Chinalco establishes corporate treasury center in Hong Kong to build an offshore fund management platform.

Invest Hongport announced today that Chinalco has established a corporate treasury center in Hong Kong Chinalco Group Treasury Management Co., Ltd. (Chinalco Treasury). Chinalco Treasury is the offshore fund management platform of Chinalco, and will be responsible for the Group's centralized offshore fund management, offshore financing, foreign exchange and interest rate risk management, and integrated financial services. This move helps the leading enterprise in the global non-ferrous metals industry advance its overseas expansion, while highlighting Hong Kong's advantages as the first stop for mainland enterprises "going global" and as a corporate treasury center hub. Alpha Lau, Director-General of Investment Promotion of Invest Hong Kong, said Hong Kong welcomes the establishment of Chinalco Treasury in Hong Kong. As the world's largest offshore RMB hub, Hong Kong can provide enterprises with RMB cross-border settlement, multi-currency fund management and risk hedging capabilities, and is promoting the broader use of RMB in financing and commodity pricing. Complemented by a simple tax regime and free flow of capital, Invest Hong Kong hopes that Chinalco will use its treasury center as a starting point to further develop commodity trading functions in Hong Kong, combining Hong Kong's pricing, settlement, financing and warehousing networks with its own industrial strengths to create mutually beneficial synergies. Lau continued that the Hong Kong SAR Government published the Action Plan for the Development of Corporate Treasury Centers in Hong Kong this year, strengthening Hong Kong's competitiveness as a corporate treasury center hub through measures such as reforming the tax regime and expanding the network of comprehensive double taxation avoidance agreements. Invest Hong Kong will continue to provide all-round support at every stage of enterprises' overseas expansion, assisting more mainland enterprises in deploying globally through Hong Kong. Wang Xin, Chief Accountant of Chinalco, said that as the Group's overseas industrial footprint continues to deepen, Chinalco needs an efficient platform to coordinate offshore fund management. Hong Kong's foreign exchange market ranks fourth in the world by size, its RMB financing and trade settlement channels are well established, and its unique advantage of being backed by the mainland enables it to help the Group manage global funds in an integrated manner and enhance the efficiency and effectiveness of fund operations.