China Alcoa Group sets up a corporate treasury center in Hong Kong to create an offshore fund management platform

The Zhitong Finance App learned that the Hong Kong Investment Promotion Department announced today that China Alcoa Group has established a corporate treasury center in Hong Kong - China Alcoa Group Treasury Management Co., Ltd. (Chinalco Finance). China Alcoa Treasury is China Alcoa Group's offshore fund management platform. It will be responsible for the Group's centralized offshore capital management, offshore financing, exchange rate and interest rate risk management, and comprehensive financial services. This move helps the global non-ferrous metals industry leader to advance overseas expansion, while also highlighting Hong Kong's advantages as the first stop for mainland enterprises to “go overseas” and a corporate treasury hub.

Director of Hong Kong Investment Promotion Liu Kaixuan said that Hong Kong welcomes the settlement of China Alcoa 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 wider use of RMB in financing and commodity pricing. In line with the simplified tax system and free flow of capital, the Hong Kong Investment Promotion Department expects China Alcoa Group to use the 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 to form a mutually beneficial synergy with its own industrial strength.

Liu Kaixuan added that the Hong Kong Special Administrative Region Government announced the “Hong Kong Corporate Treasury Center Development Action Plan” this year to strengthen Hong Kong's competitiveness as a corporate treasury center hub through measures such as modernizing the tax system and expanding the comprehensive network of double taxation avoidance agreements. The Hong Kong Investment Promotion Department will continue to provide comprehensive support to enterprises at all stages of going overseas to help more mainland enterprises establish a global presence through Hong Kong.

Wang Xin, chief accountant of China Alcoa Group, said that as the Group's overseas industrial layout continues to deepen, the China Alcoa Group needs an efficient platform to coordinate offshore fund management. Hong Kong's foreign exchange market ranks fourth in the world. Perfect RMB financing and trade settlement channels, combined with the unique advantages of being backed by the mainland, can help the Group manage global capital in an integrated manner and improve the efficiency and efficiency of capital operations.