After the conclusion of the JV agreement on YOFC Africa Holding Co., Ltd. (YOFC Africa) in March 2016, the foundation laying ceremony of Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC, 6869.HK) was held in Durban known as "Best-Managed African City" on May 13 Local Time.

Wang Jianzhou, Chinese Consul General in Durban; Rong Yansong, Chinese Economic and Commercial Counselor in South Africa; Cllr. Nomvuzo Shabalala, Vice Mayor of eThekwin; Mike Mabuyakhulu, MEC for Economic Development & Tourism in the KwaZulu-Natal Provincial Government; Yunus Hoosen, Deputy Chief Director of the Department of Trade and Industry, South Africa and Head of Investment Promotion & Facilitation at the Department of Trade and Industry, South Africa attended the ceremony and extended congratulations. Also present were Chairman Wen Huiguo, Independent Director Li Ping, President Zhuang Dan and First Vice President Jan Bongaerts of YOFC; Pieter Viljoen, President of YOFC Africa; as well as President David Kan, Independent Director Dr. Mdu Gamaof and CFO Neels Coetzee of YOFC Africa's JV partner Mustek.

As Africa's second-largest economy, South Africa boasts a perfect financial and legal system, as well as stable political environment. The South African government vigorously advanced the National Broadband Strategy in 2015 to boost South Africa's demand for optical fibre and cable. Headquartered in Johannesburg, YOFC Africa is expected to go into operation in the fourth quarter of 2016 with an initial annual cable design and production capacity of 1,000,000 core kilometers.

YOFC has successively built plants in Myanmar and Indonesia under the national strategy of "Belt and Road" after going public. Now the foundation laying of YOFC Africa will connect optical fibre and cable in Europe, Asia, Africa and the Silk Road Economic Belt, and create an offshore and onshore business chain for optical communication. In the future, YOFC Arica will extend from South Africa to the rest of Africa to become the most influential optical fibre and cable supplier in South Africa and Africa.