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DFH Signed Strategic Cooperation Agreement with CCRE Investment; Set Up a Joint Venture to Provide Commercial Factoring Services in the PRC
Diversify Business Coverage and Broaden Customer Base
HONG KONG, Dec 06, 2016 - (ACN Newswire) - Differ Group Holding Company Limited ("DFH" or the "Group") (stock code: 6878.HK), a leading provider of short- to medium-term financing and financing-related solutions in the PRC, today announced that, a wholly-owned subsidiary of the Group, Differ Group (China) Company Limited ("Differ China") has entered into an investment cooperation agreement with Xiamen CCRE Investment Company Limited ("CCRE Investment") , Xiamen CEFC Petroleum Holdings Limited ("CEFC Petroleum") and Xiamen Software Industry Investment Development Company Limited ("Xiamen Software Investment") in relation to the formation of the joint venture ("JV") to provide commercial factoring related services in the PRC. The services include but not limited to, sales and purchase of account receivables, account receivables management and collection, credit analysis, commercial factoring and related consultancy services. The registered capital of the JV is RMB 100 million and Differ China will hold 20% of the entire issued capital of the JV upon the formation.
The JV was formed pursuant to the Strategic Cooperation Agreement entered into between Differ China and CCRE Investment on 27 October 2016. The agreement proposed the formation of the abovementioned JV in Shenzhen to provide commercial factoring services across the country; to leverage on their respective expertise and customer base to provide small loan services, guarantee services and other financial services; and cooperation in trading of financial assets, asset securitisation, financial technology, equity investment and public-private partnership.
Mr. Hong Mingxian, Chairman and Executive Director of DFH, said, "We feel very honoured to have established this strategic cooperation with CCRE Investment. Driven by favourable state policies and the market with over RMB20 trillion account receivables, commercial factoring has huge potential for development. We believe that, upon the formation of JV with CCRE Investment, CEFC Petroleum and Xiamen Software Investment, the close ties forged are expected to broaden the customer base, bolster the competitiveness and also expand the geographical coverage of our business. Given the effective consolidation of resources of different parties, the JV will better generate synergies with the Group's existing financial services segment and therefore will enable the Group to provide one-stop, convenient and diverse financial offerings to customers. We will continue to actively capture the opportunities presented by the current rapidly changing economic environment in the PRC, further expand our market share and reinforce our leading position, so as to maintain sustainable growth momentum and maximize the value for shareholders."
Contact:Strategic Financial Relations Limited
Heidi So +852 2864 4826 heidi.so@sprg.com.hk
Janet Fong +852 2864 4817 janet.fong@sprg.com.hk
Jenny Lam +852 2864 4883 jennysy.lam@sprg.com.hk
Website: www.sprg.com.hk
Fax: +852 2527 1196
Source: Differ Group Holding Company Limited
Sectors: Daily Finance, Daily News
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