On December 26, United Winners Laser made public its intention to establish a fully-owned subsidiary, namely United Winners Laser Hungary Kft. (henceforth referred to as "Hungarian United Winners"), in Budapest, Hungary. The company will allocate US$2 million of its own capital for this venture. This newly formed subsidiary will be dedicated to the research and development, manufacturing, and distribution of laser equipment. The primary objective behind this move is to penetrate the European market and bolster the company's global competitiveness. The investment decision has received the green light from Han Jinlong, the chairman of the company, and thus, does not necessitate review by the board of directors or a shareholders' meeting. Nevertheless, the endeavor still mandates obtaining approvals from China's commerce department, foreign exchange department, as well as the local Hungarian government.