Roan Holdings Group Co. Announces Agreement with Beijing Auvgo International Travel Technology Co. Ltd. to Set Up Business Travel Service Firm Zhejiang Yijia Travel Digital Technology Co. Ltd
July 27, 2021 at 08:00 am EDT
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Roan Holdings Group Co., Ltd. announced that the Company has signed an cooperation agreement with a travel service provider in China, Beijing Auvgo International Travel Technology Co. Ltd. ("Auvgo International"), to form a joint venture, Zhejiang Yijia Travel Digital Technology Co. Ltd. ("Yijia Travel"), in jointly develop business travel services. Pursuant to the agreement, each of Roan and Auvgo International will invest and hold 35% of the equity in the joint venture and additional investors will make capital contributions for the remaining 30% equity in the joint venture. Yijia Travel will be registered in ChinaHangzhou city with an initial registered capital of RMB 5 million. Auvgo International's investment will include the 40% equity interest it holds in Chongqing Hanglvjia Technology Co. Ltd. and the right to use technology patents. The Company and the other shareholders will invest with cash to acquire the remaining 65% stake in the joint venture. Roan will form a team to manage and operate Yijia Travel. Auvgo International will provide technology support and global business travel product resources. Yijia Travel will be mainly engaged in the supply of business travel solutions for financial institutions via expanding cooperation channels with banks, insurance and securities firms. Yijia Travel will also seek to explore large- and medium-sized enterprise business travel client base along China'sYangtze River Delta region, in the overseas markets and to develop fintech business travel solutions. The two parties will also work together on supply chain services for enterprise clients. Roan will introduce high-credit clients and Auvgo International will facilitate Roan to gain access to over 4,000 corporate clients and more than 10 million individual users on Auvgo International's platform to promote the Company's innovative insurance services. The two parties has also agreed that Roan would have a pre-emptive right to acquire no more than 10% stake in Auvgo International through the latter's next round of financing.
Roan Holdings Group Co., Ltd., formerly China Lending Corporation, is engaged in providing loan facilities to micro, small and medium sized enterprises (MSMEs), and proprietors in the Xinjiang Uyghur Autonomous Region (Xinjiang Province) of the Peopleâs Republic of China. The Company offers loans to industries, including commerce, service, supply chain finance, manufacturing, real estate, mineral and energy, and others. Its subsidiaries include Adrie Global Holdings Limited (Adrie), Feng Hui Ding Xin (Beijing) Financial Consulting Co., Limited (Consulting) and Xinjian Feng Hui Jing Kai Direct Lending Limited (XWFOE). Adrie is a holding company that has no operations and no assets, and has ownership in Feng Hui Financial Group. Consulting is engaged in the business of providing risk management-related financial consulting services to third-party direct lending companies in China. XWFOE is focused on providing direct loans to MSMEs and proprietors in Xinjiang Province.
Roan Holdings Group Co. Announces Agreement with Beijing Auvgo International Travel Technology Co. Ltd. to Set Up Business Travel Service Firm Zhejiang Yijia Travel Digital Technology Co. Ltd