Fangda Group set up a subsidiary to be responsible for foreign investment

On August 2, Fangda Group Co., Ltd. (hereinafter referred to as “Fangda Group”) issued the “Announcement on the Establishment of Investment Subsidiaries”. According to the announcement, Fangda Group held the 22nd meeting of the 7th Board of Directors on July 29, 2016, and agreed that Fangda Group will invest RMB 100 million to establish Shenzhen Qifeng Capital Co., Ltd. with its own funds, which is mainly responsible for Fangda Group's foreign investment and other businesses.

Fangda Group stated that the establishment of an investment company is an important measure for the company to implement its development strategy and is of positive significance and impetus to the company's future development. After the establishment of the investment company, it will become the company's foreign investment platform. In the relevant fields, the company will seek and cultivate suitable domestic and international M&A projects or targets with competitive advantages, and expand the company's business fields through equity investment, equity participation, and mergers and acquisitions. Promote the benign development and industrial integration of the company's industrial operations and capital management, make the company bigger and stronger, enhance the company's core competitiveness and profitability, and give investors a better return.

The announcement pointed out that the business scope of Shenzhen Qifeng Capital Co., Ltd. is equity investment, industrial investment, investment management, asset management and investment consulting services.

At the same time, Fangda Group Co., Ltd. released the "2016 Semi-annual Report Summary". According to the report, Fangda Group achieved operating income of RMB 100,945,600 in the first half of the year, down 12.23% year-on-year. The net profit attributable to owners of the parent company was RMB 51,536,400, an increase of 3.58% year-on-year, net of non-recurring gains and losses. The profit was RMB 4,426,100, a year-on-year increase of 24.74%.

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