China Huarong and the Chongqing Municipal People's Government signed the "Comprehensive Strategic Cooperation Framework Agreement" on May 11, 2009. Under this framework agreement, China Huarong and Chongqing Yufu, the investment and financing platform of the Chongqing Municipal Government, signed the "Equity Equity Agreement".

Investment Fund Cooperation Intention Agreement.

On July 13, 2010, the two parties signed the "Cooperative Investment Agreement" for the equity investment fund management company in Beijing.

Huarong Yufu Equity Investment Fund Management Co., Ltd. is 70% owned by China Huarong and 30% owned by Chongqing Yufu. This is the first PE jointly established by a wholly state-owned financial institution and a local government. It is in line with my country's economic and financial development. Trends, seize the opportunities of rapid development of the equity investment fund industry, and promote the strategic choice of China Huarong and Chongqing Yufu to complement each other's advantages, share resources, mutual benefit, and win-win cooperation.

The Chongqing Municipal Party Committee, Municipal Government and relevant national departments provided strong support and help during the establishment of the fund management company.

The establishment of Huarong Yufu Fund Management Company is not only in line with the central government’s strategic positioning for Chongqing, but also in line with the requirements of the Chongqing Municipal Government to make state-owned enterprises bigger and stronger, promote the overall listing of state-owned enterprises, and create an economic center in the upper reaches of the Yangtze River and a financial center in the west.

The establishment of Huarong Yufu Fund Management Company is also an important measure for China Huarong to implement the relevant requirements of the State Council, further promote the transformation and development of asset management companies, expand and strengthen the main asset management business, improve comprehensive financial service functions, and achieve sustainable development.

China Huarong Asset Management Company China Huarong is a wholly state-owned non-bank financial institution approved by the State Council. It was established on October 19, 1999 with a registered capital of RMB 10 billion.

Since its establishment, China Huarong has effectively handled RMB 720 billion of bank non-performing assets with professional means, and implemented debt-for-equity swaps for nearly 500 state-owned large and medium-sized enterprises. It has supported the restructuring of state-owned banks, the reform and development of state-owned enterprises, and effectively resolved financial risks.

and played an important role in maintaining the stable operation of the financial system.

China Huarong accepted the entrustment of the State Council and relevant regulatory authorities and successfully managed the China New Technology Venture Capital Company and the "Delong Group" risk assets. It not only effectively resolved the systemic risks of the two major enterprise groups, but also enabled a large number of enterprises to embark on a successful journey.

It has maintained a healthy development track, minimized losses to the country and creditors, and contributed to the country’s economic security and financial stability.

Since 2007, China Huarong has begun its commercial transformation and developed into a comprehensive financial holding group.

At present, China Huarong already has a complete range of financial business platforms such as Huarong Leasing, Huarong Securities, Huarong Trust, Huarong Real Estate, Huarong Zhiyuan, Rongde Asset Management, Huarong Yufu Fund, Huarong Xiangjiang Bank, etc.

Huarong Futures will also be established within the year. China Huarong already basically has a full financial license and can tailor a package of financial services for enterprises.

Currently, China Huarong’s net assets have reached 22 billion yuan.

Chongqing Yufu Asset Management Co., Ltd. Chongqing Yufu is a wholly state-owned comprehensive asset management company approved by the Chongqing Municipal People's Government. It was established on March 18, 2004 and is directly supervised by the Chongqing State-owned Assets Supervision and Administration Commission.

The company's business scope includes asset acquisition, asset disposal, land reserve, land consolidation and related industry investment, investment consulting, financial consulting, corporate restructuring and merger consulting and agency, corporate and asset custody, etc.

Since its establishment, Chongqing Yufu has continued to grow in strength, and its assets have grown from 5 billion yuan in the early days of its establishment to 60 billion yuan, which has effectively promoted the reform and development of Chongqing municipal state-owned enterprises.

The company has mainly participated in the establishment and reorganization of local financial and financial service industries such as Southwest Securities, Chongqing Commercial Bank, Chongqing Rural Commercial Bank, Ancheng Insurance, Three Gorges Guarantee, Import and Export Guarantee, Park Industrial Guarantee, Yinhai Leasing, Chongqing Chuang Guarantee, etc.

Invested in shares, and participated in debt settlement, share reform, reorganization, capital injection and trusteeship of listed companies such as ST Dongyuan, ST Chongshi, ST Changyun, Siwei Ceramics, etc.

In addition, according to the deployment of the municipal government and the Municipal State-owned Assets Supervision and Administration Commission, Yufu Company has also participated in capital injection into municipal industry, technology, venture capital and other industries.

At present, there are a total of 28 Chongqing Yufucan holding companies, including 15 financial companies, 3 non-financial listed companies, and 10 other entity companies.