HONG KONG, Jan. 11, 2017 /PRNewswire/ -- Gold-Finance Holdings Limited ("Gold-Finance Holdings" or "the Company") (Stock Code: 1462.HK), an affiliate of Gold-Finance Group, the largest wealth management company in Zhejiang Province, is pleased to announce that a wholly-owned subsidiary of the Company - Hangzhou Jin Zhong Xing Investment Management Company Limited ("Jin Zhong Xing"), and Miluo City Jinze Duanwu Culture Industry Development Company Limited ("Jinze Duanwu") entered into a non-legally binding memorandum of understanding (the "MOU") in relation to the possible creation of a private equity fund (the "Fund").
Pursuant to the provisions of the MOU, Jin Zhong Xing shall be responsible for the creation and operation of the Fund. The Fund shall raise capital in accordance with the financial needs of Jinze Duanwu and the capital raised shall be solely for the purpose of investing, constructing and operating all of the cultural projects in the form of public private partnership of the government of Miluo City (the "Miluo Government"). Jin Zhong Xing shall receive an annual management fee of approximately 2% of the aggregate sum of capital raised by the Fund. The target size of the Fund is expected to be approximately RMB5 billion; however, the actual size of the Fund shall be based on the actual capital amount provided by the Fund to Jinze Duanwu.
Jinze Duanwu is a limited liability company established in the PRC, jointly formed by the Miluo Government in Hunan province of the PRC and Hangzhou Jincheng New Town Investment Group Limited Company ("Hangzhou Jincheng"), a company under the control of Mr. Wei Jie, the chairman, executive director and the controlling shareholder of the Company, for the purpose of investing, constructing and operating all of the cultural projects in the form of public private partnership of the Miluo Government in accordance with an agreement entered into between the Miluo Government and Hangzhou Jincheng dated 22 November 2016.
About Gold-Finance Holdings Limited
Gold-Finance Holdings Limited, formerly Nga Chun Holdings Limited, was sold to parent company Gold-Finance Group on 15 December 2015 with 75% shares acquired, and the Group purchased the remaining amount on 26 January 2016. Currently, Wei Jie, Xu Li Yun, Jiang Junwei and Wong Kam Ting were appointed as Executive Directors of the Company. In April 2016, the Company formally changed its name to Gold-Finance Holdings Limited.
About Gold-Finance Group
Gold-Finance Group, a comprehensive modern finance group, features four business sectors including Gold-Finance Fortune, new urbanization, culture and education. Gold-Finance Fortune is the largest global wealth management company in the Zhejiang Province, focusing on the development and selling of high-end wealth management products. With accumulated asset under management exceeding RMB30 billion and 60 branches around the world, it is one of the most influential brands in Zhejiang Province. In recent years, the Group began to expand and explore its new town development business. Through the cooperation with local governments in capital, construction and operation, the Group has helped to achieve modern financial driven new urbanization for the local governments. In terms of culture, the Group's main focus is in media investment. The Group is the main investor of "The Mermaid", the highest-grossing film in China. In education, the Group established a partnership with Xi'an Jiantong Liverpool University, sponsoring the School of Finance and School of Media. The Group also actively expanded its PPP business in recent years. In the first half of 2016, the accumulated amount of the Group's signed PPP contracts reached RMB150 billion, focusing on the infrastructure in Zhejiang, Jiangsu and Anhui Province, including investments in subways, bridges, tunnels, highways and sewage treatment plants.
