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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  China Gezhouba Group Co., Ltd.    600068   CNE000000QF1

CHINA GEZHOUBA GROUP CO., LTD.

(600068)
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China Gezhouba : CGGC International and Prysmian Group of Italy Signed a Strategic Cooperation Agreement

11/24/2020 | 03:41am EST
On October 29, witnessed by the Italian Ambassador to China Luca Ferrari, CGGC International and Prysmian Group signed a strategic cooperation agreement at the Italian Embassy in China, which opened a new chapter for in-depth cooperation. The Company's Party Secretary and Chairman Lyu Zexiang and Prysmian China CEO Bai Minglei signed the agreement on behalf of both parties.

Before the signing ceremony, Lyu Zexiang held a discussion with the Italian ambassador to China Luca Ferrari, and the two sides conducted in-depth exchanges on strengthening cooperation between the Chinese and Italian enterprises and continuing to promote China-Italy economic and trade cooperation.

Lyu Zexiang thanked the Italian Embassy in China for its strong support and assistance to the cooperation between the Chinese and Italian companies. On the occasion of the 50th anniversary of the establishment of diplomatic relations between China and Italy, the cooperation between the two sides is expected to reach a higher level. Lyu Zexiang said that as a core member enterprise of CEEC, a super large state-owned enterprise in China, CGGC has made its business presence in many fields including power, construction, transportation, and environmental protection, forming a pattern of two-wheel-driven engineering contracting and investment, and coordinated international and domestic development. Europe is an important regional market for CGGC. CGGC takes full advantage of its professional advantages in investment, financing and engineering construction, and has signed a number of projects in thermal-power, hydropower, and solar thermal-power in Central and Southern Europe. CGGC attaches great importance to the cooperation with Italian companies on projects in the third-country markets. Italy's Prysmian ranks first in the world in the wire and cable industry. CGGC International has a complete global business layout and strong capabilities in international project operation. It is hoped that the two parties will innovate cooperation models, coordinate the allocation of resources, deepen cooperation in the global energy field, and work together to advance the 'Belt and Road' construction. The China International Import Expo (Shanghai) will be held soon, and the Chinese and foreign enterprises will once again embrace a grand stage to demonstrate their strength and an excellent opportunity for exchanges and cooperation. The strategic cooperation between the two parties has carried out the concept of international cooperation at the CIIE and has strongly promoted the in-depth development of the economic and trade relations between China and Italy.

Ambassador Luca Ferrari expressed his honor to host and witness the signing of the strategic cooperation agreement between CGGC International and Prysmian, he congratulated on the further cooperation between outstanding Chinese and Italian companies, and appreciated the investment of CGGC in regions along the 'Belt and Road', especially in Europe and achievements made in the field of construction. Luca Ferrari said that 2020 marks the 50th anniversary of the establishment of diplomatic relations between China and Italy. The best way to commemorate this special year is to overcome the epidemic through join forces. In the post-epidemic era, Italy regards China as a priority partner and wishes to consolidate economic and trade exchanges between the two countries. The Italian government welcomes outstanding Chinese companies represented by CGGC to strengthen cooperation with Italian companies in the third-party markets. As a bridge of friendship between China and Italy, the Italian Embassy in China will continue to provide support and assistance to the enterprises of both sides. Prysmian is a leader in the global wire and cable industry, with rich experience and advantages in high-end equipment manufacturing. It is hoped that the two companies will take this signing as an opportunity to discuss potential project opportunities in depth, and realize pragmatic cooperation on a global scale through strategic cooperation, so as to inject new impetus into the development of the comprehensive strategic partnership between China and Italy.

CGGC International and Prysmian will cooperate on projects in the global energy and infrastructure fields in the future, and jointly participate in and promote cooperation in key projects in the Middle East, North Africa, Europe and other regions.
Deputy Head of the Italian Embassy in China and Minister Counsellor Emanuele de Maigret, Deputy General Manager of CGGC International Xin Zongyi, Assistant General Manager of CGGC International Tai Nenglun, and Chief Operating Officer of Prysmian China Geng Junling attended the above activities.

Disclaimer

CGGC - China Gezhouba Group Company Limited published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 08:40:01 UTC


© Publicnow 2020
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Financials
Sales 2020 118 B 18 231 M 18 231 M
Net income 2020 4 918 M 759 M 759 M
Net Debt 2020 45 273 M 6 986 M 6 986 M
P/E ratio 2020 6,35x
Yield 2020 2,12%
Capitalization 30 161 M 4 653 M 4 654 M
EV / Sales 2020 0,64x
EV / Sales 2021 0,57x
Nbr of Employees 39 463
Free-Float 55,4%
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NameTitle
Song Ling Managing Director
Xiang Lin Su Independent Director
Ying Jun Weng Independent Director
Da Kang Yuan Independent Director
Zhi Xiao Zhang Independent Director
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