[ET Net News Agency, 15 November 2017] Zuoli Kechuang Micro-finance (06866) said it
entered into assets restructuring agreement and capital injection agreement with
non-wholly owned subsidiary Deqing Jinhui Micro-finance Company Limited for the purpose of
implementing the restructuring.
Zuoli Kechuang Micro-finance agreed to transfer assets and liabilities in the aggregate
appraised value of Rmb1,000 million in relation to the operation of the micro-finance
business, and certain manpower to Jinhui Micro-finance; subject to the approvals by the
relevant regulatory authorities of the PRC and the shareholders, Zuoli Kechuang
Micro-finance will, on its entity level, cease to engage in the micro-finance business and
surrender its micro-finance license and be transformed into a financial holding company.
Upon completion, the registered capital of Jinhui Micro-finance will be increased from
Rmb228 million to Rmb1,228 million and the equity interest held by Zuoli Kechuang
Micro-finance in Jinhui Micro-finance will be increased from about 96.93% to 99.43%.
Jinhui Micro-finance will also apply for the approvals from the relevant regulatory
authorities to carry on the micro-financing business under the existing business name,
"Zuoli", of Zuoli Kechuang Micro-finance and will serve as the primary platform of the
Group to conduct its micro-financing business.
Zuoli Kechuang Micro-finance proposes to change its English name to "Zuoli Financial
Holdings Company Limited". It also proposes to change its scope of business to "investment
management consultancy, investment business, investment management, asset management,
industrial investment, financial advisory, brokerage of motor vehicle insurance, property
insurance and accidental injury insurance". (HL)