YASC and Agricultural Bank of China Hubei Branch held a signing ceremony of strategic cooperation on June 18, opening a new chapter of win-win partnerships between the parties. Zhuang Dan, Executive Director and President of YOFC and Chairman of YASC, and Li Wenshi, Party Secretary and President of Agricultural Bank of China Hubei Branch, attended the signing ceremony and delivered remarks. Chen Zhongguo, President of YASC, and Cheng Shunqin, Party Secretary and President of Agricultural Bank of China Wuhan FTZ Branch, completed the agreement signing on behalf of the parties respectively.

The Agricultural Bank of China (ABC) is one of the major integrated financial service providers in China. Capitalizing on its comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides a diverse portfolio of corporate and retail banking products and services for a broad range of customers, and conducts treasury operations and asset management. Hubei ABC, a primary branch of Agricultural Bank of China, has become a modern large joint-stock commercial bank with complete service functions, strong overall strength and a good brand image after nearly 40 years of vigorous development. It takes the lead crossing the mark of CNY1 trillion balance among peers, and has the balance of about CNY 680 billion various loans.

Based on this strategic cooperation, YASC and Agricultural Bank of China Hubei Branch will further strengthen the foundation for collaborations, and raise the height and strength of strategic collaboration. Agricultural Bank of China Hubei Branch will provide YASC with CNY 10 billion intentional credit capital in the next five years, including but not limited to credits, mergers and acquisitions, bond underwriting and investment, to fully support the development and growth of YASC.

Li Wenshi, Party Secretary and President of Agricultural Bank of China Hubei Branch, highly affirmed YASC’s strategy planning, production capacity and business development layout. He pointed out that the silicon carbide (SiC) semiconductor industry, where YASC is in, is not only a typical example of China’s new quality productive forces, but also an important support for the high-end material and high-end equipment manufacturing transition in the country. Going forward, Hubei ABC stands ready to further deepen partnerships with YASC, and provide the company with comprehensive and diverse financial services as always. At the same time, it will allocate more credit resources, shore up the alignment capability of the professional service team, support the coordinated development and growth of upstream and downstream enterprises, and drive the high-quality development of the Chinese SiC industry.

Zhuang Dan, Executive Director and President of YOFC and Chairman of YASC, expressed his gratitude to Agricultural Bank of China Hubei Branch for its long-term support to YASC. He emphasizes, the success of an enterprise is about the organic integration of talent, technology and capital, and the rapid development of YASC is a prime example of close industrial-financial collaboration. He believes, this strategic cooperation represents a new height and starting point, and fruitful results will be achieved with the joint efforts. The companies will pursue mutual benefit and win-win outcomes, and realize the goal of common development.

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The silicon carbide industry typifies third-generation semiconductors, has high technological thresholds, requires large money investment, and is capital-intensive. The signing of this strategic cooperation agreement marks new historical heights of the partnerships between the companies, and injects renewed vitality and momentum into the development of the Chinese SiC industry. Backed up with this powerful financial guarantee, YASC will forge ahead with indomitable will on the “golden track” of third-generation semiconductors, increase investments in new product and technology R&D, and contribute wisdom and strength to the high-quality development of the Chinese SiC industry from a higher starting point.