Zuoli Kechuang Micro-finance Co. Ltd. completed the transfer of its microfinance business to subsidiary Deqing Jinhui Micro-finance Co. Ltd. and a capital injection into the subsidiary.
The company transferred certain assets and liabilities to Deqing Jinhui Micro-finance, which will become the primary microfinance platform of the group. It also injected capital into the microfinance company, raising its holding in Deqing Jinhui Micro-finance to 99.43% from 96.93%.
Further, Zuoli Kechuang is in the process of obtaining regulatory approval in relation to the surrender of its microfinance license and transforming itself into a general holding company.
As of March 15, US$1 was equivalent to 6.32 Chinese yuan.
