of the whole group listings. It also provided good experience to the state-owned enterprises in Tangshan for introducing strategic investors and pushing shareholding system reform. Tangshan municipal committee and government would offer efficient service and create good environment for both strategic investors and the state-owned enterprises in Tangshan.
Wang Xiaohua expressed worm welcome and sincere gratitude to all the guests in his speech. He said, in recent years, Jidong Development Group had grown into 105 enterprises in 11 provinces with total assets of 37.8 billion RMB. The Group was about to get into the top 500 of Chinese enterprise. The Group had been insisted in two legs walking policy which are production operation and capital management so as to introduce the strategic investors with capital injection of 786 million RMB. The investors had also provided intelligence support on capital management and international development.
The legal representative of Xinyuanjing Growth Fund, Zhangjie gave the speech on behalf of the investors. He said, counting the investment plan to Jidong Cement, this capital injection would be the largest sole investment since Xinyuanjing Growth Fund founded. He thought under the large context of national development of urbanization and industrialization, the industry of Chinese building material would have a beautiful future. The combination with Jidong Development was a perfect one of entity industry and financial capital. He hoped that there would be chances to participate in the investment of other enterprises in Tangshan. The Funds would devote to the enterprises growth, economic development and the update of industrial structure.
Zhang Zengguang and Ye Ranbing signed the cooperation agreement on behalf of both partners. The deputy director of industrial and commercial bureau of Tangshan, Maai issued the business license for Jidong Development Group. Wang Xuefeng and Chen Guoying unveiled the nameplate for the Group.
The ceremony was ended in festival atmosphere.