The KCC Unicorn Contest is the first activity of the $500 million Ecosystem Accelerator Plan, as well as KCC’s first incentive program in 2022. Its goal is to find the best projects from various streams and channels in order to improve the on-chain ecosystem. In addition, the contest itself gives considerable financial assistance, with the […]
SINGAPORE, Apr 21, 2022 - (ACN Newswire) - As the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.
We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.'s ("BTC") latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture's Audit Committee engaged BTC to review its internal controls.
In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. ("OOWAY Technology") at a purchase consideration of S$23.92 million (the "Purchase Consideration") to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share ("Acquisition").
Mr Liu Yanlong, representative for OOWAY Group, said, "We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture's diversification strategy and OOWAY Group's expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence."
Kitchen Culture's diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.
The combination of the newly raised funds and OOWAY Technology's gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.
Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.
Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture's financial operating procedures led to:
- Risk of misuse of Kitchen Culture's funds - Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised - Risk of diversion of raised funds to purposes outside business diversification purposes - Risk of questionable debt repayments to third parties - Lack of independence and checks and balances in approving and processing payments - Lack of accountability and traceability over entertainment expenses - Lack of documentation for personnel hiring and pay increments - Inappropriate operating structure involving multiple family members as management staff
These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.
Kitchen Culture's last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology's value has remained stable during this period, which is also Kitchen Culture's key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture's stake in OOWAY Technology remains fundamentally intact.
Mr Liu added, "As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues."
The latest BTC report has identified S$7.22 million as "unmatched". This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.
The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC's recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.
Our confidence in Kitchen Culture's new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.
 "Unmatched" refers to situations with any of the following criteria: - Expenses cannot be traced to the bank statements - Details of expenses cannot be traced to the underlying supporting documents - Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture's schedules  These risks and gaps reflect the summary of findings listed in Kitchen Culture's response to SGX queries on 12 July 2021  Rounded up to two decimal points
About OOWAY Technology Pte. Ltd.
OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.
OOWAY's development of an advanced technology platform - DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY's credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAs the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.
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KLANG, Malaysia, Apr 8, 2022 - (ACN Newswire) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
Chai Voon Sun, co-founder and Managing Director of Local Assembly [L] and Executive Chairman of LTKM, Datuk Tan Kok
Wee Thian Song - Co-founder, Executive Director and Engineering Director of Local Assembly; Gurmakh Singh - Co-founder, Executive Director and General Manager of Local Assembly; Datuk Seri Chiau Beng Teik - Executive Chairman of Chin Hin Group Berhad; Chai Voon Sun - Co-founder and Managing Director of Local Assembly; Datuk Tan Kok - Executive Chairman of LTKM; Tan Kah Poh, Kenny - Independent Director of LTKM; Rahman Ali Bin Abdul Wahab - Director of Proven Venture Sdn. Bhd. [L-R]
Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals."
"The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease outbreaks in the farms and acute labour shortage. In relation to these challenges, we have also incurred losses in the recent financial years ended 31 March 2020 to 2021 and for the nine-month period ended 31 December 2021. This has affected our ability to pay dividends too."
"Concurrent with the proposed disposals, we believe the proposed acquisition of the EMS business is an opportunity to create value for our shareholders through a business that is viable and profitable."
Briefly, the proposals comprise the following inter-conditional steps:
1. Proposed disposal of LTKM's existing business to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for a total cash disposal consideration of RM158.83 million. LTKSB, which holds 71.6% of the equity interest in LTKM, is also the holding company of LTKM;
2. Proposed special dividend and capital repayment of RM1.1098 per LTKM share totalling RM158.83 million on an entitlement date to be determined;
3. Proposed consolidation of two existing LTKM shares into one LTKM share following the proposed special dividend and capital repayment;
4. Proposed acquisition by LTKM, of 100.0% equity interest in Local Assembly Sdn Bhd (Local Assembly) from Chai Voon Sun, Gurmakh Singh a/l Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd (Vendors) for RM336.00 million to be satisfied through cash of RM100.00 million and the issuance of 393,333,333 new LTKM shares at an issue price of RM0.60 each;
5. Proposed restricted issue of 230.00 million new LTKM shares at an indicative issue price of RM0.60 each, representing 33.1% of the enlarged share capital of LTKM after the proposals to investors to be identified;
6. Proposed exemption to the vendors and persons acting in concert from the obligation to undertake a mandatory take-over offer to acquire the remaining LTKM shares not already owned by them upon completion of the proposed acquisition; and
7. Proposed change of name to "LA Technology Berhad" from "LTKM Berhad".
The proposed acquisition will result in a significant change in LTKM's business direction from a producer of chicken eggs to becoming an EMS provider. Local Assembly, an EMS provider, will become a wholly-owned subsidiary of LTKM while the vendors of Local Assembly will become LTKM's controlling shareholders with a 56.6% equity interest in the Company following the proposed acquisition and proposed restricted issue. By virtue of his shareholding in Divine Inventions, Datuk Seri Chiau Beng Teik, the Executive Chairman of Chin Hin Group Berhad, will become a major shareholder of LTKM.
