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| Optimizes Allocation of Resources And Saves Financial Cost |
HONG KONG, July 17, 2015 - (ACN Newswire) - Zhaojin Mining Industry Company Limited ("Zhaojin Mining" or the "Company", together with its subsidiaries, the "Group", stock code: 1818) announces that Shandong Zhaojin Finance Company Limited ("Finance Company") entered into the Group Financial Services Agreement and the Parent Group Financial Services Agreement with the Company and Shandong Zhaojin Company Limited ("Shandong Zhaojin") respectively. Finance Company agreed to provide financial services to the Company and Shandong Zhaojin, which include deposit services, loan services, bill discounting services and settlement services. Besides, Finance Company will open for business on 18 July, 2015 and launch a grand opening ceremony in the city of Shandong Yantai. It officially starts to provide high-quality and all-dimension financial services to the Group and its subsidiaries.
Finance Company is jointly funded and established by the Company, Shandong Zhaojin and Zhaoyuan Gold Smelting Company Limited owned by Shandong Zhaojin, with registered capital of RMB 500 million. The Company is the controlling shareholder, with 51% equity interest of the Finance Company. Finance Company is a non-banking financial organization registered officially on 1 July, 2015 and authorized by China Banking Regulatory Commission. Its purpose is to strengthen the Company's central management of capital and enhance efficiency of capital use.
Mr. Weng Zhanbin, Chairman of Zhaojin Mining Industry Company Limited said, "The establishment of Finance Company is the Company's key measurement to facilitate strategical transformation and adaptation to the new economics' norm. Finance Company will leverage the four functions, named "capital collection platform, capital settlement platform, capital monitoring platform, and financial services platform", to provide quality financial service for the Company's industry chain management, optimize Company's allocation of resources, broaden finance channels, save financial cost, secure capital and improve operation efficiency. The agreement marks the beginning of the integration of the Company's industrial capital and financial capital, and lays a solid foundation for the Company's financial services business to develop. In a nutshell, this represents Zhaojin Mining's participation in the financial services industry."
Topic: Press release summary
Source: Zhaojin Mining
Sectors: Daily Finance
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From the Asia Corporate News Network
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