China Shenghai Group Limited announce that on 16 March 2022, the Company and CS Business Solutions entered into the Agreement in relation to the formation of the JV Company in the Hong Kong to be engaged in the operation of B2B trading platform of high-demand mobile phones and electronic components and B2B supply chain financing business. The parties to the Agreement agreed that JV Company will be established in Hong Kong.
The JV Company will be owned as to 55% by the Company and 45% by CS Business Solutions. The JV Company will be principally engaged in the operation of B2B trading platform of high-demand mobile phones and electronic components and B2B supply chain financing business.