JINJIANG, FUJIAN PROVINCE, China, Aug. 24,
2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Capital Market: CCCL) ("China Ceramics" or the "Company"), a
leading Chinese manufacturer of ceramic tiles used for exterior
siding and for interior flooring and design in residential and
commercial buildings, today announced that its newly-formed
wholly-owned subsidiary which focuses on software development,
Antelope Holdings (Chengdu) Co.,
Ltd., has entered into a licensing contract with Chengdu
Baishengtong Business Consulting Co., Inc. ("Baishengtong
Consulting"), a firm that provides consulting services associated
with non-performing assets for asset management firms. The total
fee to be paid to the Company under this contract is RMB 6.0 million (approximately $0.9 million), of which 40% or RMB 2.4 million (approximately $347,000) is to be paid within six months of the
contract's execution and the remaining balance between six months
and twelve months of the one-year contract term. Most of the
non-performing assets consist of credit and consumer loans that
were extended by financial institutions via the Internet and have
been defaulted on by borrowers, and these small loans are typically
aggregated and sold to asset management companies since they are
too small for financial institutions to process individually for
collection. China Ceramics' subsidiary's software system will
enable Baishengtong Consulting to work with asset management
companies to identify and digitally batch process these
non-performing assets and send them to mediation centers of the
court system for resolution, and digitally engage legal enforcement
if necessary. The software is intended to facilitate the
communication bottleneck among financial institutions, asset
management companies and the court system through specialized batch
processing.
"We are very pleased that our new software development
subsidiary has continued its strong momentum in creating a software
product for a fintech consultancy to help to facilitate the
resolution of non-performing loans," said Ms. Meishuang Huang,
Chief Executive Officer of China Ceramics. "With this latest
contract, we have now made inroads into important constituents of
the fintech ecosystem including financial institutions, asset
management firms, law firms and fintech consultancies. We intend to
continue to make additional inroads as our new software team
develops additional fintech products."
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.
Through its wholly-owned subsidiary, Antelope Holdings
(Chengdu), Co., Ltd., the Company
provides fintech solutions which includes the development of
blockchain software. For more information, please visit
http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties,
including statements relating to the Company's ability to, among
other things, successfully design, deploy and pursue this expansion
strategy, the Company's ability to complete any agreements with new
customers in the markets in question and add to its overall growth.
Actual events or results may differ materially from the Company's
expectations. Factors that could cause actual results to differ
materially from those stated or implied by the Company's
forward-looking statements are disclosed in its filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the time of this
release. The Company disclaims any intent or obligation to update
these forward-looking statements, other than as may be required
under applicable law.
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SOURCE China Ceramics Co., Ltd.