*ST Velvet ((000982)): 50 Million Yuan To Be Invested To Jointly Establish Beijing Yong Jing Cashmere Share Holding Ratio Of 31.25%.

In May 12th, *ST 000982.SZ announced that in order to reshape the core competitiveness of the company's industry, combined with the present situation, market demand and business arrangement of the cashmere industry, the company intends to invest in the establishment of Beijing Yongjing cashmere Co., Ltd. (joint venture company) with Inner Mongolia Jing Mei cashmere trade limited liability company. The registered capital of the joint venture company is RMB 160 million yuan, and the company intends to invest 50 million yuan in its own capital, accounting for 31.25% of the share capital, and authorize the chairman to sign relevant documents.

Through this investment, the company will increase the intensity of acquisition and sale of cashmere, combine the business experience and resources advantages of the partners' team, give full play to the "geopolitical advantages" and market operation advantages of the partners, broaden the channels of cashmere business, improve the efficiency of capital use, and enhance the competitiveness of the cashmere business.