On August 29, 2023, Shanghai Yuanyang and Sany Heavy Machinery Co., Ltd. (hereinafter referred to as "Sany Heavy Machinery") held a strategic cooperation signing ceremony in Kunshan, signing a strategic cooperation agreement and reaching a cooperation intention to jointly expand the overseas infrastructure market. Liu Zhongchi, Chairman of Shanghai Yuanyang, Feng Guowei, Assistant to the General Manager, Yuan Zhaoyang, Head of Overseas Projects, Wang Longgang, Executive Deputy General Manager of the Overseas Business Division of Sany Heavy Machinery, Wang Jingbai, Deputy General Manager of the Overseas Business Division, Zhang Zulin, Deputy Director of the Piling Machinery Research Institute, Cui Bei, Marketing Director of the Piling Machinery Business Division, and Shao Jiakun, Marketing Director of Malaysia of the Overseas Business Division, attended the meeting.

Liu Zhongchi, Chairman of Shanghai Yuanyang, and Wang Longgang, Executive Deputy General Manager of the Overseas Business Division of Sany Heavy Machinery, signed the strategic cooperation agreement.

At the meeting, Mr. Liu Zhongchi, Chairman of Shanghai Yuanyang, pointed out that the cooperation between Shanghai Yuanyang and Sany Heavy Machinery to jointly expand the overseas market is a correct choice that conforms to the background of economic globalization, responds to the call of the national "Belt and Road" initiative, and aligns with the development direction of both parties. The smooth partnership between Shanghai Yuanyang and Sany Heavy Machinery will release strong momentum for the development of both parties, helping them achieve new breakthroughs, bear new fruits, and reach new heights in overseas markets.

Shanghai Yuanyang is mainly engaged in deep foundation pit retaining works, primarily diaphragm walls, as well as ground improvement engineering. Its business is distributed across major cities at home and abroad, involving fields such as building construction, rail transit, ports and wharves, bridge engineering, tunnel engineering, and water conservancy and hydropower. It is a leading enterprise in the deep foundation pit retaining and ground improvement engineering industry. In response to the technical challenges of ultra-deep, ultra-hard, low-headroom, and special diaphragm wall construction, after years of accumulated construction experience, Shanghai Yuanyang has developed a complete and systematic set of solutions.

Sany Heavy Machinery, led by the production and sales of piling machinery products, is a "National Torch Plan Key High-Tech Enterprise." Its concrete machinery, piling machinery, and crawler cranes are the top brands in China, and its leading product, the concrete pump truck, has fully replaced imported brands, with a domestic market share of 56%, ranking first in China and first in global production and sales for three consecutive years.
Facing the current situation of a saturated and fiercely competitive domestic ground improvement engineering market, Shanghai Yuanyang has adjusted its work direction accordingly and gradually shifted its business strategy toward overseas markets. Through years of development efforts, Shanghai Yuanyang's overseas business layout has begun to take shape, but there are also problems such as the overseas market being concentrated in Southeast Asia and North Africa and a lack of market resources in other regions. Shanghai Yuanyang needs large enterprises with rich experience in overseas market development to help break the existing bottleneck in overseas market expansion.

As a leading enterprise in the engineering machinery manufacturing industry, Sany Heavy Machinery has already occupied a relatively high market share in China and possesses a solid market foundation. While backed by a stable and strong domestic market, Sany Heavy Machinery has captured a considerable share of the world market with its excellent technology and high-level services. To continuously stimulate the potential of overseas markets, achieve higher-level development, tap more overseas business opportunities, and further broaden and deepen overseas markets has become one of the priorities of Sany Heavy Machinery. In view of the needs of its overseas market development strategy, Sany Heavy Machinery urgently needs to find suitable large construction enterprises for cooperation to achieve the implementation and promotion, performance testing, and optimization and iteration of its own products.

The leading products manufactured by Sany Heavy Machinery, such as trench cutters, trenching machines, piling machinery, and crawler cranes, are all mechanical equipment required for use in Shanghai Yuanyang's construction process. Shanghai Yuanyang can provide Sany Group with a highly compatible product promotion platform, and the two parties have successfully joined hands through the highly aligned business strategy of expanding overseas markets, achieving industrial alliance and complementary advantages.

In the future, the two parties will join hands and support each other on the turbulent stage of the world economy, sharing resources and fighting side by side, striving to build a world-renowned industrial alliance, and jointly helping Shanghai Yuanyang become a world-class foundation engineering construction enterprise and Sany Heavy Machinery become a world-class engineering machinery manufacturing enterprise.