CIMC Group launches joint venture to explore health industry opportunities

Pingshan District People's Government in China and CIMC Group signed a strategic cooperation framework agreement earlier this month.

Tao Yongxin, Secretary of Pingshan District Party Committee, Li Yong, Deputy Party Secretary and District Chief, Zhang Zongwu, member of the Standing Committee of the District Party Committee and Deputy District Chief, and CIMC Group CEO and President, Mai Boliang, Vice President Huang Tianhua, CFO Zeng Han, and General Manager Yu Zhenfei of CIMC City attended the signing ceremony.

As a diversified multinational industrial group growing up in Shenzhen and serving the global market, CIMC has more than 300 member enterprises and four listed companies.

The Group is currently implementing its transformation and upgrade strategy, driven by manufacturing, finance and service, to establish a new niche in the life and health industry.

Pingshan District has one of the first batch of national bio-industry bases in China. In the recently-released Guiding Opinions of Shenzhen Municipality Government on Promoting the Agglomeration and Development of Bio-pharmaceutical Industry, it is clearly proposed to create a new pattern of 'one core and multiple centred' of the biological medicine industry in Shenzhen with the main park for the agglomeration and development of bio-pharmaceutical industry in Pingshan District as the core.

According to the agreement, the People's Government of Pingshan District and CIMC Group will establish a strategic partnership, set up a joint venture company in the life and health industry, upgrade and utilise the existing land of CIMC in Pingshan District, and jointly plan the development of biotechnology industry.

Both parties will also integrate the resources to jointly set up the Pingshan-CIMC Life and Health Industry Investment Fund, building a three-in-one (“fund + park + project”) bio-pharmaceutical industry innovation ecosystem and development model and creating an international first-class life and health city in the Guangdong-Hong Kong-Macao Greater Bay Area.

In related news, CIMC Group generated €11B in revenue for 2019.

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