Under the proposed acquisition, the vendors have provided a profit guarantee for Local Assembly of a minimum profit after tax (PAT) of RM28.00 million for the financial year ending 31 December 2022 or not less than an aggregate of RM50.00 million PAT for both financial years ending 31 December 2022 and 2023. Based on the guaranteed PAT of RM28.00 million for the financial year ending 31 December 2022, the purchase consideration represents a price to earnings multiple of 12 times.
For Chai Voon Sun, co-founder and Managing Director of Local Assembly, the listing of Local Assembly via LTKM means a realisation of 2 decades of hardwork for him and his co-founders and a step forward in the company's journey of growth and expansion. "This transaction is a major milestone for Local Assembly. We look forward to the next phase of our corporate journey as a listed entity, which will further accelerate our growth as an EMS player, allow us to expand our customer base and product offerings and pursue more opportunities" he adds.
Local Assembly, which started operations in 2000, is a manufacturer of electronic, electrical and plastic injection moulded components, and sub-contract assembler of electrical appliances and equipment. Its principal markets are Malaysia and Singapore. For the financial year ended 31 December 2022, Local Assembly achieved PAT of RM20.06 million on the back of a revenue of RM116.35 million.
The application for the proposals is expected to be submitted to the relevant authorities by the second quarter of 2022. Subject to approvals from relevant parties including Securities Commission, Bursa Securities Malaysia Berhad as well as shareholders of LTKM, the proposals are expected to be completed in the first half of 2023.
M & A Securities Sdn Bhd is Adviser to LTKM for the proposals.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
KUALA LUMPUR, Apr 8, 2022 - (ACN Newswire) - Artificial Intelligence specialist G3 Global Berhad (G3) has cemented its entry into the higher-margin Healthcare business - beginning with the sale of COVID-19 test kits - after it received approval from its shareholders today. Via a virtual Extraordinary General Meeting (EGM), the shareholders also approved a cash call to grow the Healthcare and ICT divisions; a higher limit to issue new shares; and the engagement in related party transactions (RPT).
Dirk Quinten, Managing Director
Four resolutions were tabled at the EGM, all of which received approval by the voting shareholders. The first resolution was on the proposed diversification into healthcare-related business, whereas the second resolution was on a proposed private placement of up to 432,849,300 new ordinary shares or 20% of G3's total issued shares. The new shares will be issued to independent third-party investors to be identified at a later stage, and the funds raised will be used to expand G3's Healthcare and ICT businesses.
In addition, the third resolution was to increase the limit for authority to allot and issue shares from 10% to 20%, while the fourth resolution proposed a new shareholders' mandate for recurrent RPTs.
Mr. Dirk Quinten, Managing Director G3 Global Berhad said: "The strong approval we received from the shareholders today is indicative of their confidence in the management and the strategic business directions of the Group. Moving forward, G3 will expand its footprint in the Healthcare segment by leveraging on the technology from our partners, i.e. SenseTime and Bestinet Group, as we strive to be more than just a test kits supplier. We are also looking at providing tech-driven healthcare support services to local public and private hospitals and this would offer a good recurring income stream for the Group.
With regards to the private placement exercise, we already have a few parties expressing their interest in G3 as a forefront Artificial Intelligence company supporting the healthcare sector. The prospective investors believe in the value proposition that G3 could bring, especially after the acquisition of Bestinet Healthcare Sdn Bhd last year."
G3 acquired a 51% equity stake in Bestinet Healthcare on 8 September 2021. The principal activities of Bestinet Healthcare are mainly related to pharmaceuticals and medicines & health products. The shareholding in Bestinet Healthcare will help to boost G3's revenue and allow exploring additional business opportunities in the future. The Group will also leverage on its in-house Artificial Intelligence capabilities to innovate new products and services for the healthcare business.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comArtificial Intelligence specialist G3 Global Berhad (G3) has cemented its entry into the higher-margin Healthcare business - beginning with the sale of COVID-19 test kits - after it received approval from its shareholders today. Via a virtual Extraordinary General Meeting (EGM), the shareholders also approved a cash call to grow the Healthcare and ICT divisions; a higher limit to issue new shares; and the engagement in related party transactions (RPT).
