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Wealthy Way Group unit to acquire stake in Shenzhen Haosen Credit

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Wealthy Way Group unit to acquire stake in Shenzhen Haosen Credit

Wealthy Way Group Ltd. unit Wealthy Way International Finance Ltd. agreed to acquire a 47% equity interest in Shenzhen Haosen Credit Joint Stock Ltd. Co. for a consideration of 156.7 million Chinese yuan.

The company will acquire the shares from Guangdong Hengfeng Investment Group Ltd., according to an Aug. 22 release.

Upon completion, the company will indirectly own an aggregate 55% stake in Shenzhhen Haosen, making it an indirect non-wholly owned subsidiary of Wealthy Way Group. Shenzhen Haosen is primarily engaged in the provision of small loans to its customers.

Wealthy Way Group believes that the acquisition will allow the group to further expand its investments to the financial market in Shenzhen and expand its business operation by offering small loans to individual customers.

As of Aug. 22, US$1 was equivalent to 6.84 Chinese yuan.