Beingmate Co., Ltd (002570.SZ) has issued a notice, aiming to integrate and improve its new retail system for further development of its online and cross-border businesses. Taking advantage of the policy support provided by the local government and the advantageous location of Tonglu, known as China's private express delivery town, the company plans to jointly invest with Tonglu Science and Technology Innovation Industry Development Investment Co., Ltd. ('Tonglu Development') under Tonglu County State-owned Asset Supervision and Administration Commission to establish Beingmate (Hangzhou) New Retail Co., Ltd. (the tentative name, subject to registration with the market supervision and administration department) in Tonglu County, Hangzhou City. The registered capital of the company is RMB 0.1 billion, with Beingmate contributing RMB 80 million of its own funds, accounting for 80% of the registered capital, and Tonglu Development contributing RMB 20 million of its own funds, accounting for 20% of the registered capital. After the establishment of the joint venture company, it will become a subsidiary controlled by the company and will be included in the company's consolidated financial statements.
Zhittongcaijing APP reported that Beingmate Co., Ltd (002570.SZ) issued a notice to integrate and improve its new retail system for further development of online business and expansion of cross-border business. Fully utilizing the policy support given by the local government and Tonglu's position as the private express delivery town in China, the company plans to jointly invest with Tonglu Innovation Investment Co., Ltd. ('Tonglu Development') under Tonglu County State-owned Asset Supervision and Administration Commission to establish a joint venture company, Beingmate (Hangzhou) New Retail Co., Ltd. (tentative name, subject to market supervision and administration registration), in Tonglu County, Hangzhou City. The registered capital for the company is RMB 0.1 billion, with Beingmate providing RMB 80 million from its own funds, accounting for 80% of the registered capital, and Tonglu Development providing RMB 20 million from its own funds, accounting for 20% of the registered capital. After the joint venture company is established, it will become a subsidiary controlled by the company and be included in the company's consolidated financial statements.