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| Friday, 8 July 2016, 14:53 HKT/SGT | |
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| Strives to Expand Financial Services and Asset Management Business |
HONG KONG, July 8, 2016 - (ACN Newswire) - China Goldjoy Group Limited ("China Goldjoy" or the "Group"; HKEx stock code: 1282) is pleased to announce that it has completed the acquisition of China Yinsheng Asset Management, China Yinsheng Securities, China Yinsheng Wealth Management and KB Investment on 4 July 2016, following the same of KB Credit Limited on 3 May 2016. The five financial services and asset management companies have each become a 70%-owned indirect subsidiary of China Goldjoy, and their results will be consolidated into the financial statements of the Group.
Commenting on the acquisition, Mr. Yao Jianhui, Chairman and Chief Executive Officer of China Goldjoy, said, "The Group has been active in recent years pushing to transform our business towards the high value-adding end and aiming for diversification. We have continued to oust the low-margin and low value-added electronic manufacturing business that resources may be injected into business segments with greater growth potential. The successful acquisitions are proof that China Goldjoy has included financial services as one of its principal businesses. The Group will keep our eyes open for potential business opportunities in the financial services market and better use the resources we have to raise returns to shareholders, broaden our income source as well as improve the Group's financial position."
About China Goldjoy Group Limited (HKEx stock code: 1282)
China Goldjoy Group Limited is principally engaged in the development of a range of high technology products; trading and providing services with respect to automation-related equipment; securities investment; and strategic investment and development in technologies mainly related to biometric security, high-speed wireless data transmission and communications. With the completion of the acquisitions of five financial institutions including KB Credit, China Yinsheng Asset Management, China Yinsheng Securities, China Yinsheng Wealth Management and KB Investment in July 2016, the Group has included financial services as one of its principal businesses. After the acquisition of the integrated financial services and asset management business, the Group is identifying appropriate investment opportunities in new energy and emerging industries. It aims to expand into new industries and new markets and also realize its diversified development strategy through a series of strategic transformation measures.
China Goldjoy is the constituent of several Hang Seng indexes, including Hang Seng High Beta Index, Hang Seng Internet & Information Technology Index, Hang Seng Global Composite Index, Hang Seng Composite Index Series - Hang Seng Composite Index, Hang Seng Composite Industry Index - Information Technology, Hang Seng LargeCap & MidCap Index, Hang Seng MidCap & SmallCap Index and Hang Seng MidCap Index. The Group is one of the stocks eligible for trading in Mainland China under the Shanghai-Hong Kong Stock Connect scheme.
Topic: Press release summary
Sectors: Daily Finance, Daily News
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