Baogang Group cooperates with Ping An Group

Baogang Group, the largest iron and steel manufacturer based in North China’s Inner Mongolia autonomous region, agreed a cooperation framework with Ping An Insurance Group on March 23, according to local media.

Li Degang, deputy general manager of Baogang Group, gave an introduction to the company’s development and main businesses, highlighting progress in its upgrade to its industrial structure and iron and steel businesses at the signing ceremony.

Ping An Insurance Group, also known as Ping An of China, is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, and financial services. The Shenzhen-based company has grown into one of the world's largest and most valuable insurers after 30 years’ development.

Also, the two parties exchanged views on areas including credit scale, insurance cooperation and debt-to-equity swap.