ChinaNet Online Holdings Appoints Chief Business Officer and Provides Update on COVID-19 Impact
February 20 2020 - 07:30AM
ChinaNet Online Holdings, Inc. (Nasdaq: CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing,
and data analysis and management platform company, today announced
the appointment of Mr. Kelly Cheung Ling Yu to the position of
Chief Business Officer. In this role, Mr. Yu will help to explore
new business opportunities in healthcare industry advertising,
advance the Company’s development of blockchain technology, and
facilitate the integration of artificial intelligence (“AI”) data
analysis.
“We are pleased to welcome Mr. Yu on board to
become our Chief Business Officer. Mr. Yu brings extensive
leadership experience in the healthcare industry, robust business
development capabilities, and technical expertise in software
engineering to our executive team. His addition will better equip
us to enter into the healthcare industry advertising business,
accelerate the development of our blockchain initiatives, and
increase our data analysis capabilities through AI technologies.
Furthermore, Mr. Yu’s proven salesmanship and keen business acumen
will enable us to expand our business scope while better allocating
resources to those initiatives with stronger revenue generation
potential,” commented Mr. Handong Cheng, Chairman, President, and
Chief Executive Officer of ChinaNet.
Mr. Handong Cheng continued, “Mr. Yu joins our
team in the midst of the 2019 novel coronavirus (“COVID-19”)
outbreak. This outbreak has significantly impacted the market,
especially for small- and mid-sized companies that have yet to
resume normal operations following the government’s requirements.
As the majority of our clients fit this profile, we expect the
COVID-19 outbreak to materially impact our sales at least in the
first quarter and to possibly exert lingering effects in the second
quarter of 2020. Nevertheless, as we anticipate the gradual
containment and control of the epidemic, we do not believe that
this downturn will persist in the long term. In the interim, we
will continue to support our existing clients, bolster our service
offerings, and explore additional business opportunities.
Furthermore, we have launched a number of relief measures, such as
service discounts and commission exemption from our existing
products and future blockchain products, to help our clients work
through their current business challenges. We are also leveraging
remote work technologies and allowing our staff to work from home
to better protect our employees during this time of hardship. Going
forward, we will continue to explore new countermeasures to
mitigate impacts from the COVID-19 outbreak in any way
possible.
While we offer support and sympathy to those
impacted by the COVID-19 outbreak, it is also our duty to recognize
current market opportunities. Notably, this epidemic has raised
people’s health awareness and thus created massive growth potential
for China’s healthcare industry. With his past professional
experience in healthcare, Mr. Yu will strengthen our ability to
expand our client base throughout the healthcare industry, and thus
meet the growing needs of such companies via our targeted
advertising solutions, blockchain technology, and enhanced data
analysis capabilities from AI technologies.”
Prior to joining the Company, Mr. Yu held
several leadership positions throughout China’s healthcare
industry. From 2017 to 2018, Mr. Yu served as the Chief Operating
Officer for Smart Profit International Limited. From 2014 to 2017,
as a business development manager for MJHK Health Screening Centre,
Mr. Yu led a sales team of over 100 members to create and execute
business development strategies for healthcare services and
products.
In addition to his work in healthcare, Mr. Yu
also has extensive business development experience in the financial
services industry. From 2012 to 2015, Mr. Yu served as a
representative of the brokerage department of AXA China Region
Insurance Company Ltd. In this role, Mr. Yu helped to manage broker
performance, improve sales results by utilizing data insights, and
develop additional business partners and sales channels for the
company. Mr. Yu holds a Master of Science degree in Computer
Science and a Bachelor of Science degree in Information Systems
from The University of Auckland.
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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