Business
TNMD ANNOUNCES CLOSING OF ACQUISITION OF CHENGDU SHIDAIHONGRUI TECHNOLOGY CO., LTD., ENTERS TRILLION DOLLAR CHINA FINANCIAL SERVICE MARKET
TNMD ANNOUNCES CLOSING OF ACQUISITION OF CHENGDU SHIDAIHONGRUI TECHNOLOGY CO., LTD., ENTERS TRILLION DOLLAR CHINA FINANCIAL SERVICE MARKET.
About this update from Tianrong Med Group, Inc.
[{"type":"text","content":"Tianrong Medical Group, Inc. (OTC: TNMD) today announced that its wholly-owned subsidiary, China based HuanMedia Co. Ltd. ( https://www.huanmedia.com ) has completed its majority stake acquisition of Chinese financial service company, Chengdu Shidaihongrui Technology Co., Ltd. (CST)., and thereby launching the Company’s entrance into China’s booming $1.5 trillion financial service sector. The internet has played a major role in the rapid development of China’s financing industry.CST has developed processes and collaboration methodologies that link financial institutions, banks, credit bureaus, retailers and online malls together, in order to provide users a flexible and effective financing vehicle for their purchases.CST has mainly focused on the 3C (Computers, Communications and Consumer Electronics) markets allowing users to purchase cell phones, laptop computers, tablets, game consoles, TV’s, etc. with payment plans. The users can pay off the purchases in easy monthly payments in time frames that fit their budgets and keep the funds in the bank for unexpected expenses. The company is generating over 40 million RMB ($6.25 million) in merchandise purchasing turnover, and CST is expanding at a rate of 2 to 3 times per year. In addition to the 3C markets, CST is aggressively expanding to the automobile, home renovation & improvement, furniture, life and beauty sectors. These sectors will drive a much rapid growth for the company.Howard He, CEO of HuanMedia stated, “The 3C market in China is evolving rapidly, new technologies and electronic products refresh constantly. Updating devices regularly becomes a necessity especially for the young adult age group. This strategic acquisition will certainly materialize the capabilities of the two companies in the enhancement of the current business model, user acquisition will be improved in a larger scale and at lower cost. Collectively, we can expand this business area into other provinces effectively.”HuanMedia was established in 2013 and started off as China’s number one railway transportation Wi-Fi operator and a leader in China's rail transportation information services. It focuses on the construction and operation of mobile internet in the field of public transportation, internet product development and distribution, big data analysis and scene-based precision marketing services....