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Zall Group to establish black commodities online trading platform with JV

Mainland Chinese property investment company Zall Group Ltd. will be setting up a joint venture with Xiben New Line Stock Co. Ltd. and investor Pan Fujie, with the vehicle to focus on developing and operating an online trading platform.

The joint venture, which will have registered capital of 100.0 million yuan, will establish the platform for business-to-business black commodities trading, according to a filing.

Zall's capital contribution to the joint venture, in which it will hold a 51% majority stake, will stand at 25.5 million yuan, while Xiben and Pan will respectively inject 15.0 million yuan and 9.5 million yuan for 30% and 19% interests. Zall will fund the capital injection with internal resources.

The investment company will also extend a loan facility amounting to 1.0 billion yuan to the vehicle within 2018, on top of another 2.5 billion yuan loan it will provide in 2019.

As of Feb. 23, US$1 was equivalent to 6.33 yuan.