Tao Zhu Gong Awards

企业获益 • 实现本外币之间的自由调配和兑换； • 集团总部实现以人民币形式的跨境资金融通； • 打通集团内部资金调配渠道； • 为打造全球财资管理中心奠定基础。 重点推荐企业 财资管理实践创新奖 江苏艾兰得营养品有限公司 评委点评 开立自由贸易非居民账户，打造全球财 资管理中心，实现全球资金管理并融通 中国资金的优秀案例 企业简介 江苏艾兰得营养品有限公司（以下简 称“艾兰得”）是中宣部、商务部推荐 的中国制造“走出去”的先进典型。艾 兰得打通全球营养品生产、研发、销售 全产业链，横跨亚洲、北美、欧洲建立 五个世界级生产基地，足迹和影响力遍 布全球7O多个国家。 挑战 艾兰得境内外分公司及子公司众多，但 各成员公司资金需求差异较大。艾兰得 执行副总裁马兵说：“我们在不同的国 家、不同节点，都有不同的资金需求， 需要一个全功能、全币种的资金池，帮 助企业打造一个全球性的资金管理大 平台。” 艾兰得集团之前在香港成立了控股公 司，希望借助香港财资管理中心的优惠 政策，建立全球财资管理中心，同时兼 顾中国境内成员企业的资金情况，打通 境内与境外成员之间的资金融通渠道。 由于海外成员对资金币种的多样化需 求，集团也希望能够实现财资中心统一 汇兑管理，降低集团汇兑风险，提高资 金利用效率。 解决方案 依据公司的资金管理需求，花旗银行依 据银总部发〔2O16〕122 号政策，为 集团度身定制了全新的上海自贸区全功 能跨境资金池构架，对参与成员进行了 严格的资质审核和业务评估，并向人民 银行上海总部提出了该创新方案，经过 多次沟通，该方案得以批准并实施。 这是首家由境外跨国公司通过开设自由 贸易非居民账户，开展国际财资管理中 心功能的案例。该方案既满足了集团以香 港公司实现全球资金集中管理的需求，又 符合了境内资金归集到总部的管理逻辑， 同时享受了上海、香港两大金融中心优惠 政策，可谓一举三得。 依托于自由贸易账户的可自由兑换特性和 本外币一体化功能，使得该方案彻底解决 了公司境外币种选择的问题，香港公司可 灵活地将全球主要货币资金以原币形式汇 集到自由贸易非居民账户，在本外币之间 任意调配和兑换；而境内集团总部，则能 够以人民币形式实现跨境资金的融通，打 通集团内部资金调配渠道。相比于传统的 跨境人民币资金池，该全功能型资金池具 有更大的灵活性：首先利用充足的在岸人 民币资金拓宽跨境融通渠道；其次汇兑的 灵活性和便利性也便于财资中心实现全球 全币种管理，利用本外币资金的集约化管 理降低了汇兑成本，集团获得更高的资金 使用效率和集中管理收益。 马兵说：“我们目前借助于这一结构已经 开展了几笔境内外资金融通的业务，从根 本上解决了公司的需求。” 创新与突破 通过充分利用自由贸易账户的便利性，可 实现全球境外资金的统一调拨和管理，不 论美元还是英镑都可归集到主办企业自由 贸易非居民账户，并按需进行双向划拨或 结售汇，便于集团对各币种资金头寸的布 局管理。进而通过自由贸易账户二线以人 民币与境内母公司江苏艾兰得实现资金的 进一步贯通，在跨境净流入/流出额度范 围内，境外主办企业与境内资金池主账户 之间可按需实现资金的双向划扫，当境外 急需资金用于生产经营或海外实业投资 时，可调拨境内母公司人民币资金予以 支持，而当境内母公司需要资金开展生产 经营活动、实业投资活动或为实现财务目 标时也可调拨境外的盈利资金实现资金境 内归集。 HIGHLY COMMENDED Most Innovative Treasury Practice Aland (Jiangsu) Nutraceutical Co., Ltd. Judges’ Comments Aland has opened a free-trade non- resident account, created a global treasury management center, and achieved excellent results in global capital management and financing in China. Company Profile Aland (Jiangsu) Nutraceutical Co., Ltd. (hereinafter referred to as “Aland”) is recommended by the CPC Publicity Department and the Ministry of Commerce as a model of Chinese-made products going global (“Go Out” policy). Aland has developed a whole industrial chain covering the production of nutrition products, R&D, and sales. It has established five world-class production centers across Asia, North America, and Europe, and has a presence and influence in more than 7O countries around the world. Challenges Aland has a large number of domestic and overseas subsidiaries and their funding needs vary widely. Aland’s Executive Vice President Ma Bing said: “We have different funding needs for different countries and occasions. Therefore, we need a funding pool featuring comprehensive functions and currencies and we need it developed as a platform for global capital management.” Previously, Aland Group set up a holding company in Hong Kong in the hope of using their preferential policies to establish its global corporate treasury center there. In the meantime, Aland took into account the capital situation of its member companies within China, and integrated funding channels between its domestic and overseas members. As overseas members have diversified demands on the currencies they need to use, Aland Group also hoped to unify and centralize foreign exchange management under its treasury center to reduce the Group’s exchange risk and increase the efficiency of capital utilization. Solution According to the No. [2O16] 122 policy issued by the PBOC headquarters, Citi assessed Aland’s capital management requirements and customized a new full-featured cross-border capital pool framework at the Shanghai Free Trade Zone for them. Citi conducted a strict