According to an announcement released by Jinjia Group (002191.SZ) on January 18th:
Jinjia Group Co., Ltd. (hereinafter referred to as "the Company" or "Jinjia Holdings") has announced through the General Manager's office meeting that its subsidiary, Shenzhen GalaxyLink Technology Services Co., Ltd. (hereinafter referred to as "Shenzhen GalaxyLink"), plans to establish a subsidiary in London, United Kingdom, with a capital contribution of 500,000 pounds (approximately 634,000 dollars) in cash. The subsidiary will be named GalaxyLink Technology Services (UK) Limited, subject to the official registration name with local business authorities. It will hereinafter be referred to as "GalaxyLink UK".
This investment has been approved by the board of directors and does not require further approval from the executive committee. It is not considered a related party transaction as defined by the Shenzhen Stock Exchange listing rules, nor does it qualify as a major asset restructuring under the regulations of significant asset restructuring for listed companies.
Currently, Jinjia Group has built a comprehensive service system covering the new tobacco industry, including OEM/ODM, assembly packaging, international logistics, and overseas warehouse distribution. The e-cigarette market and user base in the UK have been steadily growing in recent years. In order to further expand the overseas business of the new tobacco industry and create a diversified service system and comprehensive business layout, the company plans to establish a wholly-owned subsidiary in the UK to build an overseas e-cigarette product brand marketing platform.
Building upon the existing services provided by the new tobacco industry supply chain, the company aims to extend its reach to the back end and provide more value-added services to existing and target customers, including market research, brand operations, on-ground distribution and channel expansion. Additionally, based on in-depth research and analysis of the overseas cutting-edge new tobacco market, the company will guide the proactive layout of technological solutions for the production of new tobacco products and develop products that cater to the demands of the target market, continuously expanding the customer base.
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