ChinaNet Online Holdings Provides Update on COVID-19 Outbreak Relief Measures for Companies
March 10 2020 - 6:00AM
ChinaNet Online Holdings, Inc. (Nasdaq: CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing,
and data analysis and management platform company, today provided
an update on the relief measures that it is currently implementing
in support of those companies impacted by the COVID-19 outbreak in
China. These relief measures are expected to help those companies
to combat the negative impacts of the COVID-19 outbreak on their
businesses and support small and medium enterprises (“SMEs”)
throughout the country to stabilize their workforce.
The Company's relief measures include the
following:
1. Special service discountsChinaNet is
providing services to the impacted companies at a discounted rate
to help them set up their online infrastructure and expand their
online business capabilities. The launch of the Company’s new DApp,
BO!News, will also utilize the Company’s other existing marketing
and advertising services, such as 28.com, Liansuo.com, and CloudX,
to provide additional service bundles free of charge. These service
bundles are expected to enable the Company’s loyal customers to
better identify, target, and manage specific customer groups while
improving the performance of their marketing and advertising
spending.
2. Online streaming toolsChinaNet is offering a
diversified suite of online streaming tools to enable smooth and
efficient remote communication. The Company continues to broaden
its offerings to address the online communication demands of
different companies. The Company also plans to start providing
online streaming tools to businesses that enable remote
interactions with customers and leverage blockchain technology to
ensure that all discussions are transparent and substantiated in
the case of any potential future disputes. Additionally, these
solutions are also expected to help businesses to conduct larger
amounts of business transactions online and enhance their
relationships with end users through better fraud control, faster
speeds, and fewer hidden fees. With more trust between parties,
businesses will be able to significantly scale up the frequency of
their transactions. The Company also plans to embed its partners’
AI facial technology into these tools to help businesses more
precisely identify their target customers through online
interactions.
3. Blockchain technology solutionsChinaNet is
utilizing its expertise in blockchain technology to develop tools
and services that help companies to increase trust in transaction
scenarios by enhancing the transparency of their online
information, execute business transactions more efficiently, and
strengthen their customer relationships through more secure and
reliable technology. In addition, the Company also anticipates to
leverage its state-of-the-art technology to help some local
governments in China develop blockchain applications to be used in
either operational or administrative capacities, which the Company
believes is in line with the Chinese government’s long-term
blockchain strategy. The Company also plans to launch a BaaS
platform in the third quarter of 2020. The Company intends to focus
on the healthy growth of this business in order to develop an
additional stream of recurring revenues going forward.
4. AI-powered matching system solutionsChinaNet
is leveraging its AI-powered matching system to help companies
better identify and connect with business opportunities that fit
their target criteria. Employees at these companies are also able
to virtually attend the Company’s free online courses to obtain
additional knowledge on topics in entrepreneurship and business to
enhance their business development capabilities.
5. Exploration of cooperative financing for SMEs
with verification system on the blockchainChinaNet is currently
exploring the potentials of working with banks and other financial
institutions to provide financing support to those SMEs negatively
impacted by the COVID-19 outbreak. Since late 2019, the Company has
been in active discussions with a selected group of financing
companies that meet its rigorous criteria and has identified a few
potential candidates for further collaboration. The Company plans
to accelerate its execution of the necessary steps in forming
partnerships with these entities to satisfy the immediate demand of
SMEs and entrepreneurs in China for financing support as a result
of the COVID-19 outbreak. Additionally, the Company also intends to
apply Blockchain technology to facilitate a more transparent and
faster verification system for information checking and credit
approval purposes.
6. Donation of medical supplies to Xiaogan,
Hubei provinceChinaNet donated 200 barrels of disinfectant to
Xiaogan, Hubei province, to support the general public throughout
the area and address the shortage of medical supplies as companies
gradually resume their operations.
About ChinaNet Online Holdings,
Inc.
ChinaNet Online Holdings, Inc., a parent company
of ChinaNet Online Media Group Ltd., incorporated in the BVI
(ChinaNet), is an integrated online advertising, precision
marketing and data-analysis and management services platform.
ChinaNet provides prescriptive analysis for its clients to improve
business outcomes and to create more efficient enterprises. The
Company leverages an optimization framework, provided by its
comprehensive data-analysis infrastructure, to blend data,
mathematical, and computational sciences into an outcome management
platform for which it monetizes on a per client basis. ChinaNet
uniquely optimizes and prescribes its clients decision making
processes based on its proprietary ecosystem. For more information,
visit www.chinanet-online.com.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the business of ChinaNet Online Holdings,
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
ChinaNet's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting ChinaNet will be
those anticipated by ChinaNet. 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. ChinaNet
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.
Investor Relations Contact
ICR, Inc.Xinran RaoTel: +1-646-308-1635Email:
CNET@icrinc.com
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