ZW Data Action Technologies Announces Strategic Partnership with WePay
January 28 2021 - 7:30AM
ZW Data Action Technologies, Inc. (Nasdaq: CNET) ("ZW Data" or the
"Company"), an integrated online advertising, precision marketing,
data analytics, and other value-added services company, today
announced that it entered into a strategic cooperation agreement
with Shenzhen WePay Technology Co., Ltd. (“WePay”), pursuant to
which the parties will establish a joint venture to cultivate
transportation and travel consumption data analysis field.
ZW Data has steadily built its Internet business
ecosystem in the past 18 years. It has accumulated marketing and
transaction data for nearly 100 million users for precision digital
marketing. WePay is one of the largest Internet transportation card
and big data cloud service platforms in China. It is Tencent's
strategic partner in NFC service, bus card issuance and recharge
services. It has a wealth of massive users and resources in the
transportation field. WePay has attracted strategic investment from
companies such as Tencent and OPPO, and the WeChat Payment agent.
It has built strategic partnerships with more than 20 provinces and
cities (covering more than 100 prefecture-level cities) in public
transportation, subway and highway ETC payment systems, and has
nearly 150 million users. The annual transaction is approximately 2
billion RMB. The parties believe their joint venture will link ZW
Data’s comprehensive marketing operation system and user resources
with WePay’s huge offline traffic, and expect to jointly build a
more efficient marketing and transaction platform.
In addition to the marketing business, the joint
venture is expected to also work together to expand to consumer big
data analysis, overseas payment and the Internet of Things supply
chain financing services. Leveraging on WePay’s technical
background and data mining and cleaning capabilities, and ZW Data’s
BIF blockchain backed technology platform, the joint venture is
expected to unite the e-commerce and offline payment for
technology-powered precision digital marketing.
Handong Cheng, Chairman and Chief Executive
Officer of ZW Data, commented, “We envision the joint venture take
advantage of the new technology such as artificial intelligence,
blockchain, cloud computing, and big data, and penetrate overseas
and cross border payment market. NFC, QR code, Bitcoin smart wallet
and other payment methods could all be used by us to build a
comprehensive payment and transaction system. Our cooperation with
WePay will broaden our BIF blockchain platform and capture more
user data, which is essential for applications such as supply chain
financing platform, live broadcast supply chain and other
e-commerce transactions. We believe that the joint venture will
involve vigorously in the transportation and travel consumption
data analysis industry and bring new opportunities to ZW Data and
WePay.”
About WePay
Founded in 2015, WePay is the largest Internet
transportation card and big data cloud service platform in China.
It is one of the few companies with technologies and capacities to
accommodate three types of transportation cards. WePay has
attracted strategic investment from companies such as Tencent and
OPPO. It is Tencent's strategic partner in the field of NFC
services and the largest provider of bus card recharge service on
WeChat platform. WePay owns dozens of inventions and utility model
patents and has built strategic partnership with more than 20
provinces and cities (covering more than 100 prefecture-level
cities) in public transportation, subway and highway ETC payment
systems. It plans to extend to more applications to cover smart
city services and smart IoT services. More information about
the Company can be found at: http://www.vfuchong.com.
About ZW Data Action Technologies
Inc.
Established in 2003 and headquartered in
Beijing, China, ZW Data Action Technologies Inc. (the “Company”)
offers online advertising, precision marketing, data analytics and
other value-added services for enterprise clients. Leveraging its
fully integrated services platform, proprietary database, and
cutting-edge algorithms, ZW Data Action Technologies delivers
customized, result-driven business solutions for small and
medium-sized enterprise clients in China. The Company also develops
blockchain and artificial intelligence enabled web/mobile
applications and software solutions for general public, enterprise
clients, and government agencies. More information about the
Company can be found at: http://www.zdat.com/.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the business of ZW Data Action
Technologies Inc., which can be identified by the use of
forward-looking terminology such as "believes," "expects,"
"anticipates," "estimates" or similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties, including business uncertainties relating to
government regulation of our industry, market demand, reliance on
key personnel, future capital requirements, competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the
Securities and Exchange Commission. These forward-looking
statements are based on ZW Data Action
Technologies current expectations and beliefs concerning
future developments and their potential effects on the Company.
There can be no assurance that future developments
affecting ZW Data Action Technologies will be those
anticipated by ZW Data Action Technologies. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by such
forward-looking statements. ZW Data Action
Technologies undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
For more information, please
contact:
Sherry
Zheng Weitian Group
LLC Email: shunyu.zheng@weitian-ir.com Phone: +1 718-213-7386
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Mar 2024 to Apr 2024
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Apr 2023 to Apr 2024