Sinoref Holdings Limited Enters into Memorandum of Understanding with Tianhong Chuangxin Asset Management Co. Ltd. for Planned Investment Positive about the Development Opportunities of "Internet Plus"

Jul 14, 2015 14:16 JST

Source: Cybernaut International Holdings Company Limited

HONG KONG, Jul 14, 2015 - (ACN Newswire) - Sinoref Holdings Limited ("Sinoref" or the "Group") (Stock code: 1020) has announced on Monday that it has entered into a memorandum of understanding with Tianhong Chuangxin Asset Management Co. Ltd. ("Tianhong Chuangxin.") regarding a planned investment by the latter in the Group.

Tianhong Chuangxin is an asset management company founded in China and approved by the China Securities Regulatory Commission and is wholly-owned by Tianhong Asset Management Co., Ltd. ("Tianhong Asset"). Tianhong Asset garnered the 2014 "Asian Achievement Award - Innovation Award" by Asian Investor magazine in Hong Kong, the only fund management company from Mainland China thus honoured. Tianhong Asset is 51% owned by Zhejiang Ant Small & Micro Financial Services Group Ltd ("Zhejiang Ant"). Founded in October 2014, Zhejiang Ant focuses on serving small and micro enterprises and general consumers and operates a range of brands including Alipay, Alipay Wallet, Yue Bao, Zhaocaibao, Ant Micro Loan, Zhima Credit.

Mr. Bill Lui, CEO of Sinoref, said, "We are highly pleased to collaborate with Tianhong Chuangxin. Tian Hong Asset as one of the largest funds in mainland China owned by an enterprise under Mr Ma, manages funds totaling more than RMB 668.4 billion. Tianhong Chuangxin's investment is an endorsement of Sinoref's concept and direction of development for the "Internet Plus" business. We will closely partner with Tianhong Chuangxin and leverage our resources to identify more opportunities in the "Internet Plus" segment as well as in e-commerce as we seek new revenue streams."

The memorandum of understanding does not constitute a legally binding obligation for both signing parties in relation to the planned investment, terms of which are to be further negotiated by both parties and subject to the signing of a formal agreement.

Contact:

Strategic Financial Relations(China)Limited
Ms. Karen Hung  Tel: 2864 4845  E-mail: karen.hung@sprg.com.hk
Ms. Winnie Lau  Tel: 2864 4876  E-mail: winnie.lau@sprg.com.hk
Ms. Brandi Mo   Tel: 2114 4941  E-mail: brandi.mo@sprg.com.hk
Ms. Mavis Wu    Tel: 2864 4899  E-mail: mavis.wu@sprg.com.hk

Source: Cybernaut International Holdings Company Limited
Sectors: Daily Finance