Shanghai Phoenix announced that its wholly-owned subsidiary, Shanghai Phoenix Bicycle Co., Ltd., plans to invest RMB 29 million to establish a subsidiary in Hong Kong, which will then invest in Indonesia to set up a wholly-owned subsidiary, PT. Phoenix Bicycle Indonesia, with a registered capital of RMB 28 million. Indonesia Phoenix mainly engages in the production and sales of bicycles, children's bicycles, and electric-assisted bicycles, with an annual production capacity of approximately 1.4 million units