Wushang Group: Contributing 39.2 million yuan to establish a joint venture company

On December 26th, Jinshi Data News: Wushang Group announced that the company has signed an investment cooperation protocol for duty-free shops in Wuhan with Wangfujing. The plan is to jointly invest in the establishment of a joint venture company with a registered capital of 80 million yuan. Among them, Wushang Group will contribute 39.2 million yuan with its own funds, accounting for 49% of the joint venture company’s shares; Wangfujing will contribute 40.8 million yuan, accounting for 51% of the joint venture company’s shares. The joint venture company will operate duty-free shops in Wuhan, mainly dealing in food, clothing, bags, and other consumer goods. This project is in line with the company’s development strategy, but the operation of duty-free goods in the city is still in its early stages and there are certain operational risks.