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Sinotruk and CAD Fund (China-Africa Development Fund) sign cooperation agreement

Author ：Heavy Duty Truck     Add Time ： 2015-05-10     PV ：

                                                              

 

On April 17, China National Heavy Duty Truck Group Co., Ltd.(Sinotruk Group for short) signed a Joint Venture Agreement with CAD Fund in Beijing. Mr. Ma Chunji, the Chairman of the Board of Sinotruk Group and secretary of the party committee, signed the Joint Venture Agreement with Mr. Chi Jianxin, the Chairman of the Board of CAD Fund. Mr. Kong Xiangquan (the executive director and chief financial officer of Sinotruk (Hong Kong) Limited), the main responsible personnel from Sinotruk Hong Kong Investment Company, and the main responsible personnel from Marketing Dept. & Investment Dept. of CAD Fund, etc. were present at the signing ceremony.

Sinotruk together with CAD Fund invest about 133 million dollars, and they will be mainly used in Africa's export market development. The establishment of automobile assembly and parts based on, in Africa the main market of the service network, establish and consolidate go industry chain of trade, production and after-sales service, to further improve the comprehensive competition strength and the China National Heavy Duty Truck brand in the African market brand influence.

Sinotruk group is the largest maker of heavy trucks, in China the largest heavy-duty truck export base, with advanced automobile manufacturing technology,producing and selling the full series of commercial vehicles, including heavy duty truck, medium truck, light duty truck and bus, etc., and also special truck and construction truck. Its core business was listed in Hong Kong Stock Exchange in 2007, and belongs to an international commercial vehicle company. Sinotruk is famous for its independent R&D HOWO series heavy trucks and the high-end SITRAK trucks which are jointly developed with German MAN Company. The overseas export in 2014 reached 25,000 units, among which 11,000 units were exported to Africa. Its export is ranked first place in the industry for a decade.

CAD Fund was declared to be established by the former State President Mr. Hu Jintao in 2006, this is currently the only stock funds in China's stock investment. This is an important measure of practical cooperation between China and Africa. Since its establishment, relying on China Development Bank, in the Integrated Service Mode of “investment +loan”, CAD Fund supported over 80 projects, involving more than 30 Africa countries. The investment volume of the Fund was about 3 billion dollars, it could promote about 15billion dollars investment in Africa, and Investment in infrastructure, manufacturing, agriculture, mining, overseas investment, and vigorously promote the international development of Chinese enterprises, but also to bring good economic benefits and social benefits.

                                                          

Strong cooperation between Chinese heavy truck and CAD, the fund will fund the professional approach. It can help the "going abroad" strategy, China National Heavy Duty Truck. In Africa the social image of the further improvement and China Heavy Duty Truck brand influence, and realize win-win for both.