SAIC Group & CITIC Group

SAIC Group and CITIC Group signed a strategic cooperation agreement

Recently, SAIC (600104) signed a strategic cooperation agreement with CITIC Group. The two sides will seek complementary advantages and common development of global strategic partnership. SAIC chairman Chen Hong, Chang Zhenming, chairman of CITIC Group, attended the signing ceremony.

According to the framework agreement, SAIC Group and CITIC Group will collaborate on "comprehensive financial services, upgrading and development of new energy auto parts, auto sales and service, automotive logistics, international development, industrial plants and energy-saving and environmental protection" and other fields play parties where traditional areas of expertise, technology, resources and market advantages, and promote products and services to high-end mobile value chain, enhance the core competitiveness of both sides. The two sides will also use their resources effectively seeking new business growth, enhance the anti-risk ability to deal with complex economic environment.

Windy wrote:"At the end of 2012, CITIC Group's total assets stood at RMB3.5657 trillion" - that's a lot of money, and much of it in foreign currency

The CITIC Group (Chinese: 中国中信集团公司, Zhōngguó Zhōngxìn Jítuán Gōngsī), formerly the China International Trust and Investment Corporation, is a state-owned investment company of the People's Republic of China.