New Company Incorporated in Business Diversification in Yunnan

Source from:  Tobaccochina online 02/02/2015

A new company known as Yunnan Hehe (Group) Co., Ltd., jointly funded by China Tobacco Yunnan Industrial Co., Ltd., Hongta Group and HongyunHonghe Tobacco Group, was inaugurated at a ceremony held in Yuxi City of southwest China's tobacco-producing Yunnan Province on January 22, in business diversification by the tobacco industry of Yunnan.

The newly incorporated company will mainly be in charge of operation and management of the enterprises owned by China Tobacco Yunnan Industrial Co., Ltd. in business diversification in the sectors of finance, real estate, energy, hotels operation, etc and its equities therein.

The incorporation of Yunnan Hehe (Group) Co., Ltd. signifies that China Tobacco Yunnan Industrial Co., Ltd. has made substantial progress in integration of operations in business diversification, and also signifies initial accomplishment of the tasks in "two unifications and two integrations".

"Two unifications" refer to unification of management by China Tobacco Yunnan Industrial Co., Ltd. over the businesses of marketing on the part of its affiliated Hongta Group and HongyunHonghe Tobacco Group and unification of new products research and development by the two groups. Meanwhile, "two integrations" refer to integration of the existing cigarette brands and integration of the existing enterprises engaged in business diversification under Hongta Group and HongyunHonghe Tobacco Group. The "two unifications and two integrations" both are intended to further optimize the distribution of resources in the interest of realizing sustainable, healthy and steady development of the tobacco manufacturing enterprises in Yunnan.

Deputy Provincial Governor Ding Shaoxiang of Yunnan attended the inaugural ceremony and delivered a speech there. China Tobacco Investment Management Co., Ltd. General Manager Sun Guifang read out the official documentation on approving the incorporation of Hehe. China Tobacco Yunnan Industrial Co., Ltd. Communist Party leadership group secretary and General Manager Zhu Shaoming granted the nameplate to hehe. China Tobacco Yunnan Industrial Co., Ltd. Board of Directors Chairman Ye Libin presided over the inaugural ceremony.

In the speech delivered at the inaugural ceremony, Ding Shaoxiang expressed the hope that Hehe will base itself on the general planning of Yunnan for developing the network of transportation, the network of civil aviation, the network of water resources, the network of energy and the network of information in Yunnan, will turn itself into a new-type investment and financing platform serving the economic and social development of Yunnan as early as possible, and will actively participate in the construction of major projects of Yunnan including comprehensive transportation development, urban infrastructure facilities construction and irrigation in central Yunnan, in actively making contribution to the economic and social development of Yunnan Province. Enditem