November 4 -- Guangming Group Furniture (000587.SZ), a maker of furniture, wood products and packaging materials, plans to set up a wholly-controlled subsidiary, Shenzhen Jingye Jewelry Sale, reports yicai.com, citing a company filing.

The subsidiary will have registered capital of 200 million yuan. It will manage the “Jingye” brand, and will sell silverware, gold products, platinum items, and jade products.

The company said the investment in the subsidiary is meant to consolidate the management and control of retailers and to increase sales.