Refond announced the establishment of a new holding subsidiary in Changzhou on December 10th, 2013 through joint investments with Li Yanpeng and Pan Hongmei. The holding subsidiary has a registered capital of RMB 1 million (US $164,000). Li and Pan together have contributed a capital cash investment of RMB 510,000, each with a registered capital of RMB 245,000, accounting for 24.5 percent individually.
The establishment of the new subsidiary aims to develop a new operation business model and cooperation in the automotive electric and general lighting product business in the Yangtze River delta region to strengthen the company’s competitiveness in the LED industry. Expansion of the company’s operation and market field is important to increasing future earnings.