China New Consumption Group Limited announced the development of a new consumption business in Mainland China market. The Group is a foundation contractor primarily specialising in bored piling works as well as other foundation works. The Group is also engaged in leasing of machinery.

As stated in the Announcement, the Company will establish a wholly-owned subsidiary for the purpose of developing a new consumption business in Mainland China market. The Group announced its plan to expand its principal business by developing the new consumption business and the Group will establish a presence in the new consumption sector in Mainland China. New consumption business: "New consumption" refers to new consumption behaviour driven by new paradigms such as digital technologies, new business models such as integration of online and offline business, and new consumption relationships such as social networks.

With the continuous optimisation of China's economic structure, consumption has increasingly become a main engine of domestic economic growth. At the same time, as China's share in global consumption is also projected to increase, it is expected to be one of the world's largest consumer market. As the new consumption industry continues to prosper in China, a large number of quality business opportunities are set to emerge from this trillion-dollar blue ocean market.