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Ansteel Group and CICC have signed a strategic cooperation agreement      [2018-03-28]

Ansteel Group Corporation and China International Capital Corporation Limited (CICC) have signed a strategic cooperation agreement yesterday to form a joint venture fund tasked to restructure and consolidate the Chinese steel sector.

 

The move is in accordance to Beijing’s policy to cut overcapacity and clean up "zombie enterprises." The joint venture fund will aim to build a financial platform promoting consolidation and restructuring of China’s iron and steel industry, which has been struggling with overcapacity and low quality products.

 

According to the agreement, both sides will collaborate in refinancing troubled businesses, mergers and acquisitions, reorganizations, and private equity investments.

 

Ansteel Group and CICC have complementary advantages in this partnership. Ansteel as a state-owned enterprise managed by China’s State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and a giant iron and steel group with iron and steel mining, financing, trade, chemicals, engineering, information industry, logistics and energy businesses.

As China’s first joint venture investment bank, CICC has established a full-service financial services framework based investment Banking, equities, fixed income, wealth management and investment management.

Learn more: www.steelclik.com


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