The signing ceremony for a strategic cooperation framework agreement between Guilin municipal people's government and Shenzhen Capital Group. [Photo provided to chinadaily.com.cn]

Guilin municipal people's government and Shenzhen Capital Group inked a strategic cooperation agreement on May 25 with the aim of providing more funds and financing resources for Guilin companies.

With an initial registered capital of 10 billion yuan ($1.6 billion), Shenzhen Capital Group now manages over 170 investment funds worth 411.5 billion yuan. A total of 188 companies have successfully been listed with the help of its investment, taking the company to the top of the domestic venture capital industry.

Guilin HBM Healthcare, a Guilin-based company working in the rubber industry, will be the first of its kind in the city to win investment from Shenzhen Capital Group. Its investment will reach 100 million yuan.

Both sides are expected to grasp the opportunities brought about by the prosperous market and boost the development of Guilin's rubber industry. 

Hu Zhiqiang, chairman of Guilin HBM Healthcare, said that the company has taken the lead in China in the research, development and production of new materials and it now owns more than 50 patents.

The company has put 10 production lines for surgical gloves into operation, with an annual output of more than 500 million pairs; ranking top in China and third globally. The company's sales revenues amounted to 380 million yuan in 2020. 

The rubber industry has deep roots in Guilin, as China mainly arranged its rubber industry production in Guilin in the 1960s. At present, the development of the city's rubber industry is gaining great momentum. 

Jiang Xin'an, head of the Security Regulatory Bureau of Guangxi Zhuang Autonomous Region, expressed his hope that Guangxi's securities market can attract more attention from the capital market and help more outstanding Guangxi companies get listed.