On March 8, Henan Jufeel Technology Group Co., LTD and Singapore-listed company GS reached a strategic cooperation and was disclosed by the Singapore Securities Regulatory Commission (SEC). GS publicly announced that the company's subsidiary, Wish Hospitality Holdings Private Co., Ltd officially incorporated into the exclusive branding on March 8, 2019.

Original Announcement

　　It is known that WISH is a joint venture jointly established by GS and Marvel. After the completion of the subscription to the shares of the company on February 27, 2019, the company became a subsidiary of GS. GS holds 80% of the issued share capital of the market, and the remaining 20% is held by Marvel.

　　According to WISH entry into the master service agreement, Jufeel will assist WISH to open200 branches in the world within two years, including provide guarantees to the existing and future upcoming branches. The company will provide brand, operation and procurement services (“BOP Service”) to each protected point of sale(POS). Each secured POS will pay the service fee on a monthly basis as a daily operation fee for the service provided by WISH.

　　The board of directors consists of three directors, two of whom are nominated by the company and another one is nominated by Ms. Zhang Liying, the sole shareholder and director of Marvel, that is Zhang Rongxuan, the CEO and chairman of Jufeel Technology Group Co., Ltd. Jufeel is a limited company registered in China. The Group's operating headquarters is located in Henan Province, China. It is a group company specializing in technology sector investment and comprehensive health industry.

　　The announcement also states: "It is estimated that the relevant terms of the signing and executing the Master Services Agreement of WISH project will have a positive impact on the Group's net tangible assets by the December 31, 2019 and December 31, 2020 and tangible net asset value per share and earnings per share. The company will notify shareholders of any further significant progress in relation to the Master Services Agreement in accordance with Article B of the Singapore Exchange Limited - Securities Trading (SGX-ST) Listing Manual B: Listing Rules.