(Yicai Global) Dec. 7 -- Teamax Smart City Technologies Co. [SZA:000662], a smart city management solution provider and Big Data operator will set up affiliates in India and Malaysia to expand its international market, enhance its brand influence and promote global cooperation.
Teamax will set up a wholly-owned affiliate in India through its Hong Kong subsidiary Teamax Hong Kong Limited, with a registered capital of INR100,000 (USD1,474).
The joint venture in Malaysia will be set up through the Hong Kong subsidiary and a UK-based wholly-owned second-tier subsidiary Teamax Technology Limited, with a registered capital of MYR 400,000 (USD90,529) the company said in an announcement.
While these figures seem small, they are merely part of a wider plan by Teamax to invest CNY148 million in a five-year industry incubation fund with partners, with the total size of the fund being CNY200 million.
The company also said that it will terminate its plan of acquiring a 100 percent stake in Beijing Zhongyu Smart Information Technology Services Co. due to failure to reach an agreement.
The company plans to set up a branch in Beijing to develop smart city businesses instead.