Guangfa Fund has been approved to establish a private equity subsidiary, Ruichen Equity.

The China Securities Regulatory Commission officially approved the establishment of Guangfa Fund's private equity investment fund management subsidiary, Ruichen Equity Investment Fund Management Co., Ltd., with a registered capital of 100 million yuan. The registered location is in Zhuhai City, Guangdong Province. The company is wholly owned by Guangfa Fund and its business scope is private equity investment fund management. According to the approval, Guangfa Fund needs to complete the establishment of the subsidiary and undergo an on-site inspection by the Guangdong Securities Regulatory Bureau within 6 months.