HANGZHOU, China, Dec. 23 /PRNewswire-Asia/ -- China 3C Group ("China 3C" or the "Company") (OTC Bulletin Board: CHCG), a retailer and wholesale distributor of consumer and business products in China, today announced that its subsidiary, Shanghai Joy & Harmony Electronics Company Limited ("Shanghai Joy & Harmony"), which focuses on wholesale and retail sales, circulation and modern logistics of consumer electronics products that include MP3 players, MP4 players, iPods, electronic dictionaries, radios, and Walkmans, received an "A" rating from Shanghai Contract Credit Commission.
The Shanghai Contract Credit Commission, which is managed by the Shanghai Administration of Industry and Commerce, is the largest corporate credit rating agency in Shanghai. Out of nearly 400,000 Shanghai-based enterprises covered by The Shanghai Contract Credit Commission, only about 2,000 received an "A" rating. The credit information of "A" rated enterprises will be included in the corporate credit information system and banking credit evaluation system of Shanghai city.
Mr. Zhenggang Wang, CEO of China 3C Group, commented, "We are very happy to receive an "A" rating from the Shanghai Contract Credit Commission. This is the result of our strict credit control and it also demonstrates our corporate credibility in Shanghai city. The "A" rating provides a solid credit basis for the future development of Shanghai Joy & Harmony. We intend to further strengthen the internal corporate governance and risk controls of China 3C Group's other major operating subsidiaries."
About China 3C Group
China 3C is a leading wholesale distributor and retailer of 3C merchandise: computers, communication products and consumer electronics. The Company specializes in wholesale distribution and retail sales of 3C products in Eastern China, focusing on products that make life more comfortable, convenient and connected. The Company's goal is to become the number one retailer of 3C products in China. For more information, visit http://www.china3cgroup.com .
