RDIF announces a strategic partnership with the Investment Fund of China’s Guangdong province Guangdong Utrust

Press release, 17.09.2019

Saint-Petersburg, September 17, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and the Russia-China Investment Fund (RCIF), announce a strategic partnership with Guangdong Utrust Investment Holdings (the investment fund of Guangdong province). The agreement was signed today in the presence of the Prime Minister of the Russian Federation Dmitry Medvedev and the Prime Minister of China Li Keqiang.

The parties have agreed to cooperate for stimulating the growth of Russian companies in Guangdong, as well as investing in the development of businesses from Guangdong in Russia.

Guangdong is China’s leading province in terms of GDP and the most important region in terms of trade cooperation with Russia. Expanding the financial support mechanism for companies will significantly intensify Russia's cooperation with Guangdong and integrates into the implementation of the Greater Bay Area initiative between Guangdong (city of Zhuhai), Hong Kong and Macao, which creates new investment opportunities in the region.

Guangdong Utrust was founded more than 35 years ago and has grown into a major diversified financial institution with total assets of more than $75 billion under management at the end of 2018.

Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, said:
“Investment cooperation with Chinese partners keeps on growing, creating the basis for a further strengthening of trade and economic relations between Russia and China. The partnership with Guangdong Utrust will allow companies from both countries access to new tools for business development and new markets for their products and services. I am confident that this is the first step towards creating a strong system of investment ties with the province of Guangdong in the future.”

Bing Hu, Co-CEO and President of RCIF, said:
“Partnership between RDIF, RCIF and Guangdong Utrust Investment Holdings is a landmark example of the productive development of the bilateral regional cooperation”.

Rungui Yang, Chairman of Guangdong Utrust Investment Holdings, said:
“Guangdong Utrust is a large comprehensive financial holding group in Guangdong Province. This strategic cooperation with RDIF and RCIF will provide direct equity investment and settlement support for outstanding enterprises in Guangdong and Russia. The parties will exert their respective influence, and will stimulate more capital investment and business linkages. I believe our cooperation will help promote the two-way investment between Guangdong and Russia to a new level, further deepening regional cooperation and development between the two countries”.

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people and generate revenues which equate to more than 5% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru

Russia-China Investment Fund (RCIF) aims at development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com

Guangdong Utrust Investment Holdings Co., Ltd. (Utrust) was founded in 1984 by the provincial government of Guangdong with the goal to provide high-quality financial services and make full use of social capital for the development of Guangdong. Today Utrust represents a comprehensive financial service platform providing trust management, assets management, fintech, equity investment, private equity, financial lease, offshore finance and portfolio management. Utrust shareholdings include China Guangfa Bank, Guangdong Huaxing Bank, Pearl River Life Insurance, and Lianxun Securities. By the end of 2018 Utrust had total assets of RMB74 bn ($10.7 bn) with 16 wholly owned subsidiaries and total assets under management of over RMB520.5 bn ($75.4bn).

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Leach / Maria Shiryaevskaya
Hudson Sandler
Tel: +44 (0) 20 7796 4133

Jessy Zheng
Russia-China Investment Fund
Beijing, China
Tel.: +86 10 5762 9000
Fax: +86 10 57629111
jie.zheng@rcif.com

Yury S. Trofimov
Russia-China Investment Fund
Moscow, Russia
Tel.: +7 (495) 230-05-55 ext. 4243
Mob.: +7 (985) 765-13-12
yury.trofimov@rcif.com