Chinese high-tech enterprise Zhenbang Smart intends to use its own funds of no more than USD 11 million (approximately RMB 79.2 million) to set up a wholly-owned subsidiary, HOMEWOOD CONTROL PTE.LTD., in Singapore, and through its Hong Kong subsidiary and Singapore subsidiary to establish a grand-subsidiary, PT HOMEWOOD CONTROL SOLUTIONS, in Indonesia, for the construction of a production base in Indonesia. The registered capital of its Indonesia grand-subsidiary is IDR 20 billion, with the Hong Kong subsidiary holding 30% and the Singapore subsidiary holding 70%, contributed in the form of self-owned funds. The business scope includes research, development, production and sales of household appliances; computer software programming and technical services, etc. The company type is a limited liability company. This investment is an important part of the overseas development strategy, beneficial for expanding the international market, improving overseas business capabilities and service levels, and meeting the needs of overseas customers; the source of funds is self-owned funds, which will not adversely affect the company and is in line with the long-term development strategy.