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SY Joins Hands with Ningbo Kaitou to Establish Ningbo Guofu——Promoting Platform Strategy and Building Supply Chain Ecology

2022-08-31
July 29 2022, Ningbo Guofu Commercial Factoring Co., Ltd. ("Ningbo Guofu") has officially completed its business registration with approval from the Ningbo Local Financial Regulatory Bureau. Established with RMB 200 million in registered capital through a joint investment between Ningbo Development and Investment Group ("NDIG") and SY Holdings Group Limited ("SY Holdings" or the "Group"; Stock Code: 6069.HK), this marks Ningbo's first commercial factoring company established under China Banking and Insurance Regulatory Commission's new regulations (CBIRC Notice [2019] No. 205), setting a benchmark for innovative financial services in Zhejiang province while advancing inclusive finance and supply chain technology.

 

NDIG, a key state-owned enterprise under Ningbo municipal government with RMB 5.56 billion in registered capital, oversees 150 subsidiaries across energy/environmental protection, financial services, development/construction, and asset management sectors. Recognized by SASAC as a "National Benchmark Enterprise for State-owned Enterprise Management", NDIG reported 2021 revenue of RMB 33.4 billion and total profits of RMB 3.78 billion, achieving over 12% ROE that meets SASAC's excellence standards. Its financial portfolio includes strategic stakes in Ningbo Bank (largest shareholder), Yongxing Securities, and Donghai Marine Insurance.

 

As a Hong Kong-listed supply chain technology platform, SY operates through dual "Industrial Internet" and "Digital Finance" business segments, utilizing big data analytics to bridge financing gaps for SMEs. Its platform strategy has gained significant traction, connecting 91 funding partners and serving 11,413 clients with cumulative supply chain asset volume reaching RMB 145.6 billion as of June 30, 2022.

 

NDIG holds a 65% controlling stake in Ningbo Guofu, which will leverage NDIG's industrial resources and SY's technological capabilities to deliver differentiated digital financing solutions for SMEs through advanced risk management systems.

 

"SY appreciates NDIG's trust and is honoured to establish this strategic partnership," said Yuan Ye, Chief Strategy Officer of SY Holdings. "Ningbo Guofu will efficiently serve NDIG's industrial supply chain ecosystem, combining our strengths to deliver innovative solutions for infrastructure, healthcare and energy sectors. This represents another milestone in our platform strategy as we expand state-owned enterprise collaborations to build regional supply chain technology platforms."

 

This venture follows SY's successful 2018 partnership with Wuxi Communications Industry Group establishing Wuxi Guojin Commercial Factoring Co., now a leading regional supply chain finance platform in Jiangsu province. The Ningbo initiative further validates market recognition of SY's platform strategy and technological capabilities.

 

Such collaborations with prominent local SOEs form a core component of SY's platform strategy, combining state-owned enterprises' industrial advantages with SY's data-driven customer acquisition and analytics capabilities to optimize resource allocation. SY Holdings plans to replicate this model across more regions to expand its supply chain technology ecosystem.