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| Sichuan Ding Xiang Becomes the First Member in the Southwestern Region |
HONG KONG, Dec 9, 2014 - (ACN Newswire) - First China Financial Network Holdings Limited ("First China Financial Network" or "the Group"); stock code: 8123) has announced that the name of its associated company Shenzhen Qianhai First China Precious Metals Exchange Centre Limited has been changed to "Shenzhen Qianhai First China International Commodities Exchange Centre Limited" ("SQFC"). The Group has also announced that Sichuan Ding Xiang Limited ("Sichuan Ding Xiang") has become the first member of SQFC in the Southwestern region as an 018 integrated member.
SQFC's scope of business mainly includes wholesale spot trading of steel, iron ore, non-ferrous metals, precious metals (excluding gold), timber, and provision of an electronic spot trading platform and general market services including inquiry, information, advisory, ranking and financial advisory services to members.
Mr. Wang Wenming, Chairman of First China Financial Network and SQFC, said, "The renaming signifies an important milestone for SQFC as it represents our successful transformation and expansion from a spot market trader of single precious metals to a spot market trader of a variety of bulk commodities. The importance of the business transformation goes far beyond the change of name."
Another recent newsworthy development is that SQFC has gained the approval to provide cross-border metal trading, financial consulting services and investment management and advisory services. These steps enable SQFC to stand out from most of the China-based financial trading platforms and initiate expansion into international markets.
Besides, Sichuan Ding Xiang has become the first member of SQFC in Southwestern China on 2 December. Sichuan Ding Xiang operates a precious metal online third party trading platform and provides related consulting services. It also offers product choices, sharing of resources and asset appreciation channels to investors. Mr. Zhu Wei, Chairman of Sichuan Ding Xiang, Mr. James Beeland Rogers Jr., Non-Executive Director of First China Financial Network, and other senior managers attended the opening ceremony of Sichuan Ding Xiang in Chengdu.
Mr. Wang concluded, "Looking ahead, SQFC will introduce more industry members and provide better service to the real industrial economy. We are also planning to establish a Hong Kong branch to promote closer cooperation with partners and markets overseas. The management has strong confidence in this business given its immense development potential."
Leveraging the favourable opportunities provided by the Qianhai New Zone capital accounts convertibility, SQFC has built a top trading and settlement platform that based in the Shenzhen Centre. For the nine months ended 30 September 2014, the Group recorded commission income of approximately HK$11.55 million from precious metal trading and a revenue of approximately HK$14.92 million from precious metal spot trading contracts. The performance has clearly demonstrated a rapid and ideal growth of the Group's business.
Contact:
Strategic Financial Relations Limited
Veron Ng Telephone: +852 2864 4831 Email: veron.ng@sprg.com.hk
Brenda Chan Telephone: +852 2864 4833 Email: brenda.chan@sprg.com.hk
Phoebe Li Telephone: +852 2864 4862 Email: phoebe.li@sprg.com.hk
Topic: Press release summary
Source: First China Financial Network Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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