Preliminary Final Report
Hong Kong, Feb 27, 2015 AEST (ABN Newswire) - 99 Wuxian Ltd (
ASX:NNW) is pleased to report that it has increased its gross transaction value, revenue and profit during the twelve months ended 31 December 2014. The Company earned a profit of RMB 0.67 cents per share. The Company did not propose any dividend distribution or buy back during the period.
Business Review
Since the Company was established in May 2013, 99 Wuxian has positioned itself as the leading business to business to consumer ("B2B2C") Chinese mobile commerce ("m-commerce") company in order to take full advantage of the strong industry trends in Chinese m-commerce. During 2014, 99 Wuxian focused on implementing its strategy of increasing its registered user base, increasing user engagement, expanding its platform across merchants and business partners and diversifying into new channels to market.
The Company has partnered with three telecommunications companies in China and more than fifty Chinese banks, including nine of the ten largest banks in China, giving the Company the potential to access approximately 80 per cent of consumers currently utilising mobile banking in China. For each of these partners the Company has developed tailored connections, via APPs, between the business partner and their customers in a trusted and secure environment.
At present 155 top tier merchants offer virtual and physical goods for sale through 99 Wuxian's platform. The products and services offered are very diverse and include some banking services, air, train and other transport ticketing, lotteries, healthcare products, gaming, telecommunications services, electronic vouchers and a variety of physical goods.
In terms of the competitive landscape, 99 Wuxian holds a unique and dominant position in the B2B2C segment. A number of large B2C m-commerce businesses have well established brands in China, which is why the Company adopted its B2B2C strategy. In the B2B2C space the barriers to entry are high and durable, given the difficulty for competitors to establish similar partnerships with banking and telecommunications companies, and there are few, if any, comparable businesses.
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http://media.abnnewswire.net/media/en/docs/79440-ASX-NNW-845239.pdf
About 99 Wuxian Ltd
99 Wuxian Ltd (ASX:NNW) aggregates over 300 million high quality consumers and 155 leading merchants through a marketplace embedded within the mobile apps of China's leading banks, telecommunications and insurance companies. 99 Wuxian enables increased customer satisfaction, loyalty and retention for its business partners by offering consumers the lifestyle convenience of purchasing virtual and physical goods on a mobile device.
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