Wuliangye, ABC set up finance company

Updated: 2012-11-26 14:27

By Zheng Yangpeng (chinadaily.com.cn)

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Wuliangye Yibin Co Ltd, the listed company of Wuliangye Group Co Ltd, announced it will partner with Agriculture Bank of China International to build a finance company.

Wuliangye Group Co Ltd is the manufacturer of Wuliangye baijiu, a household alcoholic beverage in China. ABC International is the Hong Kong listed company of Agriculture Bank of China, one of the four largest banks in China.

The registered capital of the finance company will be 2 billion yuan ($321 million), of which 720 million yuan will come from Wuliangye Group Co Ltd.

Finance companies in China are a special non-bank financial institution responsible for corporations internal financing.