Summary by Futu AI
Asian Citrus Holdings Limited announced that its indirectly non-wholly-owned subsidiary, Jiuyuan Wanjian, has established a joint venture company with Hubei Qiai Technology Group Co., Ltd. on June 7, 2024. The two parties will respectively invest RMB 3,060,000 and RMB 2,940,000, with a total registered capital of RMB 6,000,000. The joint venture company will be 51% held by Jiuyuan Wanjian and 49% held by Hubei Qiai Technology Group Co., Ltd. The purpose of this move is to expand Asian Citrus's market share in China and diversify its business portfolio. The business scope of the joint venture company includes manufacturing, production, sales and distribution of commodities, as well as providing technology-related services. According to listing rules, this transaction is a disclosable transaction and will be reflected in Asian Citrus's consolidated financial statements.