Examples of Beijing SGOCO in a sentence
Beijing SGOCO is one of SGOCO’s operational subsidiaries in the PRC.
The profit repatriated to us from SGOCO (Fujian), Beijing SGOCO and SGOCO Shenzhen, however, are not subject to the approval of the foreign exchange authority, because it is a current account item transaction.
SGOCO (Fujian), Beijing SGOCO and SGOCO Shenzhen have complied with these requirements.
Connected with the Sale of Honesty Group, only a limited number of employees that are essential to our R&D, accounting, marketing and distribution were transferred to SGOCO (Fujian) and Beijing SGOCO.
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Our Chinese subsidiaries, SGOCO (Fujian) and Beijing SGOCO, are also required to set aside at least 10% of their after-tax profit based on China’s accounting standards each year to their general reserves until the cumulative amount of such reserves reach 50% of its registered capital.
As of the date of this Annual Report, Beijing SGOCO has started operations as a cost center but has not yet commenced any sales transactions.- 22 - Sale of Honesty Group On November 15, 2011, we entered into a Sale and Purchase Agreement (“SPA”) to sell our 100% ownership interest in Honesty Group to Apex (“Apex”), a British Virgin Islands company, for $76 million in total consideration in the Sale of Honesty Group.
As of December 31, 2011, SGOCO International had paid capital of $449,960 and $nil to SGOCO (Fujian) and Beijing SGOCO, respectively.
The profit repatriated to us from SGOCO (Fujian) and Beijing SGOCO, however, are not subject to the approval of the foreign exchange authority, because it is a current account item transaction.
As of March 19, 2012, SGOCO International had paid registered capital of $100,950 to Beijing SGOCO.