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Huachun Microcredit Co., Ltd. held an unveiling and loan signing ceremony

作者：Xinjiang Huachun Investment Group 来源：original 发布时间：2010年02月03日

    Unveiling and loan signing ceremony of Urumqi Huachun Microcredit Co., Ltd. was held in International Convention Center of Yindu Hotel on June 26. Xaokat Yimin, member of the Standing Committee of the Party Committee of the Autonomous Region, and Wang Wei, vice chairman of CPPCC Committee of the Autonomous Region, jointly inaugurated the company. About 280 people including, NPC member, participants from financial sector, Chamber of Commerce directly under the Federation of Industry and Commerce of the autonomous region, entrepreneurs representatives attended the ceremony.
    Urumqi Huachun Microcredit Co., Ltd. (hereinafter referred to as Huachun Microcredit Company), with Xinjiang Huachun Investment Group Co., Ltd. as the main sponsor, was founded in positive respond to the call of "developing Urumqi’s microfinance business, and promoting economic development" put forward by the People’s Government of the Autonomous Region and for solving the problems of “agriculture, farmers and rural areas” , financing of SMEs in the autonomous region and complying with the laws of economic development. Its shareholders were composed of by corporate entity, natural person and other social organizations. It was registered in Xinshi District, Urumqi with registered capital of 100 million Yuan. The mode of contribution was cash which was fully paid by investors at a time, and of which 90% comes from private capital shares, and the remaining 10% from state-owned investment company. On June 22, Huachun Microcredit Company was registered and formally established upon approval of Finance Office of the autonomous region.
   Huachun Microcredit Company was a larger one among five microfinance companies approved by Finance Office of the autonomous region in July and Mode of loans are for credit loans, secured loans, mortgages. At present, single loan can be between 10,000 Yuan to 5million Yuan. The main difference between it and banks was that it was a quasi-financial institution and operated and was mamaged according to the current mode of operation and management of state-owned banks. Meanwhile, it adapted to the demand of SMEs financing for "short period, small amount, frequent and urgent loan" and had advantages of formality simplicity and low threshold so that SMEs could get some loan fast and simply. It opened up an effective channel for financing of farmers and herdsmen, individual business, and SMEs and could effectively solve SMEs’ urgent need for funds in Urumqi and make up partial needs that banks couldn’t take into account.
    Chen Jianhua, executive vice chairman and deputy party secretary of the Federation of the Autonomous Region delivered a speech, he said, the founding of microfinance companies was an significant measure the sate and the autonomous region took for efficient allocation of financial resources and for increasing loans to “agriculture, farmers and rural areas” and SMEs in the conditions of increasing prominent financing difficulty in SMEs and global financial crisis spread since last year. The establishment of Huachun Microcredit Company was a big papppy event in business sector of the autonomous region. He hoped it would adhere to the priciple of “high starting point and strict requirement” from the beginning and strive to build it into a branded finance compnay among microfinance companies in Urumqi being at the servic of “agriculture, farmers and rural areas” and SMEs
    Leaders in Urumqi city gave a speech, he said that the establishment of small loan companies marked providing loan service by private capital was legal in Urumqi hit by global financial crisis and effective measure taken by Urumqi Government to help SMEs deal with financial crisis entered the implementation stage and microfinance compnanies were becoming an important component of finacial service system. Small loan companies operate independently within the scope of the law and regulations. Under the supervision of the People’s Government of Xinshi District, The People’s Government of Urumqi, Finance Office of the People’s Government of Xinjiang Uyghur Autonomous Region, they strictly implemented financial policies and national policies and their legitimate business activities would be protected by law. The founding of microcredit companies was another measure in terms of activating private capital and solving financing problem as well as a direction for large private enterprise to seeking new capital operation space after the completion of capital accumulation.
    Li Shaofeng, deputy director of Finance Office of the Autonomous Region, said pilot work of microcredit companies started quickly after Interim Measures for Management of Microcredit Companies Pilot of Xinjiang Uyghur Autonomous Region issued in February 2009. 5 companies including Huachun Microcredit Company were finnaly got approved among 11 companies who applied for establishment of microcredit companies upon review and screening by Work Leading Group of Urumqi Microcredit Company. Huachun Microcredit Company was approved today by Finance Office of the government of the autonomous region. He said under the influence of financial crisis caused by American subprime crisis and in the condition of slow national economic growth, carrying out the experimental work of microfinance companies had a very important practical significance on solvment of SMEs’ financing difficulties, improvement of financial service in rural areas, regulation and guidance of private financing, promotion of the development of SMEs and strengthening the construction of a new socialist countryside. Finance Office of the autonomous region would give great support to Huachun Microcredit Company’s work.
    Mr. Li Chenggong, chairman of the Board and president of Xinjiang Huachun Investment Group and initiator of Huachun Microcredit Company said: the establishment of this microcredit company has a clear service direction first, namely serving “agriculture, farmer and rural areas” and SMEs and regional economy; second, it has a clear development goal. This microcredit company strives to be a brand company among microfinance companies in Urumqi and ultimately realize of transformation into a village bank within three years and then make a preparation for the transformation and listing of an urban commercial bank; third, ensure strict and standard operation.
    At the award ceremony, Xi Yongsheng, secretary of Leading Party Group of Urumqi Economic Committee and director of Pilot Work Leading Group Office of Urumqi Microcredit Company, read the approval documment, and Wang Tongshang, secretary of Urumqi Administration of Industry and Commerce, issued business license to Mr. Li Chenggong, legal representative of Huachun Microcredit Company.
    Aniwar, Yiwu County Magistrate, read the approval document for establishement of Urumqi Huachun Microcredit Co., Ltd. Yiwu Branch. According to Interim Measures, “The company with net capital no less than 100 million Yuan and operating a microcredit company for more than one year can eastablish a brach in a different place.” Huachun Microcredit Company establishes a branch in Yiwu County according to the requirement to broaden the channel for capital flowing to rural areas, to continuously enhance its capability of serving “agriculture, farmers and rural areas” and to solve low network coverage of rural financial institutions and shortage of finance supply.
    At the ceremony, Huachun Microcredit Compnay signed loan contracts with four clients. Xinjiang Yujiang Real Estate Development Co., Ltd. got a loan of 5 million Yuan, Xinjiang Zhongfu Import and Export Trade Co., Ltd. 3 million Yuan, Zhang Ruixiang, an individual business, 500,000 Yuan and farmer Wang Ying agricultural loans of 150,000 Yuan.
    Currently, many small enterprises and individual business already contacted with this microcredit company. Huachun Microcredit Company is mainly engaged in providing financial credit service to farmers and micro-enterprises and small and medium enterprises within the autonomous region and its loan amount in “agriculture, farmers and rural areas” is not less than 60% accumulative loan amount throughout the year in order to promote the increase of farmer’s income, agricultural developemnt and rural stability.