[ET Net News Agency, 9 June 2021] China Baoli Technologies Holdings Limited (00164) said
its subsidiary Baoli Youta (Shanghai) Communication Technology Co., Ltd. has entered into
a business collaboration with Chun Mian Network Technology (Shanghai) Co., Ltd. to jointly
establish a joint venture, i.e. Shanghai Chun Mian Di Fu International Trade Co., Ltd. in
China.
Upon incorporation, China Baoli will hold as to 40% of the JV Company and will become
the single largest shareholder.
Chun Mian Network is exclusively authorized by China Duty Free Shop (Hong Kong) Group
Co., Limited (CDFS) to conduct cross-border duty-free businesses in China. It has also
filed with the General Administration of Customs to independently develop and connect
enterprise resource planning and 1210 payment reporting system of bonded import goods, and
the establishment of duty-free experience stores and other businesses.
China Baoli said the JV Company will not only bring commercial opportunities for
online/offline e-commerce marketing business but also help the further expansion of the
group's convergence media and advertising business. (KL)