The Board of Directors of Pan Hong Holdings Group Limited announced the incorporation of a subsidiary, Guangxi Gangrun Bio Technology Limited, which is held by the company's subsidiary, Zhejiang Sino Harbour Bio Technology Limited, Zhejiang Gene Stem Cell Biotech Company Limited and an independent third party, Mr. Mao Jianfeng. The shareholdings held by Zhejiang SH, Zhejiang GSCB and Mr. Mao are 60%, 30% and 10% respectively.