SHANGHAI--(BUSINESS WIRE)--Wanxiang Group, one of China’s leading automotive components manufacturers and one of China’s largest financial services enterprises, and Hartree Partners, LP, a renowned global merchant commodities firm headquartered in the United States, have announced the establishment of a Shanghai-based joint venture company to trade and market commodities within, into and out of China.
The Chinese joint venture, which was officially established on March 10, 2017 by Wanxiang Resources Co., Ltd., a wholly-owned company of Wanxiang Group, and a subsidiary of Hartree Partners, will operate under the name 万 贺 融 通 有 限 公 司 in Chinese and Wanxiang Hartree Commodities Co., Ltd. in English. The company’s Chinese name, which means “connecting in all directions and receiving congratulations from thousands of people,” was chosen to reflect the joint venture’s founding principles of professionalism, rigorousness, integrity, persistence and outstanding future prospects.
Leveraging the strengths of its shareholders to create a new trading platform in one of the world’s most critical commodity markets, the JV will benefit from Hartree’s global, macro-market perspectives and Wanxiang’s deep understanding of the Chinese onshore markets.
“The joint venture represents each firm’s recognition of the critical importance of the Chinese market to the interconnectedness of the global markets,” stated Mr. Han Youhong, the president of Wanxiang Resources Co., Ltd., who will also serve as the joint venture’s chairman of the board of directors and the general manager. “Wanxiang Group brings unparalleled onshore knowledge and insights to the venture and Hartree Partners provides the global expertise of a respected participant in the commodity space with a long history of investment excellence.”
“In partnering with Wanxiang and leveraging their knowledge advantage in the Chinese commodity supply chain, we will have a unique opportunity to share our highly-specialized and respective experiences in the trading, storage and transportation of commodities, risk management and advisory work,” said Mr. Stephen Hendel, one of the founding partners of Hartree Partners.
About Wanxiang Group Corporation
Founded in 1969, Wanxiang Group Corporation, together with its subsidiaries, is one of China’s leading automotive components manufacturers. It is also one of China's largest financial enterprises, offering a full range of financial services, insurance, asset management, trust investment, financial leasing, futures brokerage, online payment, banking, financial big data, etc. The company is also in agricultural engineering, clean energy and international trade. The company employs more than 16,000 employees and serves customers in the United States, Canada, South America and Europe. It is based in Hangzhou, China.
About Hartree Partners, LP
Hartree Partners, LP is a global merchant commodities firm specializing in energy and its associated industries. Formed in 1997, the firm now has eleven offices around the world and focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities and anticipating opportunities in the supply chain where they may be under- or over-valued. The firm is owned by its founding partners, Stephen Hendel, Stephen Semlitz and Guy Merison, certain senior managers and funds controlled by Oaktree Capital Management, L.P., a leader among global investment managers specializing in alternative investments.