January 5, 2018

The Financial Advisory Board of Weihai City Visited Puyi

The financial advisory board mechanism, jointly initiated by Committee of Economy and Information of Shandong Province and Jinan Branch of the People's Bank of China, provides integrated services under the initiative “one enterprise, one policy” to facilitate transformation of Shandong manufacturing industry. So far, there are 133 key projects and 59 enterprises listed as the first batch of the program.

On Jan 4, a delegation of 19 members from the financial advisory board of Weihai City conducted a special investigation of Weihai Puyi Marine Environmental Technology Co., Ltd., inquiring into the company’s financing needs, exploring innovative approaches to support the company financially, discussing about how to put preferential policies in place. This investigation was attended by 11 institutions including Weihai Financial Office, Weihai Construction Bank, Weihai City Commercial Bank, Weihai Rural Commercial Bank, Weihai Minsheng Bank, Economy and Information Bureau of Huancui District, etc.

This event is the very first attempt since the establishment of the Financial Advisory Board. Puyi top management introduced the marine exhaust gas cleaning project of magnesium method to the delegation, placing emphasis on background, technical capacity, market prospect and capital operation. The magnesium -based system is a high-tech marine desulfurization equipment developed through cooperation with Dalian Maritime University. Compared with traditional desulfurization equipment, it is more compact, cost-effective and reliable, with satisfactory treatment effect compliant with the strictest 0.1%m/m sulfur limit. As the enforcement of the sulfur cap approaches, market potential of this project is increasingly huge.

At the end of the discussion, responsibilities of addressing needs of Puyi were divided to related banks and financial institutions. The board will help the company work out an innovative financial approach to facilitate Puyi’s future expansion.

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