Lingang Group successfully attracted $100 million in overseas financing on Aug 6, which marked the official opening of the cross-border capital pool integrating domestic and overseas funds.

The cross-border capital pool of Lingang Group was approved on April 23 with support from the Lin-gang Special Area Administration and the State Administration of Foreign Exchange. This allowed the group and its 20 subsidiaries in China and abroad a foreign debt quota of up to $9.1 billion.

The $100 million in funds was coordinated by the Lin-gang Special Area branch of the Industrial and Commercial Bank of China and the Shanghai Pilot Free Trade Zone branch of Ping An Bank Co Ltd.

A hedge, a type of financial swap, was utilized at the same time to fix the exchange rate. This will not only effectively hedge against financial risks, but also make comprehensive financing costs, including interest tax, significantly lower than Lingang Group's domestic comprehensive financing costs.

Lingang Group plans to explore a "capital freedom" plan and steadily promote the strategic layout of financially innovative businesses.

In addition, Lingang Group plans to integrate industries and funds and continuously transform itself and other industries.

Lingang Group in Lin-gang Special Area [Photo/WeChat account: shlgguanweihui]