According to a filing made public on Tuesday, Shanghai Huafon Aluminium shared its intention to establish a fully-owned subsidiary in Hong Kong. The total investment for developing this subsidiary is USD 1 million.
The new subsidiary, namely, Huafon Aluminium (Hong Kong) International Trading, will be focusing on trading aluminium downstream products like sheet, foil and strips.
The disclosure stated, "It can leverage Hong Kong's international trade and tax advantages to support the company's overseas business expansion."
As per the disclosure shared on the Shanghai Stock Exchange, the investment will be made in line with the firm's strategic layout and long-term business development goals.
