DCSX has approved the technical listing of 700,000,000 non-tradeable shares of CHINA JINNUO MOTORS LIMITED (DCSX Symbol JNCY).  Biztrack Consultants is the mandated Listing Advisor.

The Company was incorporated in the British Virgin Islands on 30 July 2019. The corporate objectives of the Company are:
(a) to create shareholder value by increasing the scale of operations of the Group’s current business; and
(b) to develop upstream and downstream products that are either complements the Group’s existing business, or which will add value to the Shareholders’ stakes in the Company.

The Group’s business is carried out by Kaifeng Jinnuo, its wholly-owned subsidiary. The Group is based in Tongxu County, Kaifeng City in Henan Province, China. The Group’s current line of products comprises specialty Low-Speed Electric Vehicles (LSEVs) and four-wheel LSEVs.  The Group earns its revenue and cash inflows from the sales of LSEVs it produces to customers, and its net income before taxes is derived after deducting expenses such as sales commissions, cost of the products it manufactures and sells, administration and other expenses.

In connection with and for the purpose of the Listing, Existing Shareholders restructured their interests in the Operating Company, a company which has an operating track record since 2013 (i.e., the Restructuring). The purpose of the Restructuring was so that Existing Shareholders hold their interests in the Operating Company indirectly through their shareholdings in the Company in the proportion of their interests in the equity capital of the Operating Company prior to the Restructuring.

The Listing, which will give the Company a higher profile and to allow the Company to raise funds in the future when the need arises, is part of this growth strategy.

Further details about the business will be found in the Information Memorandum on our Markets page on this website under Equities Symbol JNCY, section Company Information.