Taiping, Sinopec in FTZ financial leasing venture
Print Edition
CHINA Taiping Insurance Group and China Petrochemical Corp, China’s largest oil refiner, have set up the first financial leasing company headquartered in Shanghai’s free trade zone.
The joint venture partners say this will better integrate industrial and financial activities.
Taiping-Sinopec Financial Leasing Ltd Co, which completed business registration in the zone on Thursday, has registration capital of 5 billion yuan (US$ 816 million), making it the strongest-funded leasing company in Shanghai, Sinopec said on its website yesterday.
This is the 26th financial leasing company approved by the China Banking Regulatory Commission.
Financial leasing services allow companies to lease expensive equipment from a leasing company instead of purchasing it on their own.
The new company said it expects to take advantage of the FTZ’s flexible yet efficient trade and foreign exchange regulations and advanced legal environment to power rapid expansion.
The FTZ this year relaxed rules for leasing companies in terms of using foreign exchange, receiving cross-border funding, setting up subsidiaries and conducting cross-border services.
Taiping Insurance Group is the only state-owned insurance company headquartered in Hong Kong with operations both onshore and offshore.
Sinopec said it aims to tap into the financial services sector through teaming up. Taiping said it was looking to discover insurance opportunities from leasing operations.
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