The board of Nordic Asia has decided to terminate the service agreement regarding analysis services and will take over employment internally

This news feature refers to the press release published on 2021-12-17 at 08.30, which can be read in its entirety on Nordic Asia's Investor Relations page under Press & News.

The board of Nordic Asia Investment Group 1987 AB ("Nordic Asia" or the "Company"), as of December 16, 2021, has decided to terminate the service agreement with Nordic & Asia Advisory Group 1987 AB and will thus take over the employment of the local employees the analysts in Shanghai.

The previous agreement had been drawn up with the aim of financing parts of the operations of the Nordic Asia Investment Group during the company's earlier stage. However, the board believes that the agreement no longer fulfills any function going forward and thus it is more transparent and more advantageous to take over the local analysts as direct employees under the Nordic Asia Investment Group. The agreement has a notice period of 90 days, which expires at the latest on March 16, 2022. The change does not affect the company's operating costs as a percentage of the company's net worth. Nordic Asia Investment Group will therefore, before the expiration date, take over the local analysts as direct employees under Nordic Asia Investment Group.

Michael Thurow, Chairman of the Board "During the company's early stages, Nordic Asia used a three-person analyst team who carried out company analyzes on site in Shanghai. This service has been regulated via a service agreement and through this we have had exclusive access to the analysis services. The board now makes the assessment that the need for a service agreement no longer exists and that it will be better for our investment operations to take over the local analysts as direct employees of the investment company."

Yining Wang, CEO "Through the board's decision, we are now completing the plans by taking over the employment of the locally employed analysts directly under the investment company, and thus our operations will be more simplified and transparent. For several years, we have collaborated with the analysts on site in Shanghai, and I now look forward to welcoming them as direct employees of the investment company."

More information
For further information, please refer to the press release published on the Company's Investor Relations page.