Fullshare Holdings Limited (0607.HK) HK$3.10 +0.03 (+0.98%) Vol. 2,702,000

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Home News Company News Indirect Subsidiary Nanjing Drive Entered into a 5-year Agreement with Bank of Communications

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Indirect Subsidiary Nanjing Drive Entered into a 5-year Agreement with Bank of Communications

Gained a credit lines of RMB5 Billion

 

(26 September 2017 – Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”; SEHK stock code: 607, together with its subsidiaries, the “Group”) is pleased to announce that on 23 September 2017, Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd. (南京高精傳動設備製造集團有限公司) (“Nanjing Drive”), a wholly-owned subsidiary of China High Speed Transmission Equipment Group Co., Ltd. (中國高速傳動設備集團有限公司) (“China High Speed Transmission”; SEHK stock code: 658.HK, a subsidiary of the Group) entered into a five-year comprehensive strategic cooperation agreement (the “Agreement”) with the Jiangsu provincial branch of Bank of Communications Co., Ltd. (“Bank of Communications”). Subject to compliance with national industrial policies and its credit policies and loan requirements, Bank of Communications agreed to cater for, among other things, daily working capital, project construction and investment business requirements of Nanjing Drive on a priority basis and to provide general intentional credit lines in an aggregate amount of RMB5 billion during the cooperation period. Once again, this is a strong recognition from the financial institutions after China High Speed Transmission received the credit lines from Bank of Nanjing Co., Ltd. in May 2017.

 

Pursuant to the Agreement, Nanjing Drive considers Bank of Communications as an important long- term partner. In light of its actual needs, Nanjing Drive will, under the same condition and on a priority basis, choose Bank of Communications as one of its principal banks for financial services. Bank of Communications considers Nanjing Drive as one of its most important clients. According to national macroeconomic policies, industrial polices, credit policies and the corporate development plan of Nanjing Drive and to the extent permitted by national policies, laws and regulations, Bank of Communications will fully leverage on its service resources and full-license advantage to provide comprehensive, convenient and favorable financial services to Nanjing Drive on a priority basis so as to fully support the development of Nanjing Drive. The business cooperation under the Agreement covers financing services, financial advisory services, settlement services, wealth management services and private financial services.

 

As the Group’s core subsidiary in the sector of new energy, China High Speed Transmission is the leading supplier of high-end wind gear transmission equipment in China with a production scale, manufacturing technology and R & D capability reaching the most advanced standard of the industry. China High Speed Transmission’s wholly owned subsidiary Nanjing Drive is widely recognized by both local financial institutions in Nanjing and large state-owned joint stock banks for its technology, leading position and market share. Looking ahead, China High Speed Transmission will focus on multiple fields such as high-end intelligence manufacturing and Industry 4.0, and actively explore businesses in industrial equipment, rail transportation and related industries, with an aim to apply its manufacturing and research expertise to other segments.