On Dec 17, Party Secretary Fei Gaoyun met with Zhang Zhenghua, CEO of ICBC Financial Asset Investment Co., Ltd. and his delegation.

Fei briefed on recent financial and economic development of Changzhou. He hoped that through market-oriented and codified debt-to-equity swap by ICBC Investment, the leverage ratio of enterprises in Changzhou will be further reduced, in order to promote the industrial restructuring of Changzhou and the upgrade of Sunan Model.

ICBC Investment was established by Industrial and Commercial Bank of China (ICBC) upon the approval of China Banking Regulatory Commission, specialized for debt-to-equity swap of ICBC. At present, ICBC Investment has reached preliminary intent on cooperation with Changzhou Investment Group Co., Ltd., Jiangsu Wujin Taihuwan Tourism Development Co., Ltd. and Long City Tourism Holding Group Co., Ltd. Going forward, ICBC Investment will reach out to several key enterprises in Changzhou, such as Black Peony (Group) Co., Ltd., Changzhou Hi-tech Group Co., Ltd. and Jiangsu Wujin Economic Development Group Co., Ltd.

The same day, ICBC Investment signed a strategic cooperation agreement with Changzhou Municipal People’s Government and a framework agreement on debt-to-equity swap cooperation with Changzhou Investment Group Co., Ltd.

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