HONG KONG, Mar 31, 2022 - (ACN Newswire) - Redsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced today its annual results for the year ended 31 December 2021. The Group achieved stable growth in revenue and profits remained sustainable. It continues to achieve the green tier in the "Three Red Lines" assessment.
2021 Annual Results Highlights:
-- Contracted sales reached RMB87.22 billion. Contracted average selling price increased from RMB14,622 per sq.m. in 2020 to RMB16,887 per sq.m. in 2021, representing a year-on-year increase of 15.5% -- Revenue amounted to RMB26.67 billion, representing an increase of 32.3% as compared with 2020. Revenue from commercial operations and hotel operations increased by 15.3% to RMB625.7 million -- Gross profit and gross profit margin were RMB5.08 billion and 19.1% respectively -- Net profit amounted to RMB1.87 billion, representing an increase of 0.6% as compared with 2020 -- As at 31 December 2021, the "Three Red Lines" indications of the Group were in green lights, with gearing ratio (excluding contract liabilities) of 68.1%, net gearing ratio of 57.0%, cash to short-term debt ratio of 1.41 times. The Group had cash and bank balances on hand of approximately RMB16.04 billion
Steady Sales with optimized structure Contracted sales maintained steady growth and the sales structure continued to be optimized. During the year, the Group achieved contracted sales of RMB87.22 billion, representing a slight increase over that of the previous year. The average contracted sales unit price was approximately RMB16,887 per sq.m, representing a year-on-year increase of 15.5%. The sales of the first-tier and new first-tier cities accounted for more than 40% of the overall sales. The Yangtze River Delta and Jiangsu maintained a leading position. The average price in the Great Bay Area and Chengdu Chongqing metropolitan area increased significantly, and the efficiency and quality of its return on investment emerged from the industry.
During the year, sales revenue recognized by the Group was RMB26.67 billion, representing a year-on-year increase of 32.3% compared with that of 2020, which realized a steady growth. The gross profit was RMB5.08 billion, with a year-on-year increase of 12.7%, where the gross profit margin amounted to 19.1%. The net profit was RMB1.87 billion, and the core net profit was up 3.5% to RMB1.47 billion; the net profit margin was 7.0%, which remained at the industry average level.
Proven efficacy in commercial/residential linkage, steadily consolidating nationwide layout With the dual-driven synergic development in property management and commercial real estate in 2021, the Group continued to enhance its commercial and industrial competitiveness. Property sales increased by 32.8% to approximately RMB26.04 billion as compared to the same period last year, accounting for 97.6% of the total recognized revenue. Commercial operations increased by 15.5% to approximately RMB583.5 million as compared to the same period last year. Hotel operations increased by 12.0% to approximately RMB42.1 million as compared to the same period last year.
During the year, the commercial benchmark position of Nanjing Hong Yang Plaza has been continuously consolidated, and the diversified land acquisition mode of commercial and residential linkage has been further consolidated. Some new high-quality commercial and residential plots in the center of Weifang, Shandong Province have been obtained, and the Weifang Project has already been launched. In terms of expansion, light and heavy assets have advanced in line in a stable fashion. At the same time, the Group fully exploited advantages of resources from other excellent commercial projects to create Redsun's representative and benchmark properties.
The Group will continue to implement the investment strategy of "penetrating the Greater Jiangsu Region, strengthening foothold in major metropolitan areas and expanding into core cities". Through the synergic development in property development and commercial real estate, the Group realized quality layout and diversified its land reserves. In respect of regional layout, the Group strengthened its foothold in the leading cities within developed metropolitan areas in China. In respect of investment structure, the layout focus was located in first-tier and premium second-tier cities. As of the end of 2021, the Group had a total land reserve of 18.78 million sq.m.. The core is to penetrate the Greater Jiangsu Region. For three consecutive years, its land reserve in Jiangsu has been maintained at more than 50% of the overall land reserve, and its land reserve in the Yangtze River Delta has been maintained at more than 67% of the overall land reserve. With extensive and diversified channels, sufficient and reasonable land banks, premium and healthy structure, and active and effective strategies, a solid foundation was laid for the Group to sustain steady and quality development in the future.
