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Unveiling of Shandong HOWO Auto Financing Co., Ltd.

Writer:nick smithSource:China news Number of visits: Date:2016.05.28

September 19 is another memorable day in the financial history of Chineseautomobile industry, Shandong HOWO Auto Financing Co., Ltd. controlled by SINOTRUK-- a giant of domestic heavy truck opened grandly, becoming the first autofinancing company in Shandong Province.

Opening ceremony was presided over by Cai Dong, the President of SINOTRUK(Hong Kong) Limited. Li Yongjian, the Directorof Shandong Provincial Financial Office, Su Shuwei, a Member of Jinan MunicipalParty Committee and Deputy Mayor, Ma Chunji, the Board Chairman of SINOTRUK (Hong Kong) Limited., and Xiang Kaijin, President of LuxinGroup (SITIC) unveiled the nameplate of Shandong HOWO Auto FinancingCo., Ltd. together. Yu Youde, Tong Jin’gen, Kong Xiangquan, Liu Peimin and SongQidong, the leaders of SINOTRUK Group attended the opening ceremony. More than200 people from Shandong Banking Regulatory Bureau, the Municipal Financial Office,the Municipal Finance Bureau, the Municipal SASAC, the Municipal Industrial andCommercial Bureau and other departments concerned, as well as shareholdercompanies, more than 30 banks in Shandong,insurance companies and other financial institutions, SINOTRUK dealers attendedthe opening ceremony. 

Shandong HOWO Auto Financing Co., Ltd. is a non-bank financialinstitution set up and approved by the China Banking Regulatory Commission,jointly initiated by SINOTRUK (Hong Kong) Limited,Shandong International Trust Co., Ltd. and China National Heavy Duty TruckGroup Co., Ltd., specialized in auto financing business. According to the scopeof business approved by China Banking Regulatory Commission, the company ismainly engaged in 13 categories of business such as auto loan, auto financinglease of corporate and individual customers, construction of dealers’ exhibitionroom and spare and accessory parts loan. The company will mainly focus onfinancing services for various commercial vehicles and construction machineryproduced by SINOTRUK at the initial stage, and then will actively expand to autofinancial services for the complete series such as commercial vehicles and passengervehicles, etc, with the stable development of the company. The company will, relying on sound risk management and control, efficientbusiness processes, and professional management team, actively innovate and expandtheir business products, and serve the auto financing markets in Shandong andnationwide.

The establishment of Shandong HOWO Auto FinancingCo., Ltd. emerged in response to thorough implementation of the spirit of thedocument of monetary system reform in Shandong,enriching development of financial forms in Jinan,promoting the development of automobile industry and modern auto financingservice industry in Jinan,in the context of supporting economic development of entities by finance.

In the openingscene, Shandong HOWO Auto Financing Co., Ltd. signed strategic cooperation agreementswith 10 banks including Industrial and Commercial Bank of China, AgriculturalBank of China,  of China, China ConstructionBank, Bank of Communications, Postal Savings Bank branches in Shandong andChina Merchants Bank, Huaxia Bank, Everbright Bank, Bank of Beijing branches inJinan to obtain RMB 16 billion credit line of intent.

Shandong HOWO Auto Financing Co., Ltd. strives to achieve a heavy truckauto financing business volume of over 15,000 vehicles, light truckauto financing business volume of over 10,000 vehicles, business permeabilityof 20%, and stable expansion of other manufacturer’s business within 3 years. After5 years, the heavy truck business permeability will be maintained above 30%,and the businesses will be carried out nationwide throughout the whole series. Allindicators will be leading in the industry. The size of financial assets willbe more than 10 billion yuan. Diversity of equities will be realized so as toenter into the capital market at an early date.

TypeInfo: Company news

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