China Hongqiao signs financing deal to upgrade manufacturing facilities
The world’s biggest aluminium producer China Hongqiao Group has signed a financing agreement with Industrial Bank Co Ltd for RMB 30 billion for the upgradation of its manufacturing facilities, Reuters reported.
Industrial Bank will provide Group and its subsidiaries with services including supply-chain financing, debt instruments, industrial funds and asset-backed securitization.
China Hongqiao Group is a leading aluminium product manufacturer in China. Located in Shandong Province of China, the Group produces and sells molten aluminium alloy, aluminium alloy ingots, aluminium alloy casting-rolling products and aluminium busbars.
China Hongqiao announced last year that it had closed 2.68 million tonnes of smelting capacity after Shandong Government ordered it to do so in an attempt to curb illegal capacity.
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