On September 20,2016 local time, CMG Group President Li Xiaopeng met in Shanghai with Chen Derong, President of BAOSTEEL, exchanging ideas among shipping, bulk stock, industry zone and industry and infrastructure funds. CMG Vice President Sun Chengming and Assistant President Hong Xiaoyuan attended the meeting.

Li Xiaopeng first congratulated the successful restructuring of BAOSTEEL that is the most competitive iron and steel company in China. Recently, BAOSTEEL has been as the state-owned capital operating company, which provided a great opportunity to deepen reform in state-owned companies. Then, he gave an introduction about China Merchants Group. CMG has been on the process of shifting from three business sectors to three business platforms. BAOSTEEL and CMG can further cooperate in bulk stock, real estate and zone development, finance as well as non-performing assets management, so as to upgrade industry structures and fulfill structural reform in supply side.

Chen Derong expressed the gratitude of CMG and said iron industry has been through a long period time of consuming capacities. BAOSTEEL faced challenge and opportunities in New Normal Time. After the strategic plan setting, CMG and BAOSTEEL will have huge areas for cooperation.