Yincheng Life Service CO., Ltd. Announces Establishment of a Wholly-Owned Subsidiary of the Company in Nanjing City
March 12, 2020 at 10:22 am EDT
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Yincheng Life Service CO., Ltd. is an established property management service provider in the People's Republic of China with over 20 years' experience in the provision of property management services and community value-added services. To further expand the scope of property management services to the non-residential properties managed by the Group, the board (the 'Board') of directors (the 'Directors') of the Company announced that the Group will strategically tap into the catering business through the establishment of a wholly-owned subsidiary of the Company in Nanjing City, the People's Republic of China (the 'New Business'). The newly formed subsidiary will principally engage in the provision of catering services to staff canteens in the non-residential properties managed by the Group. The New Business will be funded by the internal resources of the Group. The Board considers that the commencement of the New Business can enhance the competitiveness of the Group in tendering for non-residential properties projects and strengthen the market position of the Group in the property management service industry, which is in line with the strategies of the Group, and accordingly is in the interest of the Company and the Shareholders as a whole.
Yincheng Life Service Co., Ltd. is a China-based company principally engaged in the provision of property management services. The Company operates its businesses through two segments. The Property management services segment provides residential and non-residential properties with security services, cleaning services, car park management services, repair and maintenance of specialized elevators, escalators and mechanical car park equipment, gardening and landscaping services, daily repair and maintenance of equipment and machinery, and ancillary customer services. The Community Value-added Services segment provides residential properties with common area value-added services, fitness services, and community convenience services. The Company mainly conducts its business in mainland China.