On 19 July 2019, Qianhai Mercantile Exchange (QME) under HKEX Group and China Minsheng Bank (CMBC) entered into a strategic cooperation agreement to strengthen their cooperation through resource exchange and leveraging the complementary advantages, so as to promote the multifaceted development of the parties.

The cooperation agreement was signed in QME’s trading hall by Dong Feng, General Manager of QME and Shi Jie, Vice President of the head office of CMBC in the presence of two witnesses including Charles Li, the Chief Executive of HKEX and Chairman of QME and Hong Qi, Chairman of CMBC.  Senior executives of HKEX, QME management team and representatives from CMBC also attended the signing ceremony.

Charles Li said that HKEX Group adopted the “BBC” strategy for commodities business: "BUY ONE" – go abroad and buy LME (London Metal Exchange), "BUILD ONE" – go to Mainland and build QME and “CONNECT” China with the world.  In the future, QME hopes to work with CMBC and better serve the real economy through forming a three-dimensional/extensive ecosystem penetrating the upstream and downstream of the commodity industry.

Hong Qi, Chairman of CMBC, expressed full affirmation of the parties’ cooperation approach.  He said at the signing ceremony that "grasping opportunities, preparing for the future, technology-driven and financial empowerment” are the visions of CMBC’s supply chain finance, and the manifestation of CMBC’s effort in continuously improving its capability and embracing technology for the purpose of serving the real economy and private enterprises.  The innovative cooperation platform created by CMBC and QME this time ushered in a new phase of their business development.

Dong Feng introduced QME's business and development plan at the signing ceremony.  Having launched alumina, aluminium billets and aluminium rods, QME is planning to roll out related varieties of the copper industry chain to build a cross-border Commodities Connect.

Qu Ting, General Manager of CMBC’s Supply Chain Financial Business Department, said that CMBC would work closely with QME to strengthen technology support and change development concepts, to bring positive attributes to various aspects like trading and settlement, producer warrant pledge financing, warehouse warrant pledge financing, commodities trading, agent purchase order financing, thereby providing more effective support for the real economy.