Gelonghui September 11?German Commercial Investment Services (02270.HK) announcementOn September 11, 2023, Chengdu Fengzhi and Qingdao Wufeng entered into an investment cooperation agreement for the establishment of a joint venture company in China. According to the investment cooperation agreement, the total investment is 100 million yuan, of which 60% is contributed by Chengdu Fengzhi and the remaining 40% by Qingdao Wufeng. After the establishment of the joint venture company, 60% of its equity will be held by Chengdu Fengzhi and will be accounted for as a subsidiary of the group, and its financial performance will be consolidated in the group's consolidated financial statements.
The purpose of the joint venture company is to engage in the live broadcast business and the investment and operation of the live broadcast industrial park located in Tianfu New area of Sichuan Province. The establishment of a live broadcast industrial park in Tianfu New District jointly with Qingdao Wufeng will effectively enable the Group to further expand the scale and area of its operation and management in the industrial park.
With the help of the construction of the live broadcast industrial park, the group will build the operation platform of the relevant industrial park, integrate more supply chain resources, and provide value-added services such as property services and supply chain related services for the live broadcast companies in the park. drive the group's revenue and profits to achieve sustained growth.