According to the inquiry of COFCO official website, Shenzhen Baoheng (Group) Co., Ltd., the predecessor of Joy City Holdings, was listed on the Shenzhen Stock Exchange on June 8, 1993. In 2005, it was acquired by COFCO and renamed as COFCO Real Estate (Group) Co., Ltd., and completed major asset restructuring in early October19, forming an "A-controlled red chip".