Yonyou Auto Information Technology (688479.SH) plans to invest HK$10 million to establish a subsidiary in Hong Kong.

Yonyou Auto Information Technology (688479.SH) has announced that in order to expand the company's business and increase brand awareness in overseas markets, the company plans to use its own funds of 10 million Hong Kong dollars to invest in setting up a wholly-owned subsidiary named Yonyou Auto Information Technology (Hong Kong) Limited (tentative name, subject to final registration name) in Hong Kong. The establishment of the wholly-owned subsidiary in Hong Kong aims to leverage the geographical advantages of Hong Kong to better meet the needs of overseas customers, improve service quality and efficiency, enhance the company's international competitiveness, expand overseas market share, optimize the company's business layout, and further strengthen the company's overall competitiveness and profitability to safeguard the long-term interests of shareholders. The establishment of the wholly-owned subsidiary will result in changes to the company's consolidated financial statements, with the Hong Kong subsidiary being included in the company's consolidated financial statements after its establishment.