Yangtze River Port and Logistics Limited, (YERR), an international infrastructure company that engages in the business of real estate development via a port logistics project located in the middle reaches of China’s Yangtze River in Wuhan, China, today announced that the Board of Directors of the Company has authorized the Company to pursue a plan for a “spin-off” transaction (the “Spin-Off”) involving Yangtze River Blockchain Logistics Limited (the “Subsidiary”), a wholly-owned subsidiary of the Company. Pursuant to the Spin-Off, shares of the Subsidiary will be distributed to the stockholders of the Company on a pro rata basis.
The Subsidiary currently holds 100% of the shares of Ricofeliz investment (China) Limited, which in turn wholly owns 100% of Wuhan Yangtze River Newport Trading Limited.
The Subsidiary was established to facilitate the Company’s initiatives in “blockchain” solutions. Blockchains offer a solution that is becoming available to the shipping and logistics industry which will help manage and track documentation relating to shipping containers by digitizing the supply chain process to enhance transparency and to allow for greater security for the sharing of information among trading partners.
The Subsidiary has been accepted into the Blockchain in Transport Alliance, a United States alliance established to create a forum for the promotion, education and encouragement to develop and adopt blockchain applications in the trucking, transportation and logistics industry.
About Yangtze River Port and Logistics Limited
Yangtze River Port and Logistics Limited primarily engages in the business of real estate development with a port logistic project located in the middle reaches of the Yangtze River. Wuhan Economic Development Port Limited is a large infrastructure development project implemented under China’s latest “One Belt One Road” initiative and is believed to be strategically positioned in Wuhan, a crucial trading window between China, the Middle East and Europe. The logistics center is also expected to provide a number of shipping berths for cargo ships of various sizes. Yangtze River Port and Logistics Limited is expected to provide domestic and foreign businesses a direct access to the Free Trade Zone in Wuhan. The project will include commercial buildings, professional logistic supply chain centers, direct access to the Yangtze River, Wuhan-Xinjiang-Europe Railway and ground transportation, storage and processing centers, IT supporting services, among others.
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