After China National Building Materials Group had signed a cooperation framework agreement with China Insurance Investment Company Ltd. signed, Song Zhiping, Chairman of China National Building Materials Group met with Xu Anliang, President of China Insurance Investment Company Ltd., the two sides had discussed the establishment of Industry Development Fund for China National Building Materials. At the meeting, the two sides set the purpose of development fund and future fund investment planning. The total size of the fund reached 80 billion yuan, and the period is 10 years, and first phase of 10 billion yuan will be fully funded by the end of 2016. Cao Jianglin, General Manager of China National Building Materials Group, and Yang Huabo, Party Secretary of China Insurance Investment Company Ltd. attended the talks.
Song Zhiping expressed his gratitude to China Insurance Investment Company Ltd for the trust and support of China National Building Materials Group. He introduced the overall operation and related business development of the new China National Building Materials Group after the reorganization of CNBM and Sinoma Group. In addition, all work had implemented smoothly, docked seamlessly, and made further refinement of integration. At present, the total assets of China National Building Materials Group had reached 550 billion yuan, and annual operating income reached about 300 billion yuan. Cement, business mix, gypsum board, glass fiber, fan blades and other business scale are ranked first in the world, and new building materials, new houses, new energy and other business develop rapidly. China National Building Materials Group's core competitiveness is technology, applies a number of patents and standard certification strength, had important influence in the industry and enhanced its development.
Song Zhiping says that Industry Development Fund for China National Building Materials Group will help China National Building Materials Group to broaden the financing channels for enterprises and provide new support for deepening the reform, consolidating and adjusting the structure of reorganized industry. Under the guidance of the company's development strategy, New China Building Materials Group will enhance the development of cement, glass and other traditional industries through structural adjustment, transformation and upgrading, and further promoting the supply-side structural reform; vigorously develop new building materials, new houses, new energy materials industry; strengthen innovation and service, cultivate new economic growth point. China National Building Materials Group will give full play to the advantages in in the capital allocation, speed up the pace of adjusting structure and transformation of Group, improve quality and increase efficiency, become stronger and better and become a world-class comprehensive building materials industry multinational companies and lead the healthy and sustainable development of industry.
Xu Anliang introduced the development status and investment philosophy of China Insurance Investment Company Ltd and the status and potential of China's insurance funds. He said that the rapid development of China National Building Materials Group in recent years had made outstanding contributions to China's industrial development, and played a positive role in structural adjustment, transformation and upgrading and implementation of "The Belt and Road" strategy. The Industry Development Fund for China National Building Materials Group has opened a variety of forms to create new models for enhancing the direct investment of insurance funds. In the future, both sides have a broader space for cooperation, and China Insurance Investment Company Ltd had confidence in providing the best quality service for high-quality customers such as China National building materials group.
Xu Anliang pointed out that the talks were fruitful and ensured that the fund was fully funded, and hoped that two sides can establish long-term strategic cooperation. The cooperation is a strong combination, which creates a new chapter for insurance fund in promoting the development of national strategy and serving the substantial economy and indicates that the insurance funds can play an active role in deepening the reform and industrial restructuring and upgrading of state-owned enterprises. This is also an important step to implement Premier Li Keqiang's "use of insurance investment funds to expand effective investment and better serve economic development", and is of great importance to further promote the industry structure transformation and upgrading of China's building materials, improve capital allocation and operation efficiency, and accelerate the pace of implementing development strategy of "going global".
Wu Weibing, Deputy General Manager of China National Building Materials Group, Wu Jiwei, Chief Accountant, Wei Rushan, General Manager of Department of Investment and Development, Meng Long, chief supervisor of China Insurance Investment Company Ltd., Shan Yi and Sheng Jin Vice Chairman and leaders from relevant departments attended the talks.