XCMG Machinery's First Financing Leasing Company in South America Opens in Chile

SANTIAGO, Chile, Feb. 26, 2024 /PRNewswire/ -- XCMG Finance Chile S.A. ("XCMG Chile"), the first South American financing leasing company of XCMG Machinery ("XCMG", SHE:000425), was inaugurated in Santiago, Chile lately. The company is set to offer a wide range of specialized and efficient financial service solutions tailored to the needs of customers in Chile and its surrounding countries.

"The opening of XCMG Finance Chile S.A. signifies a crucial move in our strategic growth in the South American financial sector," Li Kui, the leader of XCMG Finance Chile, explained. "Upon its opening, the company will offer all-encompassing, specialized, and efficient custom-made financial service solutions to clients in Chile and neighboring countries, minimizing equipment acquisition costs and financial business risks, and enabling clients to conduct business confidently."

Letters of intent were signed at the opening ceremony between XCMG Finance Chile S.A. and several Chilean companies from the mining, hoisting, and construction sectors.

A number of local business representatives have noted that the Company's efforts will generate employment opportunities and boost the potential for medium- to long-term development, with a willingness to strengthen their collaboration with XCMG to pave the way for brighter business prospects.

"In the future, XCMG will fully utilize XCMG Finance Chile S.A. to gradually extend its operations to other South American countries like Peru, Colombia, and Argentina," as stated by Li. The aim is to push for a deeper integration of production and finance.

XCMG's financial innovation services in Latin America started in July 2020, when they founded Banco XCMG S.A. in Brazil, creating a milestone in the financial services sector of Chinese manufacturing in South America.

XCMG's machinery and equipment are extensively employed in mining, infrastructure, construction, hoisting, and other sectors across different South American countries. As early as 2000, XCMG equipment was exported to Chile. In 2014, XCMG Chile was officially established, specializing in mechanical equipment sales, spare parts supply, and service support.

Since then, it has begun to delve into the market and introduced many high-performing scrapers, rock drilling rigs, drilling rigs, mining rigs, excavators, mining trucks, loaders, aerial working platforms, etc., known for their exceptional performance and comfortable driving experience.

SOURCE XCMG Machinery