[Caihua Social News] sublimation Rand (08106.HK) announced that on December 13, 2021, Dianshi Technology (the company has 41% subsidiaries) entered into a cooperation framework agreement (a formal legally binding agreement) with Junrui Industry and Xuan Ying Yunhao Partnership, according to which the three parties agreed to set up a joint venture company in Hangzhou, Zhejiang Province, China with a registered capital of 10 million yuan (equivalent to about HK $12.249 million). Dianshi Technology, Junrui Industries and Xuan Ying Yunhao Partnership have agreed to contribute RMB 4.6 million (equivalent to about HK $5.635 million), RMB 5.1 million (equivalent to about HK $6.247 million) and RMB 300000 (equivalent to about HK $367000) respectively to the registered capital of the joint venture.
The joint venture Hangzhou Muye Brand Management Co., Ltd. (subject to the registration approved by the Chinese market supervision and administration department) will be mainly engaged in the management and operation of children's clothing brands, including the establishment, incubation, agency and acquisition of brands, provide related supply chain finance and services from commodity planning and category planning to production, storage, delivery and sales channel promotion.
The Group is committed to promoting the development of mobile Internet services, combining the resources and technologies accumulated in existing business, actively promoting the transformation of its business sector, developing or introducing new business and new products, and helping the Group to build a sustainable business ecology.
The proposed joint venture company will integrate and give full play to the advantages of the joint venture partners, facilitate the independent development and operation of the Kiddol platform (an one-stop new consumption platform for parent-child life), establish a stable children's clothing supply chain resources, continuously deliver innovative children's clothing brand goods, empower its dealers, meet the needs of the sustainable development of the platform, speed up the implementation and promotion of the Group's business plan for the development of community marketing, and expand its source of income.