On January 4th, Jingjia Corporation released an announcement regarding the signing of a strategic cooperation agreement with Chongqing Hongsheng Industrial (Group) Co., Ltd.
Announcement reveals that, in order to continue their friendly cooperation with Hongsheng Group and promote stable operation of Hongsheng Printing, Jincia Corporation held its sixth board meeting on January 3rd, 2023 and passed the proposal "On Signing a Strategic Cooperation Agreement with Chongqing Hongsheng Industrial (Group) Co., Ltd." Jincia Corporation signed the "Strategic Cooperation Agreement" with Hongsheng Group on the same day, agreeing to delegate its 20% voting rights in Hongsheng Printing to Hongsheng Group. The agreement is valid from December 16th, 2022 to December 31st, 2025.
Jinjia Group has made arrangements regarding the voting rights it holds in Hongsound Printing, which will effectively maintain and strengthen Hongsound Printing's good cooperation with local clients and ensure stability and continuity in the market, business, personnel, and management. This move is beneficial in creating an efficient management mechanism for the accelerated development of Hongsound Printing and is a reasonable arrangement to meet its developmental needs. It will also help stabilize its product structure, increase its sales revenue, and enhance the overall performance and profitability of Jinjia Group, thus ensuring its continued position as a leader in the tobacco label industry.
During the validity period of the agreement, Jingjia Holdings will hold 46% of the voting rights of Hongsheng Printing, while Hongsheng Group will hold 54% of the voting rights of Hongsheng Printing. Jingjia Holdings will not merge the financial statements of Hongsheng Printing and its subsidiary, Chongqing Hongjin Printing Co., Ltd. (referred to as "Hongjin Printing"), and will account for investment income in Hongsheng Printing and Hongjin Printing according to the equity method.
According to reports, Hongsheng Group is a comprehensive enterprise group jointly funded by Chongqing Tobacco Industry and Fuling District Government. Founded in 1995, it has developed into six major sectors including modern manufacturing, warehousing and logistics, real estate, property services, hotels, and education, providing standardized, one-stop solutions to customers with professional spirits. Hongsheng Group is committed to building a value-sharing system among society, customers, enterprises and employees, and has been listed in the "Top 50 Excellent Industrial Enterprises in Chongqing", "Top 100 Manufacturing Enterprises in Chongqing" and "Top 100 Formed Industrial Enterprises in Chongqing" and other rankings.
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