Artificial Intelligence
Sinotruk Signs Comprehensive Business Cooperation Agreement with China Credit Insurance
China National Heavy Truck Group Co., Ltd. (CNHTC) and China Export Credit Insurance Corporation (Sinosure) have signed a comprehensive business cooperation agreement in Jinan, marking a significant step forward in their long-term partnership. Under the agreement, Sinosure will provide CNHTC with RMB 2 billion in annual domestic trade credit insurance to support its growing sales operations.
The signing ceremony was attended by key officials from both companies, including Liang Zhidong, Deputy General Manager of Sinosure, and Ma Chunji, Chairman of CNHTC. The event was presided over by Wei Zhihai, Vice President of CNHTC. During the ceremony, both leaders delivered speeches highlighting the importance of this collaboration in enhancing mutual growth and stability.
Liang Zhidong and Wang Guangxi, Vice President of CNHTC, officially signed the agreement, which aims to strengthen cooperation in areas such as auto exports, domestic trade, risk management, and overseas operations. This partnership is expected to expand the scope of collaboration and drive sustainable development for both organizations.
According to the terms of the agreement, Sinosure will continue to offer short-term export credit insurance to CNHTC while also providing annual domestic trade credit insurance of RMB 2 billion to cover credit sales risks. In addition, the insurer will support domestic commercial paper guarantees and other credit-related services, further strengthening CNHTC’s financial security.
CNHTC has been actively expanding internationally since 2002. Initially, it relied on prepayments or confirmed credit settlements to mitigate foreign exchange risks. However, these conservative methods limited the company's international growth and kept export volumes stagnant for years.
In August 2006, CNHTC signed a "Comprehensive Strategic Cooperation Agreement" with Sinosure. Since then, Sinosure has provided short-term export credit insurance to several subsidiaries of CNHTC, underwriting more than USD 200 million in coverage for its export activities. After a year of collaboration, CNHTC's export performance saw remarkable growth, reducing currency risks and improving overall business resilience.
By 2007, CNHTC successfully listed on the Hong Kong Stock Exchange. The company achieved a production and sales volume exceeding 100,000 vehicles and experienced rapid growth in the first quarter of 2024. In the first three months of the year, CNHTC sold 32,947 heavy-duty trucks, a 41% increase compared to the same period last year, generating sales revenue of 11.7 billion yuan. In March alone, over 15,000 units were produced and sold, setting a new monthly record for domestic heavy truck output and earning more than USD 130 million in exports. All key performance indicators showed growth rates of over 40%.
As China's only institution specializing in policy-based credit insurance, Sinosure has supported over USD 112.1 billion in exports and investments between 2002 and 2007. It has provided export credit insurance to thousands of Chinese enterprises and offered critical insurance support for hundreds of medium- to long-term projects.
Looking ahead, CNHTC aims to implement its internationalization strategy, technology leadership, regional expansion, and high-quality, low-cost approach. The company is committed to achieving global brand recognition and market diversification. As it continues on this path, CNHTC seeks broader cooperation with Sinosure, aiming for mutual trust and shared success.
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