HONG KONG, Oct. 17, 2016 /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 it has acquired the Sale Capital of Hangzhou Jin Zhong Xing Investment Management Company ("Jin Zhong Xing" or "Target Company"), a company beneficially wholly-owned by major shareholder Wei Jie, through its indirectly wholly-owned subsidiary with consideration of RMB1 million. After the completion, the Target Company will be indirectly wholly-owned by the Company and accounted for as a subsidiary of the Company.
Jin Zhong Xing was established in the PRC on 13 January 2015, with principal business activities covering investment management and investment consultation. As of 30 September 2016, the unaudited net asset value of the Target Company was approximately RMB1.5 million. Since Jin Zhong Xing has successfully registered with the Asset Management Association of China as a private investment fund manager, through such acquisition, the Company hopes to form new private funds in the PRC through the Target Company, and develop the asset management and investment business, with focuses on investing in government related infrastructure projects, expanding Gold-Finance Holdings' business portfolio into areas of investment and asset management.
Wei Jie, the Chairman and CEO of the Company 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."
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.
