FAR EAST HORIZON and Bank Of Shanghai Sign ¥10 Billion Strategic Cooperation Agreement ¥10B Strategic Cooperation Agreement with BOS
FAR EAST HORIZON received its old friends — visitors from the Bank of Shanghai (BOS) led by Deputy Governor Huang Tao of BOS Shanghai Head Office — at its headquarters on the morning of Sept. 13. The two parties signed a ¥10 Billion strategic cooperation agreement.
The huge sum reflected BOS’ reaffirmation of the ongoing satisfactory performance of FAR EAST HORIZON in the history of cooperation.
FAR EAST HORIZON CFO Wang Mingzhe and General Manager, Financing Department Shen Liwei attended the signing ceremony the same day.
Longtime Partners Step Up Cooperation
Cooperation between FAR EAST HORIZON and BOS, which began as early as 2006, has experienced an increasing escalation over the past 12 years. While forging ahead shoulder to shoulder, the pair have witnessed the expansion of each other in the capital market. During this cooperation, BOS extends the credit for FAR EAST HORIZON from initial bank wealth management products to working capital loans, international consortia, super & short-term commercial paper and debt investments around the world.
In this consideration, both parties showed an intention of upgrading the present partnership into a full-scale, in-depth one. By signing the strategic cooperation agreement BOS consented to authorize a ¥10M line of credit to FAR EAST HORIZON.
In addition, BOS committed itself to employing its financial resources to fund FAR EAST HORIZON more steadfastly in such fields as debentures, asset-backed securities (ABS), pre-asset-backed securities (Pre-ABS), bond financing innovation, cross-border finance, medical care and construction.
FAR EAST HORIZON CFO Wang Mingzhe reaffirmed the mainstay role of BOS in its past success. While pushing ahead with the “Finance + Industry” strategy, FAR EAST HORIZON will attach more importance to business finance and service diversification, improvement and industrialization. Efforts will be stepped up to focus around such sectors as medical care, education and construction.
Since FAR EAST HORIZON expects a more extensive and in-depth cooperation with BOS in the aforesaid fields, the signing of the agreement will definitely be a milestone in the cooperation.
At the signing ceremony Deputy Governor Huang Tao summarized that BOS and FAR EAST HORIZON had a lot in common: similar staff size, similar paths and similar excellence in performance. He thought highly of FAR EAST HORIZON’s development strategy, operational performance and the two parties’ cooperation history, expressing the hope to step up cooperation in future by combining BOS’ local financial strength with FAR EAST HORIZON’s national influence with the intention of contributing more to the Chinese economy.
Integrating Global Resources, Promoting China’s Industries
As a leader in the Chinese finance lease industry in perpetual pursuit of “Integrating Global Resources, Promoting China’s Industries”, FAR EAST HORIZON carries forward its double-impetus “Finance + Industry” development strategy, which is rooted in industry and serves industrial escalation. At the same time, FAR EAST HORIZON will be dedicated perpetually to upgrading such urban industries, e.g. medical care, education, construction, consumer products, industrial equipment, transportation & logistics and urban utilities.
In order to match the aforesaid scheme, FAR EAST HORIZON has applied itself for years on end to consolidating resources for the implementation of a global, diverse financing system which crosses country borders and is supported by loans denominated in multiple currencies. It becomes the important competitive advantage of FAR EAST HORIZON to make much difference among the industry.
Thanks to the financing system, FAR EAST HORIZON is able to maintain extensive and close relations with a lot of domestic and foreign banks and non-bank financial institutions, which afford FAR EAST HORIZON a steady, robust supply of fund to Chinese companies. So far, nearly ¥700M in liquidity has been injected into these companies.
Besides, FAR EAST HORIZON is also the most innovation-inspired companies in the industry in terms of financial resource backup. While introducing a number of innovative products, it introduced the first asset-backed ABS product, the first dim sum bond product and the first asset-backed note (ABN) product into China. Widely recognized in the capital market for a clean credit history, FAR EAST HORIZON is one of the rare companies rated as BBB- investment-grade by Standard & Poor's and Fitch.
FAR EAST HORIZON’s breakthrough in cooperation with BOS epitomized market recognition of its resource backup system built on robust industrial strength.
In the future, FAR EAST HORIZON will bring into full play the advantages of the resource globalization scheme while stepping up efforts to carry forward the “Finance + Industry” dual-impetus strategy. It will continue to push ahead with serving, participating in and operating the industry, therefore acquiring more high-efficiency resources for the development of the Chinese industry.