On March 15, GLONGHUI | International Commercial Settlement (00147.HK) announced that on March 15, 2024, Shousheng Enterprise Co., Ltd., a wholly-owned subsidiary of the company, and Mr. Lu Zeng signed a joint venture agreement to establish a joint venture in the Lao People's Democratic Republic. After the joint venture is registered and established, Shousheng and Mr. Lu will own 51% and 49% of the rights respectively.
The joint venture will mainly be engaged in Bitcoin mining and trading. The initial paid-up share capital of the joint venture is US$2,000,000, and Shousheng and Mr Lu will contribute in proportion to their respective equity interests in the joint venture. The investment will mainly be used as working capital for the joint venture.
The board believes that the digital currency market has good prospects for development. The establishment of a joint venture is in line with the Group's business development strategy and plans to develop the fintech industry, thereby contributing to the Group's future business development. The board of directors believes that the joint venture provides the Group with a good opportunity to expand its business scope to the digital currency market and diversify the Group's revenue sources.