Bank of Communications and Changan Automobile Deepen Comprehensive Strategic Partnership

Deep News11-06

On November 5, Ren Deqi, Party Secretary and Chairman of Bank Of Communications Co.,Ltd. (ASX: 601328), met in Shanghai with Zhu Huarong, Party Secretary and Chairman of Chongqing Changan Automobile Co.,Ltd. (ASX: 000625), for a working meeting focused on further deepening their comprehensive strategic cooperation.

Ye Wenhua, Deputy Party Secretary of BANKCOMM (ASX: 03328), and Yang Tao, Member of the Party Committee and Vice President, also attended the meeting.

Strengthening an established partnership

Bank Of Communications Co.,Ltd. (ASX: 601328) and Chongqing Changan Automobile Co.,Ltd. (ASX: 000625) serve as important strategic partners for each other. The two sides will closely align with the key tasks of building a modern industrial system and consolidating the foundation of the real economy, promoting the deep integration of Changan Automobile's three core initiatives — the new energy "Shangri-La" plan, the intelligent "Beidou Tianzhu" plan, and the globalization "Haina Baichuan" plan — with BANKCOMM's (ASX: 03328) full-license operations, global footprint, and comprehensive financial service capabilities under its Yuntong platform.

Together, they aim to support China's automotive industry in going global, drive the upgrading of the intelligent connected new energy vehicle industry, enhance the resilience of the automotive supply chain, and build a new pattern of long-term, stable, complementary, and mutually beneficial industrial-financial cooperation.

Signing ceremony and new phase of cooperation

At the signing ceremony, Yang Tao and Deng Wei, Vice General Manager of Chongqing Changan Automobile Co.,Ltd. (ASX: 000625), signed the comprehensive strategic cooperation agreement on behalf of both parties. The Chongqing Branch of Bank Of Communications Co.,Ltd. (ASX: 601328) separately signed business cooperation framework agreements with Changan Automobile's subsidiaries Avatr, Deepal, Changan Nevo, and Changan Kaicheng.

This signing marks a new stage in the strategic partnership between the two sides. They will focus on deepening practical cooperation in key areas such as investment-loan linkage, treasury management, overseas investment and financing, supply chain finance, and automotive user financial ecosystems. By fully leveraging BANKCOMM's (ASX: 03328) comprehensive financial resource advantages and Changan Group's industrial strengths, the two parties will work together to achieve mutual empowerment and inject stronger financial momentum into accelerating the construction of a modern industrial system and advancing the building of a manufacturing powerhouse.

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