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| Boosts Financial and Technical Strengths for Participating in PPP Projects in the PRC |
HONG KONG, Jan 11, 2018 - (ACN Newswire) - Chanhigh Holdings Limited ("Chanhigh" or "the Group"; stock code: 2017) signed two strategic cooperation agreements ("agreements") today with (i) Shanghai AijianTrust Co., Ltd.* ("Aijian Trust") and the Faculty of Architectural, Civil Engineering and Environment of Ningbo University* (the "University"), and (ii) Shanghai International Trust Co., Ltd.* ("Shanghai Trust") and the University.
Pursuant to the agreements, Aijian Trust and Shanghai Trust will provide comprehensive financial services relevant to Chanhigh to meet its financial needs, including but not limited to, provision of financial products and solutions. Aijian Trust and Shanghai Trust have agreed to provide to the Group with a comprehensive credit and financing line not exceeding RMB5 billion and RMB10 billion respectively.
Established in 1986, Ningbo University is in the first batch of "Double First Class University Plan" and "Plan 111" universities in Zhejiang Province. It will, as stated in the agreements, provide comprehensive Public-Private-Partnership ("PPP") technical advice and support, and relevant business resources to the Group.
According to the Notice on Rectifying of Management of PPP Integrated Information Platform (Cai Ban Jin [2017] No. 92) issued by the Ministry of Finance on 10 November 2017 and the Notice on Enhancing Risk Management of Central Enterprises PPP Business (Guo Zi Fa Cai Guan [2017] No. 192) issued by the State-Owned Assets Supervision and Administration Commission of the State Council on 17 November 2017, state-owned enterprises are restricted from participating in PPP projects. In other words, non-state-owned enterprises like the Group have enormous opportunities to participate in new PPP projects. The management believes the cooperation agreements signed between Aijian Trust, Shanghai Trust and the University will help diversify the Group's financing channels and provide the Group with strong financial and technical supports to take part in new PPP projects.
Moreover, the Group is armed with various professional qualifications, such as four first-grade qualifications, namely First-Grade General Contractor for Municipal Public Works, First-Grade Professional Contractor for Urban and Street Lighting Projects, First-Grade Professional Contractor for Building Renovation Projects and First-Grade Professional Contractor for Historic Building Projects, among others. These qualifications give the Group advantages in capturing business opportunities in relation to PPP projects in China. The management is confident that, with the support of its latest cooperative partners, the Group will be able to strengthen its competitiveness and in turn enhance business performance in the long run.
About Chanhigh Holdings Limited (stock code: 2017)
Founded in 2001, the Group primarily undertakes municipal construction works, as well as water conservancy and hydropower projects, urban lighting, housing construction and historic building works. The Group possesses four first-grade qualifications, namely First-Grade General Contractor for Municipal Public Works, First-Grade Professional Contractor for Urban and Street Lighting Projects, First-Grade Professional Contractor for Building Renovation Projects and First-Grade Professional Contractor for Historic Building Projects, as well as other qualifications, including Second-Grade General Contractor for Housing Construction Projects, Third-Grade General Contractor for Water Supply and Drainage and Electrical Projects, Third-Grade Professional Contractor for Environmental Projects and Second-Grade Contractor for Afforestation.
About Shanghai International Trust Co., Ltd.*
Shanghai Trust was established in 1981 by the Shanghai Municipal Finance Bureau* at a registered capital of RMB5 billion. Among the first batch of trust companies established in mainland China, Shanghai Trust enjoys a good reputation and affords significant influence in the financial market of mainland China.
About Shanghai AijianTrust Co., Ltd.*
Aijian Trust is a professional trust financial institution approved by the People's Bank of China and the State Administration of Foreign Exchange. It has a registered capital of RMB3 billion, a strong market reputation and significant influence in the financial market of mainland China.
About Ningbo University
Established in 1986, Ningbo University is a comprehensive university and is among in the first batch of "Double First Class University Plan" and "Plan 111" universities in Zhejiang Province. The university focuses on the Research and Development and aims to become a teaching and research orientated comprehensive university. It ranked among the top 100 institutions of higher education in China with a wide range of disciplines covering economics, law, liberal arts, history, and etc.
Enquiries:
Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 Email: vicky.lee@sprg.com.hk
Becky Liu Tel: (852) 2864 4864 Email: becky.liu@sprg.com.hk
Jeffrey Tam Tel: (852) 2864 4858 Email: jeffrey.tam@sprg.com.hk
Fax: (852) 2527 1196
Topic: Press release summary
Source: Chanhigh Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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