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Sinotruk and CAD Fund (China-Africa Development Fund) sign cooperation agreement
Time: 2015-07-29 Source: Sinotruk

 

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 thedevelopment of the Africa export market. Build truck assembly basis and parts & components service network in the main markets of Africa, establish and consolidate the go-out industrial chain of trade, production and after-sales, and further improve the comprehensive competitive strength and brand influence of Sinotruk brand in African market.

Sinotruk Group is the biggest heavy truck manufacturer and the largest heavy truck export base in domestic China, owning advanced truck 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 CompanyThe 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, and it is currently the only one stock equity fund concentrated in investment to Africa in China. It is an important initiative of our countrypragmatic cooperation with 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 the investment covers many areas, including infrastructure,manufacturing industryagriculture, mining industry, and overseas park, etc. The investment of CAD Fund vigorously promotes the international development level of the Chinese enterprises; meanwhile, it brings good economical benefit and social benefit to the local Africa.