YSAC and China CITIC Bank Wuhan Branch held a signing ceremony of strategic cooperation on September 11. Chen Zhongguo, President of YASC, and Sheng Biao, Party Secretary and President of China CITIC Bank Wuhan Branch, completed the agreement signing on behalf of the parties.

Under the terms of the agreement, YASC and China CITIC Bank Wuhan Branch will establish a future-oriented comprehensive strategic partnership, promote cooperation and exchange between the companies in more business areas, and open up a new vista of mutually beneficial and win-win collaboration that shares resources and complements each other’s strengths. Moreover, China CITIC Bank Wuhan Branch will offer YASC with CNY 8 billion intentional credit capital in the next three years, including but not limited to credits, mergers and acquisitions, bond underwriting and investment fields, and provide strong financial support for the sustainable development of YASC.

China CITIC Bank is one of the earliest emerging commercial banks established during China’s reform and opening-up, and the earliest Chinese commercial bank to engage in financing on Chinese and international financial markets, with total assets of more than CNY 9 trillion. As an important part of China CITIC Bank’s layout in central China, China CITIC Bank Wuhan Branch survives with innovation, actively serves national and regional development strategies, and strives for coordinated development in supporting local economic advancement and driving its own continuous growth.

Sheng Biao, Party Secretary and President of China CITIC Bank Wuhan Branch, introduced in his speech the development history of CITIC Group and China CITIC Bank, synergy advantages, and the main business of China CITIC Bank Wuhan Branch. Taking the opportunity of signing this agreement, China CITIC Bank Wuhan Branch will closely align with YASC’s business development needs, and at the same time, provide YASC with multi-dimensional and all-around comprehensive financial services by leveraging CITIC Group’s unique synergy advantages, he said.

Chen Zhongguo, President of YASC, expressed his gratitude to China CITIC Bank Wuhan Branch for the excellent services and support it has provided. He pointed out that as the third-generation semiconductor industry, represented by silicon carbide (SiC), is technology and capital-intensive, the accelerated development of the whole industrial chain cannot happen without being driven by multiple factors including market demand, technological advances, policy support and capital investment. He hoped the companies to actively explore the new model of bank-enterprise cooperation in the context of the strategic partnership, and make concerted efforts for in-depth integration of technology and finance, and facilitate the rapid development of the Chinese third-generation semiconductor industry.

Relevant executives of China CITIC Bank Wuhan Branch’s Corporate Banking Department, Investment Bank Department, Credit Execution Department and Houhu Sub-branch, and relevant executives of YASC were present at the signing ceremony.