Fujian Exchange and Clearing Center Officially Opened

On December 16, Fujian Exchange and Clearing Center Co., Ltd. (hereinafter called as “Fujian Clearing Center”) opened in Fuzhou.

Approved by Fujian provincial government, Fujian clearing center is a professional financial services institution with registered capital of RMB 100 million that offers registration and clearing services to all types of Exchanges in Fujian province. It was registered in Fujian Pingtan Comprehensive Experimental Area. Shares of the center is held by China Industrial Asset Management Limited (51% of shareholding), a wholly-owned subsidiary of IB Trust. Its shareholders include China Industrial Asset Management Limited, Xiamen Jinyuan Financial Holdings Co., Ltd., Hundsun Electronics Co., Ltd., Xiamen International Trade Group Co., Ltd., Ruida Xinkong Capital Management Co., Ltd. and Shanghai Yizhangtong Internet Technology Company Limited. It provides registration service of all kinds of information including transaction type, information of investors, transaction contracts, notes, information and warehouse receipts; clearing and settlement, fund management and related services for Exchanges; comprehensive services related to above businesses covering consultation, training and information technology.

On November 28, centralized clearing system of Fujian Clearing Center was launched and connected to “carbon emission permits trading” system of Strait Equity Exchange, trading system of Haisi Commodity Exchange as well as IB’s “centralized bank-business transfer system”. It only cost five months to complete the whole process including industrial and commercial registration, building corporate governance structure and launch of centralized clearing system, so it is one in China with the shortest time from preparation to launch.

Up to now Fujian Clearing Center has signed business cooperation agreements with dozens of Exchanges, such as Fujian Strait Culture Assets and Equity Exchange, Haisi Commodity Trading Center, Strait Association Commodity Trading Center, Xiamen Cross-Strait Commodity Exchange, Fuzhou Shoushan Stone Culture and Art Equity Exchange, Fujian Jinya Commodities Exchange Center, Fujian Hi-tech Property Exchange and Xiamen Petroleum Exchange Center, started connection, transformation and development work of trading system and centralized clearing system of relevant Exchanges, and signed system and business connection cooperation agreements with CCB, ICBC, CMBC, HXB, SPDB and other commercial banks in Fujian province.

At the opening ceremony, Zhu Feng, chairman of Fujian Clearing Center, said that in accordance with requirements of Fujian Provincial Financial Office, this center will set up centralized and unified Exchange registration and settlement system, and carry out unified registration of investor and object of transaction, unified custody of deposit and unified settlement of transactions. It will also offer supporting financial services including collateral financing of warehouse receipts and credit financing, make Exchanges under regulation, advance orderly development, guarantee legitimate rights and interests of investors and serve real economic development in Fujian province.

Representatives of Exchanges in Fujian province signed and read out Public Promise of Running under Regulation, stating that, following the Administration of Exchanges in Fujian Province newly revised by Fujian Provincial Government, they will enhance awareness of basic principles, run business according to laws and regulations, and work to ensure sound and orderly development of the industry.

As this was one of annual events of banking industry in Fujian province, Fu Chaoyang, deputy director of General Office of Fujian Provincial Government and director of Fujian Provincial Financial Office expressed celebration to the opening of the center, and wished that it can implement requirements of Administration of Exchanges in Fujian Province earnestly, give full play to professional functions to facilitate orderly and sound development of all kinds of Exchanges, and play a positive role in guarding against and dissolving financial risks of Exchanges.

Yang Huahui, Chairman of IB Trust, said that IB Trust will take advantage of IB’s diversified financial licenses, and fully support Fujian Clearing Center in fulfilling its functions through offering personnel, technology and information. Also he believed that with support from governments at all levels, regulating authorities and the society, the center is bound to render better service to all kinds of Exchanges in Fujian province and grow with them.