SinoPac Holdings Announces the Board Resolution on SinoPac International Leasing Corporation Merging with SinoPac Leasing (Tianjin) Co., Ltd.

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[2021.07.23]

The merger of SinoPac International Leasing Corporation and SinoPac Leasing (Tianjin) Co., Ltd. was approved by the board of directors of SinoPac Holdings on July 23, 2021. These two companies are 100% owned subsidiaries indirectly by SinoPac Holdings. SinoPac International Leasing Corporation will be the surviving company, and SinoPac Leasing (Tianjin) Co., Ltd. will be dissolved after the merger. For this merger, which is a reorganization within the group and does not affect shareholder equity.

The main purpose is to integrate resources and increase subsidiaries' competitiveness in the financial leasing industry in China. After the merger of the two financial leasing subsidiaries, costs and risks are expected to be reduced. In addition, the resources can be concentrated to make the maximum benefit of SinoPac Holdings' investment capital.

SinoPac International Leasing Corporation, established in China in 2011, was recognized as the Jiangsu Province Financial Lease Company of the Year by the Financial Leasing Industry Association of Jiangsu Province for two consecutive years. After the consolidation, its service network spreads in Nanjing, Kunshan, Dongguan, Xiamen, Tianjin, Chongqin, and Yinchuan.