On March 8, Gelonghui | Buyang International (02457.HK) announced that the Group plans to launch and expand the live e-commerce business, and also plans to establish Buyang Selection (“New Business Activity”) to address the growing trend of online shopping. In addition to its current main business, the Group will also position itself as a live streaming platform focused on carefully selecting high-quality products for customers. The company has established a wholly-owned subsidiary, Yongkang Lumi Intelligent Technology Co., Ltd., to promote the development of new business activities. The Group will consider funding the development of new business activities through internal resources.
Considering the advantages of live e-commerce in terms of price and consumer experience, as well as changes in shopping habits after the COVID-19 pandemic, the Board believes that the new business activity will benefit the Group's business and meet the overall interests of the company and shareholders.