In September 2015, Ningbo Construction, a Chinese company listed on the Shanghai Stock Exchange, acquired the South African Anglorand Financial Services Group. Anglorand Securities, part of the group, became the first South African securities company to be wholly owned by a foreign investor.
The decision for Ningbo Construction to purchase a South African financial firm was part of a strategic initiative known as the Belt and Road initiative, which Ningo Construction believes has the potential to drive further growth and investment across the continent.
Coupled with deepening Sino-African relations Ningbo and Anglorand is excited about its future plans, and the investor offerings that will be introduced thanks to its innovative partnership.
Chairman of Ningo Construction, Xu Wenwei, and CEO of Anglorand securities, Ji Zhenyong, explains the decision to partner for future growth.