Pan Gang (second to right), president of Yili Group, communicates with SPD Bank President Pan Weidong (second to left). [Photo provided to chinadaily.com.cn]

Pan Gang, president of Yili Group, met with Pan Weidong, president of Shanghai Pudong Development Bank (SPD Bank) in Hohhot, capital of North China's Inner Mongolia autonomous region, on March 12, and achieved an initial agreement on business collaboration, according to the local media reports.

The two companies will conduct win-win cooperation based on mutual benefits and interests. The collaborating aspects include financing, payments, investment and "infomediary". The two sides will further their partnership in terms of supply chains, and facilitate the sustainable development of China's dairy industry.

As a long-term partner of Yili Group, SPD Bank has offered its financial products and services to the company for eight years. The long-standing partnership has been consolidated by larger collaborations over the years.

SPD Bank has always regarded Yili as a trusted client. It will continue to work with it in various business areas, and to render comprehensive financial services to it.

Adhering to a development value that stresses quality over speed, industrial prosperity over individual glory and social contributions over commercial profits, Yili has devised a financing paradigm in which "core enterprises take the major risks".

By the end of February, Yili had provided financial support to 7,530 upstream and downstream business partners, helping them acquire funds amounting to 71.82 billion yuan ($10.77 billion).