Hong Kong-listed wealth management firm Gold-Finance has agreed to buy the sale capital of Hangzhou Jin Zhong Xing Investment Management through its indirectly wholly-owned subsidiary for RMB1m.
Founded on 13 January 2015, Hangzhou Jin Zhong Xing is wholly-owned by major shareholder Wei Jie. The company covers investment management and investment consultation.
Gold-Finance, through this acquisition, intends to form new private funds in the People's Republic of China (PRC) through the Target Company. It also aims to develop the asset management and investment business, with focuses on investing in government related infrastructure projects.
Gold-Finance Group chairman and CEO Wei Jie said: "While maintaining its core business, Gold-Finance Holdings has continuously explores different investment opportunities to enhance its long term growth.
“After the previous investment in the Ningbo Meishan Duty-Free District Jinyouding Investment Management Centre (Limited Partnership), which the Company participates as a limited partner, with principal business activities encompassing investment management and investment consultation in relation to local governmental infrastructure projects, the Company believes the acquisition of Jin Zhong Xing can provide a strong platform for the Company to further enhance its long term growth, diversify investment risk, and increase shareholders' return."