Hong Kong, China, Aug 5, 2014 - (ABN Newswire) - Leading Chinese mobile commerce company 99 Wuxian Limited (ASX:NNW) (OTCMKTS:NNWXF) ("99 Wuxian" or the "Company") is pleased to advise it has initiated a strategic review (the "Review") to assess its listing structure and location.
The Board and Management of 99 Wuxian have initiated the Review to assess 99 Wuxian's current listing structure and location, including consideration of a potential listing on an alternative international exchange. The Company believes it is important to improve access to global capital markets to deliver its long-term growth strategy by broadening its investor base, increasing market awareness of the Company and accessing international technology investors.
99 Wuxian has engaged with a number of high-profile global investment banks, and intends to select and appoint investment banks by the end of September 2014 as part of the Review. 99 Wuxian expects the selected banks to assess a full range of strategic options and make recommendations to the Board.
99 Wuxian CEO, Ms Amalisia Zhang said, "The Board and Management are focused on maximising shareholder value, and the Strategic Review is an important next step for 99 Wuxian. It complements our focused business strategy of activating registered users, driving user growth, increasing our unique services to our business partners, investing in the 99 Wuxian platform and entrenching 99 Wuxian's leading B2B2C market position."
The Company expects to complete the Review during the December 2014 quarter. Following completion, the Board and Management of 99 Wuxian will implement the recommendations which maximise shareholder value, and these may include a listing on an alternative international exchange.
Background to Review
The decision to undertake the Review follows the significant growth and progress 99 Wuxian has made in building a market-leading Chinese B2B2C (business to business to consumer) m-commerce platform, including:
- Growing to more than 31 million registered users;
- Becoming the 3rd largest operator in the Chinese m-commerce market (by Gross Transaction Value);
- Expanding its service offering to more than 50 banks and financial institutions, including nine (previously eight) of the top 10 Chinese banks
- Activating more than 155 leading Chinese merchants on its platform; and
- Developing and launching new service offerings for its B2B partner base, including 99 e-coupon, mobile reward points redemption platform ICS (an upgrade of the MMS platform) and data mining/behavioural analytics.
"Given the substantial scale 99 Wuxian has now achieved, the momentum in the business, and exceptional growth outlook for the Chinese m-commerce segment, now is the right time to review 99 Wuxian's optimal listing structure and location, in order to fully capitalise on the significant growth opportunities across the Chinese m-commerce market," Ms Zhang said.
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About 99 Wuxian Ltd:
99 Wuxian Ltd (ASX:NNW) provides online financial and operational services for more than 50 domestic banks, securities and operators with cooperation covering value-added applications, data mining, precision marketing and other areas of expertise: Provide data acquisition and mining, setting up of intermediate business platform.
99 Wuxian Limited
Mr Ross Benson
M: +61 (0) 418 254 548
Mr Simon Hinsley
M: +61 (0) 401 809 653