On November 7, China's Industrial Bank (CIB) and Zhejiang Geely Holding Group (Geely) signed a comprehensive strategic partnership agreement in Hangzhou. The ceremony was attended by Li Donghui, CEO of Geely, and Chen Xinjian, President of CIB. Joe Zhang Quan, Senior Vice President and CFO of Geely, and Li Baitao, President of CIB's Ningbo Branch, signed the agreement on behalf of their respective organizations.
The agreement outlines the commitment of both parties to leverage their respective strengths to pursue mutual development and long-term cooperation, enhancing multi-dimensional collaboration in several key areas, including investment banking, international business, green finance, supply chain finance, cash management and personal finance.
In discussions prior to the signing ceremony, Mr. Li Donghui expressed his appreciation for CIB's financial support during Geely's growth. He highlighted Geely's proactive alignment with China's strategic initiatives, such as efforts to create a double development dynamic with the domestic economy as the mainstay and the domestic economy and international engagement providing mutual reinforcement. Geely is committed to becoming a global leader in intelligent electric mobility and energy services. Mr. Li expressed his aspiration that this agreement will catalyze broader cooperation and innovative cooperation models, contribute to carbon neutrality targets while driving the development of new quality productive forces.
Mr. Chen Xinjian commented on the solid foundation of the partnership between CIB and Geely, noting their joint progress in areas such as green development and capital market innovation. As one of China's systemically important financial institutions, CIB will leverage its expertise in green banking, wealth banking and investment banking to further its partnership with Geely. CIB will explore new opportunities in areas such as environmental, social and governance (ESG) management, M&A financing, supply chain finance and personal finance, and help Geely accelerate its technological innovation and industrial upgrading. Through this win-win partnership, CIB will also enhance its integrated services for customers across the supply chain and industry chain, benefiting more market participants.
Geely, a leading Chinese automotive brand, has been listed in the Fortune Global 500 for 13 consecutive years and is the only Chinese automaker among the top ten global automotive brand values. At the forefront of emerging technologies, including new energy vehicles, shared mobility, Internet of Vehicles (IoV), autonomous driving and automotive chips, Geely is firmly committed to transformation, upgrading and sustainable development. Since the beginning of their partnership in 2002, Geely and CIB have cultivated a robust and enduring relationship. This latest agreement will enable both parties to explore innovative ways and business models that serve the development of the automotive industry, actively promote the new "Technology-Industry-Finance" cycle, and inject industrial and financial momentum into China's high-quality economic growth.