LAS VEGAS, Dec. 18, 2017 /PRNewswire/ -- Remark
Holdings, Inc. (NASDAQ: MARK), a global technology company
focused on artificial intelligence, today announced a US$10 million investment from Thailand-based Charoen Pokphand Group (CP
Group), one of the world's largest conglomerates. CP Group's
core businesses span agribusiness and food, retail and
distributions, and the telecommunication sectors. Due to CP
Group's exceptional reputation, it was the first foreign
company selected to invest in China and is the only one approved to own and
operate a TV channel under the Chinese media authority.
In addition to its core businesses, CP Group has significant
operating interests in retail, telecommunications and media,
e-commerce and digital, property development, plastics, automotive,
finance, insurance, and pharmaceuticals. The company
currently operates Southeast
Asia's largest retail business by revenue, with 10,000
7-Eleven stores, and it is one of the largest telecom firms in
Southeast Asia with more
than 25 million mobile customers. CP Group operates in 30
countries and employs over 700,000 people.
The investment will establish a joint venture partnership
between Remark Holdings and CP Group focused on Artificial
Intelligence and Data Solutions. The partnership's first
initiative will be to launch an innovative AI Solution and
Application for the Real Estate and Commercial Mall sector in Q1
2018.
CP Group Chairman Soopakij Chearavanont stated, "We see
tremendous potential in Remark and its KanKan subsidiary, and we
look forward to helping the company grow and scale in the
future."
Remark Holdings CEO and Chairman, Kai-Shing Tao said, "We are honored to jointly
partner with CP Group and capitalize on the excellent opportunity
to expand Remark's KanKan Artificial Intelligence (AI) and Data
Solutions platform and monetize our 1.5 billion current
users. There is massive demand in Asia for AI technologies. This investment will
help us achieve Asian market penetration and rapidly drive
accelerated growth, revenue, and profits.
Through the partnership, CP Group will be able to deploy
KanKan's AI and Data Solutions platform across its vast businesses
and investments. This extends to strategic business partners such
as CITIC Group, a large, state-owned, multinational conglomerate in
China; Ping-An Group, a leading
provider of personal financial services in China; and ITOCHU Corp, a large Japanese
general trading company. CP Group is the leading shareholder
in all of them.
CP Group's investment is the latest significant development for
Remark Holdings as it increases its strategic footprint in
Asia. During the past year, it has announced strategic
business partnerships with China ShenHua Energy Company and Acxion
in China. In 2017, Sina
Corporation also released its 3D augmented reality mobile
application fully powered by Remark's 3D facial-feature tracking
technology.
About Remark Holdings, Inc.
Remark
Holdings, Inc. (NASDAQ: MARK) primarily focuses on the
development and deployment of artificial-intelligence-based
solutions for businesses and software developers in many
industries. Additionally, the company owns and operates
digital media properties that deliver relevant, dynamic content.
The company is headquartered in Las Vegas, Nevada,
with additional operations in Los
Angeles, California and
in Beijing, Shanghai, Chengdu and Hangzhou,
China. For more information, please visit the company's
website at www.remarkholdings.com.
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SOURCE Remark Holdings, Inc.