RE: RNS out29 Oct 2020 07:28
Post-period end developments:
· ePurse business restructured to become a wholly-owned subsidiary of Tengwuwang in partnership with Qfang International Co. Limited ( " Qfang " ), a provider of a range of marketing, advertising and e-commerce services on a variety of Chinese and Southeast Asian digital platforms including Tmall International, Alimama AMP and Lazada.
· Formation (with Famous Biotech Co. Limited) of a second joint venture company, Hyrax Holdings Limited ("Hyrax"), registered in Hong Kong and the sole distributor of cod fish maw products in China, Hong Kong and Macau.
· ePurse signed a 24-month strategic partnership agreement with JM International ("JM") to help it develop and execute its ecommerce strategy for its Qiaohuajiao brand, including the launch of the first fish maw flagship store on Tmall and promotion of the brand to various Chinese media channels, generating strong brand awareness and healthy initial sales.
· ePurse began signing British merchants to launch and sell their goods in China through Tmall stores in partnership with Qianfan.