Secoo has reached the Partnership Framework Agreement with Hainan Province Transport Investment Holding Company Limited and HEC on Supply Chain and Bonded Goods Distribution

BEIJING, May 12, 2021 /PRNewswire/ -- On May 7, Secoo (NASDAQ: SECO) reached and signed the strategic partnership agreement with Hainan Province Transport Investment Holding Company Limited and HEC at the Hainan International Business Strategy Press Conference of Secoo Group. Signing parties will work together on a variety of fields including consumer finance, supply chain, bonded goods distribution, SaaS, education and training.

At the signing ceremony, Li Rixue, founder and CEO of Secoo Group, together with Huang Xinghai, Secretary of Party Committee and Chairman of the Board of Hainan Province Transport Investment Holding Company Limited and Zeng Guohua, Secretary of Party Committee and Chairman of the Board of HEC, signed the strategic partnership agreement. The signing parties will work hand in hand with new projections in mind to establish specialized systems of supply chains and bonded goods distribution in Hainan, and provide comprehensive and specialized services of luxury goods to consumers all over the world.

In the past few years, a lot of Chinese consumers have transformed their shopping habits from "shopping from abroad" to "shopping from Hainan". Hainan is gradually becoming a world-class tourism consumption center. Statistics show that in 2020, the revenue of Hainan Off-shore Duty-free Shopping exceeded 30 billion. In the first two months of 2021, the sales of nine off-shore duty-free shops in Hainan have reached 8.49 billion yuan, an increase of 359% year-on-year. The number of visitors reached 1.529 million, a year-on-year increase of 191%. Purchases mounted to 8.0785 million items, an increase of 216% year-on-year.

With such a track record, the partnership between Secoo and Hainan Province Transport Investment Holding Company Limited and HEC holds even greater potential than expected. Hainan Province Transport Investment Holding Company Limited and HEC are both robust partners with significant strength in their perspective fields. Hainan Province Transport Investment Holding Company Limited is a wholly state-owned company, of which Hainan Provincial Department of Transportation performs as the funder on behalf of the Hainan Provincial Government. Since its establishment, with the goals of serving the Hainan transportation system and Hainan Free Trade Port at its core, Hainan Province Transport Investment Holding Company Limited has made every effort to continuously meet the demands for funding for the transportation infrastructure construction in Hainan by utilizing its platform advantages and through diversified financing models. HEC, on the other hand, is the first listed company in the national expressway industry. Since the "13th Five-Year Plan", it has continuously accelerated strategic transformation, by actively planning for endeavors in industries such as investment finance, sports and health, marine tourism, and others. It has also transformed and upgraded its real estate projects. Since General Secretary Xi Jinping delivered his speech on April 13th, HEC has followed even more closely the main guideline of improving the Hainan Free Trade Port and gradually established new sections such as industrial real estate, quasi-financial services, as well as sports and health.

The agreement with the two partners will accelerate the implementation of Secoo's international business strategy to achieve mutual benefit and common development in the new era. Li Rixue said, "The strategic partnership with Hainan Province Transport Investment Holding Company Limited as well as HEC is of great significance to Secoo and is the key link of the company's international business strategy in Hainan."Secoo will continue to deepen its collaboration with partners throughout the whole industry chain, establish trustworthy partnerships, and consolidate the implementation of Secoo's international business strategy in Hainan.

SOURCE Secoo Group

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