President Wang Weibing of Wu Xi Branch, Bank of Jiangsu Visits Far East for Study and Communication

    On June 14, President Wang Weibing of Wuxi Branch of Bank of Jiangsu (hereinafter referred to as “BOJ”) visited Far East Holding Group Co., Ltd. for communication together with General Manager Zhang Yi, Company Department of BOJ Wuxi Branch, General Manager Dong Yan, Investment Banking Department of BOJ Wuxi Branch, General Manager Wei Guoping, Business Development Department of BOJ Wuxi Branch, President Gu Xuejun of BOJ Yixing Branch and Assistant President Xu Chaojun of BOJ Yixing Branch. Jiang Xipei, Founder, Chairman of the board of directors and Party Committee Secretary of Far East Holding Group Co., Ltd. and CFO Li Taiyan of Far East Smarter Energy Co., Ltd. (hereinafter referred to as “Smarter Energy”, stock code: 600869) participated in the reception together with the group CFO Chen Jianhong, Chen Xiaofen, an investor and Senior Consultant of the group Fund Management Department, Li Jianfang, an investor and Deputy Director of Financial & Fund Department of Smarter Energy and Zhou Yin, an investor and Deputy Director of the group Fund Management Department.

Jiang Xipei delivers a speech during the communication.

    During the meeting, Jiang Xipei reviewed the cooperation and communication between Far East and Bank of Jiangsu in recent years, and indicated that Far East will preserve in the “main business + investment” development strategy – the main business stands for smart power supply products of the listed Far East company, which is positioned as a world-leading service provider of smart power supply and smart city. Based on the leading role in the cable manufacturing industry, Far East will expand its businesses into the fields of electric power planning & design, new energy planning & design, line fault detection, 18650 lithium battery and new energy vehicles, etc.

    Jiang Xipei introduced the object of Far East Holding Group Co., Ltd. in 2020 – total assets will be over RMB 100 billion; the annual brand value will exceed RMB 100 billion; the annual revenue will exceed RMB 135 billion, which includes RMB 100 billion from Smarter Energy; the net annual profit will be over RMB 6 billion, which includes RMB 5 billion from Smarter Energy; the annual market value will exceed RMB 150 billion; employees’ average annual income will be over RMB 200,000. To achieve such an object, Jiang indicated that Far East hopes to find industries and fields which are suitable for its development, and achieves the object through exploiting the domestic & oversea markets, operation in products and capital and acquisition and merger of the target companies, etc.

President Wang Weibing delivers a speech.

    President Wang Weibing reviewed his initial meeting with Jiang Xipei, and emphasized that Yixing needs more brand enterprises with noble sentiments and social responsibilities like Far East. President Wang gave abundant affirmation in the sound development mechanism of Far East, especially its great success achieved in industrial restructuring. At the same time, he analyzed the current situation of Far East from the aspect of the macro-environment of market, and proposed that banks shall work for enterprises, serve the development requirements of enterprises and broaden income sources and reduce expenditures for emprises.

    Both parties performed communication and discussion in regional economy of Wuxi and enterprise development theories, which laid good foundation for further cooperation between the both parties in future.

The scene of the communication