Strategic Cooperation Agreement Signed between GMTech and Bank of Communications

On November 26, 2018, GMTech participated in the symposium on the development of private enterprises in financial services and the signing ceremony of the strategic cooperation agreement, which were held jointly by the Fujian Branch of Bank of Communications and the Fuzhou Federation of Industry and Commerce in Fuzhou. GMTech also signed a strategic cooperation agreement with the Fujian Branch of Bank of Communications, becoming one of its five strategic partners of private enterprises.

At the Symposium on Private Enterprises, Xi Jinping, the General Secretary of the CPC, stressed the need and importance to continuously create a better environment for the development of private economy, help the private economy address the difficulties in its development, and support the reform and development of private enterprises. The purpose of these measures was to enable private economy to transform pressure into power, thus facilitating the flow of innovative sources and accelerating the vigor in private economy. Regarding the difficulty of financing and its accompanying high cost for private enterprises, Xi demanded the implementation of policies and measures in six aspects. This symposium on the development of private enterprises in financial services and the signing ceremony of the strategic cooperation agreement have embodied that the Fujian Branch of Bank of Communications has thoroughly studied and carried out the essence of Xi’s important remarks at the Symposium on Private Enterprises. Furthermore, the Fujian Branch has also resolutely implemented the guidance of its headquarter, Bank of Communications, on further strengthening the financial services to private enterprises, showing the firm determination of the bank to specifically solve the difficulties of financing for private enterprise.

GMTech has been recognized and valued by many large state-owned financial institutions for its steady business development, excellent assets and debt structure. In 2018, the company has also signed the "headquarter-to-headquarter" cooperation agreement with the head office of Industrial and Commercial Bank of China (ICBC)(Click to view). The signing of this agreement with Bank of Communications is another milestone after the cooperation between the company and ICBC. It will further consolidate and deepen the strategic partnership between the company and the large state-owned financial institutions on the basis of mutual benefit and common development. Additionally, it is conducive to promoting financial cooperation between companies and banks in the industrial chain, broadening financing channels, reducing financing costs and improving financing efficiency, thus providing financial support for the smooth development of the company's Internet of Things (IoT), 5G, educational services and the overall implementation of the company's strategy. Moreover, it will positively promote the company's business operation and development, in line with the company's long-term development prospects.