Hong Kong, September 29, 2021 – Sheng Ye Capital Limited (“SY Capital” or the “Company”, stock code: 6069.HK), an industry focused supply chain fintech platform, and the Administrative Commission of the Jiangsu Wuxi Economic Development Zone (“Wuxi Economic Development Zone”), entered into a strategic partnership agreement to deepen cooperation between the two parties.
A number of senior officials from Wuxi City attended the signing ceremony, including Wuxi’s Vice Party Secretary and Acting Mayor Mr. Zhao Jianjun, Vice Mayor Mr. Zhou Changqing, Director of Wuxi Economic Development Zone Mr. Yang Jianping, Director of Wuxi Municipal Commerce Bureau Mr. Wang Xing, Director of Wuxi Municipal Finance Bureau Mr. Gu Wei, Party Secretary and Chairman of Wuxi Communications Industry Group Co., Ltd Mr. Liu Yuhai, Party Secretary and Chairman of Taihu New Town Group Mr. Zhu Gang, Wuxi Economic Development Zone Vice Director Mr. Feng Aidong, Vice Director Mr. Wang Xian, and Vice Director Ms. Qin Yan, Director of Planning and Natural Resources Bureau of Wuxi Economic Development Zone Mr. Zhang Zongjian, and Director of Economic Development Bureau of Wuxi Economic Development Zone Mr. Chen Guoquan.
Representatives from SY Capital who attended the ceremony included Chairman Mr. Jeff Tung, Executive Director Mr. Jerry Chen, Chief Strategy Officer Mr. Aaron Yuan, Chief Human Resources Officer Mr. Jason Zhang, Chief Risk Officer Mr. Qiu Haichun, Assistant General Manager Mr. Wu Guodong, and General Manager Assistant Mr. Wu Zeyong.
Through the partnership, SY Capital will further step up its investment in Wuxi. The Company plans to set up an East China Regional Headquarters in the Wuxi Economic Development Zone, where it will house its industrial technology R&D center, and a wholly-owned subsidiary, Sheng Ye Digital Technology (Wuxi) Co., Ltd (“Sheng Ye Digital Technology”). This strategic cooperation is aligned with the development strategy of the Wuxi Economic Development Zone, and both groups will explore ways to boost the city’s headquarters economy, promote digitalization, stimulate the service sector, and promote development across the region.
Sheng Ye Digital Technology plans to acquire land to build its East China Regional Headquarters. With a total [expected] floor area of approximately 54,005 square meters, the facility will primarily be used for corporate offices - where among other things, the company will focus on strategic investments - and an R&D center for industrial technology and digital finance. Sheng Ye Digital Technology will invest in areas such as the Internet of Things (“IoT”), industrial SaaS solutions, regional supply chain fintech platforms, and digital technology. Meanwhile, SY Capital will aim to entice at least 50 of its portfolio companies to open offices at its East China Regional Headquarters, creating an open partner ecosystem to fully support the rapid development of its portfolio companies.
[In (month/year)], Sheng Ye Capital and Wuxi Communications Industry Group Co., Ltd, a state-owned enterprise of the Wuxi Municipal People’s Government, established a joint venture called Wuxi Guojin Commercial Factoring Co., Ltd. Following the success of this cooperation, Sheng Ye Digital Technology plans to establish another commercial factoring company in cooperation with Taihu New City Group. This initiative echoes the policy goals of the national and Wuxi governments to drive supply-side structural reform, promote the optimization and integration of supply chain financial services, resolve the financing challenges faced by small, medium and micro enterprises, and create value for a broad variety of industrial supply chains.
As a development partner of the city of Wuxi, Sheng Ye Capital’s strategic expansion into areas such as innovation, technology and industry have always been in line with Wuxi’s strategic development since its first investment in the city in 2018. Recently, Sheng Ye Capital completed its third share placement since its listing, raising HK$555 million. Investors that subscribed to the placement included Xitong International Holdings, which is owned by the Wuxi Municipal People’s Government, and Temasek, Sheng Ye Capital’s existing shareholder. The placement will further consolidate Sheng Ye Capital’s strengths. In addition, the Company will launch a deep strategic cooperation with Wuxi, the “IoT Capital" of China, to build an ecosystem of industrial IoT and supply chain technology, which should help to attract more cutting-edge and efficient technology as well as talent to the city, and continuously drive the development of Wuxi's real economy.
The two parties will combine forces to focus on a deep integration of digital finance and industrial IoT to further enhance the core competencies of Wuxi's IoT industry and promote the development of other innovative industries.