Integrated operation with upgraded products Creating a cross cycle resource and capital operation and scheduling ability, the Group strengthened its foothold in the cities to achieve a leading initial sell-through rate of projects, thereby facilitating the formation of advantage in sales scale in regional sectors; improved its service quality by creating the competitive "six-integration" system. The New Hongqiao Purchase Alliance led by the Group constantly realized cost optimization through scale effect; the level of delivery was improved through strict product control, and thus its customer satisfaction and industry ranking reached a record high, and the total annual delivery and delivery rate maintained a high-level of steady growth. The Group upgraded the product system of Redsun Community 2.0, created the "Redsun System" IP and built green and healthy houses.
Maintain sound financial position The Group continued to achieve the green tier in the "Three Red Lines" assessment, which consistently met the regulatory requirements. With steady increase in the scale of assets, its debt structure was continuously optimized. As at 31 December 2021, gearing ratio (excluding contract liabilities) was 68.1%, net gearing ratio was 57.0%, cash to short-term debt ratio was 1.41 times. Total assets were RMB132.7 billion, up 11.5% as compared to the figure of last year. The Group had cash and bank balances on hand of approximately RMB16.04 billion.
Future strategy: Be customer-oriented, Strengthen foothold in premium core cities Going forward, the industry will return to the essence of residence, the market will return to the essence of supply and demand, and the property enterprises will return to the essence of operation. In terms of operation strategies, the Group will be operation- and customer-oriented, continue to strengthen its brand influence and provide products and services of premium quality. In terms of investment strategies, the Group will adhere to expanding its investment channels in a diversified manner. It will invest in the new first- and second-tier cities with strong foothold and deepening its intensive and meticulous development in premium core cities, aiming to achieve a high realization rate for project investments. The Group will also expand its accessibility to capital markets with an aim to constantly reduce its finance costs and support healthy and sustainable growth.
About Redsun Properties Group Limited ("Redsun Properties") (stock code: 1996) Redsun Properties Group Limited ("Redsun Properties" or "The Group") is a leading comprehensive developer in China, focusing on the development of residential properties and the development, operation and management of commercial and comprehensive properties. The Group has established a steady regional leading position in Jiangsu Province by taking root in Nanjing, Jiangsu and Yangtze River Delta. Since the incorporation of Nanjing Redsun in 1999, Redsun Properties has worked in the sector of property development and sales for 20 years, established the Hong Yang brand and received widespread recognition for the development capacity and industry position.
While developing residential properties, Redsun Properties also operates commercial complexes covering shopping malls, amusement parks and community centers, hotels and office buildings. Most of the commercial property buildings are adjacent to the Group's residential property projects, providing ancillary services for the residents and also increasing the value of the Group's residential property projects.
Redsun Properties is a constituent of the MSCI China Small Cap Index, Hang Seng Composite Index and Hang Seng Stock Connect Hong Kong Index.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comRedsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced today its annual results for the year ended 31 December 2021. The Group achieved stable growth in revenue and profits remained sustainable. It continues to achieve the green tier in the "Three Red Lines" assessment.
SHANGHAI, Mar 31, 2022 - (ACN Newswire) - Weimob Inc (2013.HK) released its 2021 financial report earlier this week (3-28), showing that its adjusted total revenue in 2021 reached 2.686 billion yuan, a record high, and its performance increased by 36.4% against the background of overcoming unfavorable factors such as downward pressure on the macro economy. After adjustment, the gross profit of RMB 1.517 billion increased by 51.3% year on year. Among them, the digital business sector achieved revenue of 1.967 billion yuan, an increase of 70.9% compared with 2020. Subscription solutions and merchant solutions in this sector achieved high growth of 90.9% and 47.5% respectively. The "WOS" new business operating system developed by Weimob Inc has been officially put into beta this month, and it may become a powerful engine to drive the future growth of Weimob Inc.
High-speed growth of business; SaaS revenue grows against the trend
In 2021, the persistence of the epidemic brought many challenges to consumers and To B enterprises. Weimob Inc focuses on the digital transformation and upgrading of enterprises, continuously strengthens the development of multi-product lines, further promotes the three strategies of "customization, ecology and internationalization", overcomes the adverse effects of external environment, and achieves the contrarian growth of performance. The financial report shows that the digital business income of Weimob Inc in 2021 was 1.967 billion yuan, an increase of 70.9% compared with 1.246 billion yuan in 2020. Among them, the revenue of Weimob Inc subscription solution (SaaS sector) reached 1.188 billion yuan, a substantial increase of 90.9% year-on-year. The number of paying merchants was 102,813, a year-on-year increase of 5.0%. The average income per user increased by 57.7% to 11,553 yuan.
At the same time, with the continuous promotion of TSO's full-chain marketing solution, the business solutions in the digital business sector of Weimob Inc have achieved good results. The financial report shows that in 2021, the business solution revenue was 779 million yuan, a year-on-year increase of 47.5%; The gross income of accurate delivery was 10.95 billion yuan, a year-on-year increase of 12.1%. The number of paying merchants increased by 26.7% to 57,909, and the average income per user was 13,454 yuan.
