Golden Concord Group Obtained Substantial Support from China Development Bank Corporation as the Two Parties Entered into A Financing Cooperation Agreement for Development
On 1 June 2011, China Development Bank Corporation and Golden Concord Group Limited (“Golden Concord Group”, the “Company” or the “Group”) signed an agreement for financial development and cooperation in Hong Kong, pursuant to which both parties agreed to build a new investment and financing model which would deepen cooperation in all front between the financing group and industrial group and capitalise on China Development Bank Corporation’s financial capabilities as well as the Group’s competitive edges in industrial investment and management expertise. The agreement aims to establish a long-term and stable strategic partnership for mutual benefits and development.
Pursuant to the agreement, China Development Bank Corporation will provide financial support to Golden Concord Group’s domestic and overseas investment projects in foreign currency and Renminbi in the next 5 years in order to fulfill the capital requirements of Golden Concord Group for its future development. GCL-Poly Energy Holdings Ltd. (“GCL-Poly”) (Stock code: HK.3800) is the major support target which engages in businesses including solar photovoltaic materials, green energy, solar farm system integration and overseas solar farms. The financing support is to ensure GCL-Poly will undergo further technology innovation, improvement of production capacity and reduction of production costs, thus ultimately downsizing the costs of the global solar power generation industry. The agreement also involves other green energy industry projects of Golden Concord Group in relation to energy saving and storage.
Besides, China Development Bank Corporation will give priority to Golden Concord Group in the provision of comprehensive financial services including investment, loans, bonds, leasing and securities. Golden Concord Group will give priority to China Development Bank Corporation in selecting financial services such as loans, deposits, clearing service, finance lease and investment banking.
Mr. Zhu Gongshan, Chairman of Golden Concord Group, said, “Our cooperation serves as clear evidence that China Development Bank Corporation supports environmental protection and renewable energy enterprises and provides adequate financial support for the country’s scientific innovation and industry structural upgrade as well as the development of an environmental friendly and low-carbon economy. Meanwhile, such cooperation also reflects China Development Bank Corporation’s strong confidence in the long-term development and profitability of Golden Concord Group’s businesses. The Company’s management is also confident that the cooperation agreement will effectively integrate the Group’s competitive edges with China Development Bank Corporation’s financing capabilities, thus enhancing the overall competitiveness of the Group and speeding up the accomplishment of our strategic objectives’’.
Mr. Di Weiping, Chief Investment Officer and Chief Executive of the Hong Kong Branch of China Development Bank Corporation and Mr. Zhu Gongshan, Chairman of Golden Concord Group attended the signing ceremony and signed the agreement on behalf of their respective parties.
