I am starting to work on part three of my ssty project. I have run into a few snags in regards to company ownership of our Chinese subsidiaries. I wil post some of my notes and thoughts. Can anyone clarify who owns the 15% portion of TPID Tech Limited (Beijing) and who actually owns Suneray our 50/50 joint venture partner in TPID (Beijing)?
Ssty notes
Company Structure
Sure Trace Security Corporation (USA)
Sure Trace Asia, a wholly owned subsidiary of Sure Trace USA, (STA) 85% owned by SSTY-USA 15% owned by William Chan
Beijing Suneray Communication Co. Ltd. Now Beijing Suneray Zexin Technology Limited - (Suneray) Incorporated in Beijing, china is legally authorized by the Peoples Republic of China as an agent for the organization and implementation of the Unified Coding Rules for Products and Services, a compulsory national standard of the Peoples Republic of China. Suneray owns an exclusive relationship and 50/50 joint venture agreement and will share the costs and profits of Sure Trace Asia on a 50/50 basis. Suneray will own 50% of Sure Trace USA’s 85% ownership in Sure Trace Asia or simply 42% of Sure Trace Asia.
SSTY Asia (STA) together with it’s joint venture partner Suneray have determined the new name for it’s technology is True Product ID. In a press release dated October 18th 2005 SSTY announced that it’s Chinese operating subsidiary, True Product ID Technology Limited, formerly Sure Trace Asia Limited has on October 4th, 2005 signed an agreement with Gary Metzger, President of Amco Plastic Materials Inc. In the same press release they state that Gary Metzger will also sit on the Advisory Board for both True Product ID Technology Limited and True Product ID Technology (Beijing), formerly Sure Trace (Beijing).
( So is Sure Trace Asia (STA) now True Product ID Technology Limited (Beijing) ?
So we have Sure Trace USA owns 100% of operations outside China and owns 85% of it’s wholly owned Chinese subsidiary now named True Product ID Technology Limited (Beijing), I am guessing that William Chan President and CEO of TPID Tech Ltd (Beijing) owns the other 15%. Then TPID Tech Ltd (Beijing) has a 50/50 joint venture agreement with Suneray Zexin Technology Limited - (Suneray) Incorporated in Beijing, china is legally authorized by the Peoples Republic of China as an agent for the organization and implementation of the Unified Coding Rules for Products and Services, a compulsory national standard of the Peoples Republic of China.
( question – who owns Suneray ) Mr Li Ning is referred to as General Manager in one press release dated August 17th 2005 then is referred to as President in a press release dated September 8th 2005.
( Question) To make it simple, I am guessing that Mr. Li Ning owns 100% of Suneray which then owns 50% of 85% of Sure Trace (USA) interest in TPID Tech Ltd (Beijing) or lets say Suneray and Sure Trace (USA) own 42.5 % each in TPID Tech Ltd (Beijing) and I am still guessing thatWilliam Chan owns the other 15%.
