SIG Signs Cooperation Framework Agreement with Bright Food

On the morning of October 25, SIG and Bright Food Group (Bright Food) entered into a cooperation framework agreement on revitalizing idle assets. Present at the signing ceremony were Yu Beihua, Secretary of the CPC SIG Committee and Chairman of the Board of Directors; Liu Xinyi, Vice Secretary of the CPC SIG Committee and President of SIG; Guan Wei, Vice President and Chief Financial Officer of SIG; Shi Mingfang, Party Secretary and Chairman of Bright Food; Xu Ziying, Deputy Party Secretary and President of Bright Food; and Xiao Hehua, Chief Financial Officer of Bright Food. Guan and Xiao signed this agreement on behalf of respective sides.

Bright Food is a Shanghai-based food conglomerate based with global operations and engaged in the integrated development of the primary, secondary and tertiary sectors. The company has made remarkable contributions to building a people's city and creating a quality life. As a municipal state capital investment and operation platform, with focus on serving major municipal strategies, the company has implemented the "dual engine" strategy of state capital operation and investment management led by financial holding group building.

At the signing ceremony, Xu introduced Bright Food's work plan for idle assets revitalization and the work steps. SIG will adhere to the principles of standardization, legalization, marketization and sustainability, keep improving disposal level and integration efficiency by market means, and help Bright Food revitalize idle assets, improve the utilization level of idle assets and optimize the asset structure, thereby providing effective support for the high-quality and sustainable development of the state-owned enterprise, said Liu.

Yu noted that the signature of this agreement is a continuation of the good relations between the two sides developed over the years, as well as a concrete practice of furthering the special action to revitalize the idle assets of municipal state-owned enterprises. He hoped that the two sides would further strengthen cooperation in various fields and forge a longstanding, all-round and in-depth partnership.

Shi noted that SIG has strongly supported Bright Food in revitalizing idle assets as a municipal state capital investment and operation platform and assets disposal platform, showing its great initiative in serving the real economy. Bright Food will work with SIG to earnestly implement the requirements of the eight special actions released by the Shanghai Municipal State-owned Assets Supervision and Administration Commission (SHSASAC), and strive to achieve substantial results in idle assets revitalization within the year.

Through the signature of this agreement, the two sides will thoroughly implement the spirit of the 20th CPC National Congress, push forward the special action to revitalize idle assets under the policy and work guidance of SHSASAC, and further deepen cooperation in fields such as accelerating the disposal of inefficient and ineffective assets, stripping off and selling non-performing assets, so as to promote the coordinated and high-quality development of the two sides.