On September 19, ICBC and UCAR Inc. announced an agreement on comprehensive strategic cooperation. According to the agreement, both parties will conduct in-depth cooperation in investment banking, debt financing and bank card business. Meanwhile, ICBC will participate in the UCAR industry fund sponsored by UCAR Inc. and Dazheng Capital, becoming one of the biggest initial investors of the fund.

Mr. Li Feng, General Manager of the Investment Banking Department of ICBC, said that ICBC has been strengthening financial services for corporate customers and improving quality and efficiency of serving the real economy through product innovation. The rapid growth of transportation and automobile industry chain has generated enormous business opportunities in recent years. ICBC hopes to deeply participate in the transformation of the automobile industry through cooperation and drive industrial growth through complementary resources, investment and lending.

Through cooperation with UCAR Inc., ICBC will provide auto consumption finance, online car account service and other integrated financial services for the projects invested by UCAR industry fund. In addition, ICBC will use its strength in fund, and system to help UCAR Inc. invest in smart transportation as well as its upstream and downstream industrial chains.

Mr. Lu Zhengyao, Chairman & CEO of UCAR Inc., said that the comprehensive and in-depth strategic cooperation with ICBC is another milestone following the strategic investment from China Life Insurance, China UnionPay and other institutions in the first half of this year. ICBC’s strength in fund and financial resources, particularly its experience in investment banking and new financial innovation fields, will assist UCAR Inc. to further improve its human-car ecosphere. Mr. Li Hui, Chairman of UCAR Industry Fund and Chairman of Dazheng Capital, noted that investment in UCAR Industry Fund suggests ICBC’s recognition of the fund and the unique advantageous resources of UCAR Inc.. It represents a move of the Bank to embrace industrial revolution and interest in innovative companies and business models.

UCAR Inc. is a platform company specializing in smart transportation and full auto industrial chain, which consists of transportation, e-business and finance. It has also penetrated into auto consumption finance, internet insurance and other fields, basically building a closed-loop human-car ecosphere covering more than 300 cities across Mainland China. The company has tens of millions high-net-worth customers in China, and has built the largest car sharing and consumption platform in the country.