Establishment of 信寶實業有限公司 in Hong Kong and transfer of its equity interest in a Shanghai subsidiary
First written in FY2019-Q2. 1 of 2 entries say "Advanced", first in FY2019-Q3. Latest entry: FY2019-Q3.
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- FY2019-Q3AdvancedAnnual report
「The consolidated subsidiary 信寶實業有限公司 was established in Hong Kong in December 2018 for the import and export of textile products and other goods and management of production. In light of our current production system, with expanded production bases in Southeast Asia, operations at the Shanghai factory operated by 上海雅瑪都時装有限公司, which manufactured woven shirts, outerwear and other products, were suspended on 20 November 2017. In addition, to make effective use of the management resources of our group and improve efficiency through local operation, we transferred all equity interests in the consolidated subsidiary 上海雅瑪都時装有限公司 to 信寶實業有限公司.」
After transferring the interests in the Shanghai subsidiary to the Hong Kong company, we transferred both companies to 欣恩国際貿易有限公司 on 29 April 2019, with 31 March as the deemed transfer date, and excluded them from the scope of consolidation. - FY2019-Q2First statedAnnual report
「The consolidated subsidiary 信寶實業有限公司 was established in Hong Kong in December 2018 for the import and export of textile products and other goods and management of production. In light of our current production system, with expanded production bases in Southeast Asia, operations at the Shanghai factory operated by 上海雅瑪都時装有限公司, which manufactured woven shirts, outerwear and other products, were suspended on 20 November 2017. In addition, to make effective use of the management resources of our group and improve efficiency through local operation, we transferred all equity interests in the consolidated subsidiary 上海雅瑪都時装有限公司 to 信寶實業有限公司.」
We established a Hong Kong company in December 2018 for import and export and production management, and transferred all equity interests in the Shanghai subsidiary to that company. Improving efficiency through local operation and making effective use of management resources were explicitly stated as the purposes.