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Fujian San’an Group Singed a Strategic Cooperation Agreement with China Development Bank

2016-12-28
China Development Bank signed a strategic cooperation agreement with Fujian San’an Group in Xiamen on the 22nd of this month in a move to accelerate the “walking out” pace of the leading private enterprise operating in optoelectronics, integrated circuit and bulk trade business by deploying the global selling network in key sectors. Such move will help the company become a global leader.

The signature ceremony was attended by Cai Dong, vice president of China Development Bank, Lu Jiang, deputy mayor of Xiamen among other officials. Yang Aiwu, President of China Development Bank, Xiamen Branch and Lin Xiucheng, Director of Board of Fujian San’an Group jointed signed Development-Oriented Financial Cooperation Agreement.

The agreement fosters a deeper bilateral cooperation on M&A loans, project loans and group unified borrowing and return. Meanwhile, China Development bank will offer medium-and-long-term loans, construction special fund and industrial fund in full support of accelerated overseas M&A process and industrial capacity expansion for its key areas such as LED chips and integrated circuit with in amount of RMB 30 billion.

The agreement works as a prelude to a new round of cooperation and joint development, exploration of a diverse cooperative mode and establishment of a close and stable strategic cooperation relationship with mutual benefits and common development.

Early in 2012, China Development Bank has started to cooperate with San’an Group, covering its “investment debt rent card” business in four years as the main loan provider for the group.

In addition to issuance of big loan authorization letter, China Development Bank invested national integrated circuit industrial fund in amount of RMB 6.4 billion into San’an Optoelectronics last year, facilitated the establishment of a secure chip industry investment fund worth RMB 50 billion between San’an Group and Quanzhou municipal government and signed an cooperation agreement with the APP, the largest financial group in Indonesia as its LED supplier.

Fully supported by China Development Bank, the total capital value of San’an Group grew from RMB 46.4 billion in September, 2016 to RMB 19.5 billion in the initial cooperation phase in 2012, up by 137%; the market value of San’an Optoelectronics grew from RMB 20 billion to RMB 51.2 billion, up by 156%.
Next: Foreign Investment Announcement by a Wholly-owned Subsidiary of San’an Optoelectronics