China Development Bank (CDB), Jiangsu Jinsheng and Germany EMAG signed a strategic cooperation agreement: CDB financing EMAG project 20 billion yuan


On July 11, 2011, China Development Bank Co. Ltd. (CDB), Jiangsu Jinsheng Industry Holding Co. Ltd. and EMAG Holding GmbH (Germany) signed a tripartite strategic cooperation agreement in Suzhou. Under this agreement, CDB will raise 10 billion yuan each for the two companies over their five years’ cooperation. Li Yunfeng, member of the Standing Committee of CPC Jiangsu provincial committee, executive vice governor and secretary-general of CPC provincial party committee, Wang Quan, Deputy Secretary of the provincial government and the Financial Director, Cheng Zhijie, vice president of CDB, Di Weiping, Chief Investment Officer, Mao Juncai, president of CDB Jiangsu Branch, Fan Yanqing, secretary of Changzhou municipal party committee, Jun Cai, secretary-general of Changzhou municipal party committee, Jintan municipal leaders including Fang Guoqiang, Ding Rongyu and Xu Xiaobo etc., arrived at the scene to witness the signing ceremony.
As is known to all, CDB is a government development financial institution constantly adhering to the mission of “enhancing national strength and improving people’s livelihood”. It is committed to serving national development strategy and objectives and has formed such a business development pattern as supporting IBP (infrastructure, basic industries, pillar industries), and promoting grassroots finance and international cooperation.
On the day, Mao Juncai, president of CDB Jiangsu branch and Pan Xueping, president of Jiangsu Jinsheng Industry Holding Co. Ltd, and Norbert Hesbruggen, president of EMAG Holding GmbH signed on behalf of each side a tripartite strategic cooperation agreement. It is agreed that during the period of 2011 to 2016, CDB will raise 10 billion yuan each for Jiangsu Jinsheng and EMAG to support their industrial upgrading and expansion, domestic and foreign mergers and acquisitions, financing and leasing and other projects, and promote long-term comprehensive cooperation between the two sides in equipment manufacturing industry.
Fan Yanqing, secretary of Changzhou municipal committee, delivered a warm speech to thank CDB’s generous support offered to enterprises in Jintan and Changzhou. He pointed out that the strategic cooperation agreement signed between CDB with Jiangsu Jinsheng and EMAG would further boost the confidence to develop high-end equipment manufacturing and speed up industrial transformation and upgrading in Changzhou. Departments at all levels shall provide the best service to ensure the realization of their smooth cooperation.
Prior to signing the agreement, Jinsheng president Pan Xueping together with provincial and municipal leaders and CDB executives held a seminar to introduce the progress of the project. Mr. Pan indicated to further explore the opportunity for cooperation and to start the construction of the EMAG (China) project as soon as possible so as to put into production as early as possible.
Executives from both Jiangsu Jinsheng and Germany EMAG attended the signing ceremony.

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