On February 12, ICBC and Yankuang Group signed a strategic cooperation agreement on internationalization in Jinan. Under the agreement, the two parties will establish a long-term and stable strategic cooperation relationship to help Yankuang Group go global. ICBC will provide Yankuang Group with comprehensive financial services including cross-border investment and M&A, overseas project contracting and equipment export, advantageous and surplus capacity export, overseas country risk management, exchange rate risk management and global cash management.

According to an official of ICBC, ICBC has long been working closely with Yankuang Group in various fields through financial services such as liquidity loans, key domestic construction projects, major M&As, project financing and equity financing. The go-global strategy not only expands the upside of Yankuang Group, but also provides new opportunities for ICBC to work as an economic booster. In the future, by leveraging operating advantages in internationalization, integration and information technology, ICBC will establish an overall profound and multi-field partnership with local governments, regulatory authorities and other institutions in the financial industry to help Yankuang Group implement the go-global strategy.

In recent years, ICBC has continued to provide diversified financial services to Chinese enterprises going global and related to the Belt and Road initiative by leveraging strength in internationalization and integrated financial services. ICBC currently has presence in over 40 countries and territories around the world, establishing more than 120 branches in 18 countries along the Belt and Road. It has created multiple professional product lines covering resources, transportation, electricity, telecommunications and shipping with the capability to provide full-suite financial services including financing, investment banking consultation, financial leasing, capital exchange, clearing and settlement and risk hedging.

Yankuang Group is a key state-owned enterprises in Shandong Province and a pioneer in going global. Listed in New York, Hong Kong, Shanghai and Sydney, it has become China’s first coal company listed in four stock exchanges around the world, and set a model of capacity cooperation for China's coal industry. In 2016, Yankuang Group produced 130 million tons of coal with a revenue of RMB 130 billion.