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Ningbo GQY Video & Telecom to Initiate a Village Bank

Date: 2012-09-25

NINGBO, Sep 25, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --Ningbo GQY Video & Telecom Joint-Stock Co., Ltd. (szse:300076) announced on September 24 that it would invest in a Ningbo-based village bank as initiator.

The company will subscribe for 5 million shares to take a 5% stake in the bank in the form of CNY 5 million in self-owned funds.

According to the announcement, the investment in the village bank could improve the comprehensive competitiveness of the company, and could also achieve better results in asset preservation, dividends and equity premium income.