The financial report shows that the R&D expenditure of Weimob Inc in 2021 was 775 million yuan. Among them, the total investment of strategic projects such as the new business operating system WOS and the construction and operation of the middle platform reached 682 million yuan. Due to the increased investment in R&D and the merger and acquisition of Xiangxinyun and Haiding in 2021 and previous years, Weimob Inc lost 566 million yuan in adjusted net profit in 2021. However, these investments promote the cost reduction and efficiency increase of Weimob Inc. The financial report shows that the company has abundant cash flow, with cash and cash equivalents of 3.809 billion yuan, and its financial structure is healthy and sustainable.
The strategy of customization has achieved fruitful results, and internationalization has steadily advanced The financial report shows that the reason why Weimob Inc achieved high revenue growth in 2021, benefiting from the core strategy of "customization, ecology and internationalization" of the group. With the support of TSO's full-chain marketing solution and smart retail and other key businesses, Weimob Inc's customization strategy achieved fruitful results. In the smart retail sector, in 2021, Weimob Inc's smart retail revenue was 426 million yuan, 193.6% year-on-year, and its share in subscription solution revenue further increased from 20.2% in 2020 to 36%. At present, the number of smart retailers in Weimob was 6,126, the number of brand merchants was 1,003, and the average order income of brand merchants per user was 234,000 yuan.
The Weimob smart catering business also achieved a breakthrough. In 2021, Weimob Smart Catering completed the technical and operation system layout of "three stores integrated and global operation". During the reporting period, Weimob's smart catering revenue was 53.616 million yuan, up 19.6% year-on-year, accounting for 4.5% of subscription solution revenue. There were 8,406 smart catering merchants, and the average order revenue per user of catering merchants was 17,000 yuan. By the end of 2021, Weimob smart catering customers accounted for 41% of China's top 100 restaurants; The revenue from catering orders accounted for 51%.
Promoting ecology, WOS New Business Operating System as a new growth engine
As one of its three core strategies, Weimob Inc's ecological strategy has also made remarkable achievements. In terms of developer ecology, in 2021, Weimob Cloud PaaS platform will continue to empower ecological partners, with over 50 new high-quality ecological partners and over 400 new cloud market applications.
In order to create a good foundation for smart business, the WOS New Business Operating System was officially put into public beta in March 2022. WOS new commercial operating system integrates SaaS business integration, ecological partnership and PaaS platform infrastructure, and realizes the comprehensive upgrade of product strength, technical strength and ecological strength, demonstrating the technical strength of Weimob Inc.
In 2022, Weimob will continue to improve WOS product strength, better serve customers through Weimob cloud empowering eco-partners, and drive the growth of product strength and commercial strength by technology, so as to realize faster product development, better product experience and service, and more ecological applications and services, so as to promote customers' purchase, increase customer renewal fees and increase ecological income. CITIC Securities holds that "WOS" is expected to become the new growth driver of SaaS with the improvement of merchant coverage and the acceleration of commercialization.
In terms of investment layout, in 2021, Weimob Inc and Yicun Capital jointly established "Weizhi Digital Industry Fund" and invested in outstanding projects such as Shuyun, Haizhi and Meichuang. In November, 2021, Weimob Inc announced the acquisition of 51.89% equity of Shanghai Xiangxinyun Network Technology Co., Ltd., and incorporated Xiangxinyun into the listed company system, thus deepening the digitalization capability of smart retail shopping guide.
Weimob Inc said that in 2022, the company will focus on seven directions: focusing on key customers and continuing to lead; Open and win-win, create ecological barriers; TOS full-link operation, helping customers smart grow; Continue to increase investment in private track and consolidate the leading position in the industry; Cloudy layout drives new growth; "7+X" to create a new growth flywheel; Cross-border development and layout of the global market. Under the background of accelerating the digitalization process of Chinese enterprises, Weimob Inc has made sufficient product reserves, technical reserves, talent reserves and capital reserves, laying a solid foundation for the development in the next five years.
Weimob Inc (2013.HK) is the leading cloud-based commerce and marketing solutions provider for SMBs. For information, visit www.weimob.com.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comWeimob Inc (2013.HK) released its 2021 financial report this week (3/28), showing that its adjusted total revenue in 2021 reached 2.686 billion yuan, a record high, and its performance increased by 36.4% against the background of overcoming unfavorable factors such as downward pressure on the macro economy.