qualification review and business evaluation for participating members and submitted the innovative solution to the Shanghai Headquarters of the PBOC. After many exchanges, the solution was approved and implemented. This is the first case of its kind in which an overseas multinational launched an international treasury management center by opening a free-trade non-resident account. The solution not only supports the Group to achieve centralized global capital management in Hong Kong, but also concentrates domestic capital in the headquarters while at the same time ensures the Group can benefit from preferential policies in Shanghai and Hong Kong, which are two major financial centers. The free trade account features free convertibility and the integration of domestic and foreign currencies, which makes it easier for the company to choose which foreign currency to utilize. The company in Hong Kong has the flexibility to collect cash denominated in major currencies to the free-trade non-resident account and allocate and convert it between domestic and foreign currencies; while the Group’s domestic headquarters can perform cross-border funding in RMB and open channels for internal cash allocation. Compared to the traditional cross-border RMB cash pool, this full- featured pool is much more flexible. Firstly, it uses sufficient onshore RMB capital to broaden cross-border financing channels. Secondly, with more flexible and convenient remittance, the treasury center can achieve better all-currency management, reduce the remittance costs through the use of intensive management of domestic and foreign currencies, and therefore help the Group achieve higher cash utilization efficiency and greater benefits of centralized management. Ma Bing said: “We’ve carried out several deals of domestic and foreign financing based on this new system, which has met the company’s needs.” Innovation and breakthrough The free-trade account is very convenient; it makes the global transfer and management of overseas capital possible. Whether it’s US Dollar or British Pound, it can be aggregated into the free-trade non-resident account of the host company, and the two-way transfer or foreign exchange sales settlement can be conducted according to specific needs. This design helps the Group better manage its cash positions in various currencies. In addition, through the free-trade account, the “second-line” business uses RMB to have further access to the funds of the domestic parent company Jiangsu Aland. Within the limit amount of cross-border net inflows/outflows, the two-way transfer of capital can be done between the overseas hosting company and the domestic capital pool account according to specific needs. When overseas capital is urgently needed for production, operation or overseas industrial investment, the domestic parent company’s RMB capital can be transferred for support. When the domestic parent company needs funds for production and business activities, industrial investments or to meet financial goals, overseas profits can be used for domestic capital collection. BENEFITS FOR THE COMPANY • Free allocation and convertibility between domestic and foreign currencies. • Group’s Headquarters is now able to perform cross-border financing denominated in RMB. • Internal capital allocation channels within the group is now connected and integrated. • A solid foundation has been laid for building a global treasury management center. Ma Bing Executive Vice President, Aland 江苏艾兰得营养品有限公司执行副总裁​马兵