Delong Holdings sets up asset management venture in Hong Kong

DELONG Holdings Limited has announced the incorporation of a wholly-owned subsidiary, Delong Asset Management (Hong Kong) Limited, in Hong Kong.

The subsidiary has an initial registered share capital of HK$30 million (S$5.24 million)

The principal business activity of Delong HK will be assets management, and the company is currently in the process of applying for the Type 9 (Asset Management) License by the Securities and Futures Commission of Hong Kong, which is required before business as an asset management company can commence.

Investments in the subsidiary will be funded by internal resources, and is not expected to have any material impact on the net tangible assets per share and earnings per share of the company for the financial year ending December 31.

Delong Holdings is a steel manufacturing and trading group headquartered in Beijing, China.