This is a holding company......which means there will be a number of companies under holdings. I believe that the logistics company will be the main company under holdings, but there will be other subsidiaries as well. This would fit in with the model Hong Yuan has in China. As far as the company "handing ownership" to HGYN shareholders.....retail shareholders represent a very small piece of the pie when you look at the share structure. 74,641,276 shares authorized (they are keeping shares tight until the RM announcement) 74,640,766 outstanding, 51,826,200 restricted (majority of common shares held by the company) and a paltry 22,814,566 shares in the float owned by people like you and me. This is hardly what I would call "giving up ownership"......in fact, the company would be giving up MUCH MORE ownership than that if they were doing an IPO, or SPAC. Hong Yuan does not have to raise funding with an IPO like many startups. They want an American listing because China views American listings as being "prestigious". Thus, a reverse merger was the best way to achieve that. I believe the reason for the delay we have been experiencing unfortunately, is due to the Covid variant situation in China. They are on lockdown and it is affecting all business.....especially logistics. This is a waiting game, but things will return to normal and I believe the wait will have been worth it.
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