Roan Holdings Group Co., Ltd. ("Roan" or the "Company"), a provider of diversified solutions in financial, insurance and healthcare related products and management services, announced today that the Company has signed an cooperation agreement with a travel service provider in China, Beijing Auvgo International Travel Technology Co. Ltd. ("Auvgo International"), to form a joint venture, Zhejiang Yijia Travel Digital Technology Co. Ltd. ("Yijia Travel"), in jointly develop business travel services.
Pursuant to the agreement, each of Roan and Auvgo International will invest and hold 35% of the equity in the joint venture and additional investors will make capital contributions for the remaining 30% equity in the joint venture. Yijia Travel will be registered in China Hangzhou city with an initial registered capital of RMB 5 million. Auvgo International's investment will include the 40% equity interest it holds in Chongqing Hanglvjia Technology Co. Ltd. and the right to use technology patents. The Company and the other shareholders will invest with cash to acquire the remaining 65% stake in the joint venture.
Roan will form a team to manage and operate Yijia Travel. Auvgo International will provide technology support and global business travel product resources. Yijia Travel will be mainly engaged in the supply of business travel solutions for financial institutions via expanding cooperation channels with banks, insurance and securities firms. Yijia Travel will also seek to explore large- and medium-sized enterprise business travel client base along China's Yangtze River Delta region, in the overseas markets and to develop fintech business travel solutions.
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