As part of this new partnership, CNOOC Taiyuan has developed a suite of platinum investment products for retail investors, which are available today on the Industrial and Commercial Bank of China (ICBC) eCommerce platform Rong E Gou (“Easy E Shop”).
CNOOC Taiyuan is a wholly owned subsidiary of the China National Offshore Oil Corporation Group, a major oil and gas conglomerate in China. The corporation has 25 years’ experience in the industrial application of platinum, and its platinum industrial catalyst products represent 50% of market share in China. Based on their deep knowledge of the qualities of platinum and its necessity in a wide range of industrial uses, CNOOC Taiyuan identified the opportunity to leverage platinum’s 10-year low price to develop a unique investment opportunity for retail investors.
CNOOC Taiyuan partnered with the WPIC to support the development of its platinum investment products. WPIC has been involved in the whole development process, including advising on the production, manufacturing and marketing of the products, as well as the development of educational content about platinum as an investment asset.
The products are initially available on ICBC’s eCommerce platform Rong E Gou (“Easy E Shop”). The platform sells a wide range of investment products, and is a leading eCommerce site in China. It has over 100 million registered members in 2018 and more than 4 million users per month. The products will also soon be available on other online platforms and in offline outlets.
The first set of products for investment are bars ranging from 10g to 500g, manufactured by Swiss refiner Metalor in China. The products are 999.5 (99.95% pure) and consistent with international standards for trading in global markets. More products are expected to be introduced to the market at a later stage.