Weichai Power announced that the company has signed a capital contribution agreement with Shandong Heavy Industry Group, Weichai Heavy Machinery, Shantui Construction Machinery and China Golden Valley International Trust, and joint investment in the establishment of Shandong Heavy Industry Group Finance Corporation has been approved with a total registered capital of 1 billion yuan ( RMB, the same below. Among them, Shandong Heavy Industry invested 350 million yuan; the company, Weichai Heavy Machinery Co., Ltd. and Shantui Engineering each invested 200 million yuan; China Jingu invested 50 million yuan.
The company stated that the establishment of financial institutions is to meet the various financial services needs of Shandong Heavy Industry Group. It is expected that this arrangement will provide a fund platform for the company's business development and help improve the company's core competitiveness and industry influence.
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