HONG KONG, Nov. 23, 2016 /PRNewswire/ -- Leading Chinese silver brand China Silver Group Limited ("China Silver Group" or "the Group"; Stock Code: 815.HK) is pleased to announce that its subsidiary Shanghai Huatong International Silver Exchange ("Huatong International Silver Exchange") has recently completed its first silver spot transaction in the Shanghai Free Trade Zone. The transaction marks the beginning of the silver trading business of the commodity exchange platform in the Shanghai Pilot Free Trade Zone.
In the first transaction of Huatong International Silver Exchange, Shanghai Hui Zi Metal Material Limited purchased approximately 300kg of silver with offshore RMB via Huatong International Silver Exchange. China Construction Bank, a clearing member of the commodity business in the Free Trade Zone, provided the two parties in the transaction with foreign currency accounts ("Free Trade Accounts"), which are established by separate accounting units with the same regulations in the Pilot Free Trade Zone. The clearing was completed via the Shanghai Clearing House after the transaction.
Huatong International Silver Exchange was jointly established by Shanghai White Platinum & Silver Exchange ("Shanghai Huatong") and China Silver Group. Being the first international silver spot exchange platform in the Shanghai Free Trade Zone, Huatong International Silver Exchange is one the eight commodity spot exchange platforms that entered the Shanghai Free Trade Zone as the first batch.
In 2016, China Silver Group acquired Shanghai Huatong, which is the operator of an integrated precious metals and non-ferrous metals exchange in China and provides professional and standardized spot goods supply, trading, logistic and e-commerce services. It is currently one of the largest spot exchanges for silver trading in China with its website, www.buyyin.com being the most authoritative web portal for the silver industry in China. The daily spot silver prices quoted by www.huatongsilver.com are the general reference prices for the silver industry in China.
Shanghai Huatong has maintained close relationships with the largest silver producers and silver-consuming companies in China. It has over 300 participants, covering more than 80% of the silver manufacturing enterprises, with a total of 42 recognized silver brands for trading.
Mr. Chen Wantian, Chairman of China Silver Group, said, "The commodity exchange platform in the Free Trade Zone has broken through the geographical and space restrictions of the traditional trading model, thereby greatly increasing trading opportunities. In addition, it can avoid many complicated procedures in traditional trading, enhancing the efficiency of commodity transactions and considerably lowering transaction costs.
"The standardized transaction regulations formulated by the Free Trade Zone have enhanced the transaction transparency. The first transaction is significant for both the future development of the Huatong International Silver Exchange and the offshore RMB commodity trading business, leading Huatong International Silver Exchange to a new milestone in its development and further strengthening its position to be a leading fully-integrated silver and precious metals enterprise in the PRC."
China Silver Group Limited
Founded in 2002, China Silver Group is a leading silver producer in China and one of the few Chinese companies capable of producing silver ingots with a purity grade of 99.999%, currently the world's highest standard. The Group is a member of the London Bullion Market Association (LBMA) and has been ranked as one of the 20 most popular silver brands in China for eleven consecutive years.
In recent years, the Group has diversified into the downstream businesses and launched an integrated O2O platform www.CSmall.com. Furthermore, the Group has fully acquired Shanghai White Platinum and Silver Exchange to develop the silver exchange business, aiming to become the leading vertically-integrated silver enterprise in China.
To learn more about the Group, please visit China Silver Group's website at: www.chinasilver.hk.
