On 19th November, 2020, Jinma Technology Entertainment Corp., Ltd (Jinma Technology for short) held the General Manager Meeting and passed the Capital Increase Agreement to acquire part of the equity of Shenzhen Huachuang Cultural Tourism Group by the means of a monetary capital increase. According to the meeting, Jinma Technology would acquire 51% equity of Huachuang CTG with its own funds totaling RMB 25 million (about US$ 3.8 million). Reportedly, Jinma Rides signed the Capital Increase Agreement with the target company and its shareholders Zheng Wei, Fang Tingbin, and Meng Xin. With the successful completion of this share capital increase, Huachuang CTG became Jinma’s holding subsidiary and was included in the consolidated financial statements. According to the information released by Jinma Technology, the registered capital of Huachuang CTG has increased from RMB 5 million (about US$ 0.76 million) to RMB 10.2 million (about US$ 1.55 million), where the increased registered capital of RMB 5.2 million (about US$ 0.79 million) was subscribed by Jinma Technology at an investment price of RMB 25 million (about US$ 3.8 million). It is learned that the business scope of Huachuang CTG covers the research and development of tourism market, human resource management, training consulting, tourism business development, theme parks, and so on. (2021/02/19)