SINGAPORE -- November 27, 2023 -- InvestorsHub NewsWire -- As of
first half of 2023 ended June 30, 2023 Cosmos Group Holdings
(OTC:COSG)
continues to demonstrate resilience and adaptability in a dynamic
market, reflecting its commitment to innovation and
sustainability.
Over
the past two years COSG has explored multiple business segments.
Due to the decrease in DOT transactions and the adverse market
environments within the lending industry, COSG has narrowed its
focus on developing the rapidly emerging ACT (Asset Collection and
Tokenization) segment by applying the DOT tokenization technologies
across a broader market space.
Chan
Man Chung, Chief Executive Officer of Cosmos Group Holdings stated,
"We are pleased with the financial performance during the second
quarter of 2023, and the results underscore our strategic focus on
diversification," the CEO further stated, "While we have
experienced a decrease in collectibles sales and lending market
growth due to the slow economic environment, our emphasis on the
lending and ACT segments launched in 2023 has proven successful and
has contributed significantly to our revenue mix. This demonstrates
our commitment to evolve within the market and exploring new
opportunities in the blockchain and collectibles space."
In
2023, COSG extended its DOT technologies into the ACT segment,
encompassing Art, Collectibles, and Technology, which contributed
to 16% of total revenue during the three months in second quarter
ended June 30, 2023. This segment will continue to be a significant
driver of COSG revenue, showcasing the company's multifaceted
approach to the digital collectibles market.
During
the first six months of 2023, COSG experienced a decrease in
revenue. The decrease in revenue is primarily attributed to a
decline in sales within the collectibles segment. However,
COSG showcased its resilience by diversifying revenue streams, with
the lending segment representing 84% and the ACT segment
representing 16% during the second quarter ended June 30, 2023.
This strategic shift reflects COSG's adaptability and ability to
navigate market dynamics.
COSG
remains dedicated to delivering value to its stakeholders, and the
financial results for the second quarter showcase the company's
ability to navigate challenges and capitalize on emerging
opportunities. The company's innovative approach and commitment to
sustainability position it for continued success in the evolving
digital collectibles landscape.
For
more detailed information on Coinllectibles' financial results,
please refer to the complete 10Q report, available on the SEC's
website or visit www.coinllectibles.art.
Forward Looking Statements
This press release contains
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements, which are often
indicated by terms such as "anticipate," "believe," "could,"
"estimate," "expect," "goal," "intend," "look forward to," "may,"
"plan," "potential," "predict," "project," "should," "will,"
"would" and similar expressions. These forward-looking statements
may include, but are not limited to, statements regarding future
business activities including the expansion into the decentralized
financing space. These forward-looking statements are not promises
or guarantees and involve substantial risks and uncertainties.
Among the factors that could cause actual results to differ
materially from those described or projected herein include
uncertainties associated with operating a business in Singapore and
Hong Kong, risk of interference by the PRC government, ability to
compete, that financial resources do not last for as long as
anticipated, and that COSG is a holding company that may not
realize the expected benefits of DOT's offered by
Coinllectibles™. A further list
and description of these risks, uncertainties and other risks can
be found in COSG's regulatory filings with the U.S. Securities and
Exchange Commission, including in its annual report on Form 10-K
filed on April 17, 2023. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. COSG undertakes
no obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances or otherwise.
For media queries, please
contact:
Media@Coinllectibles.Art
About Cosmos Group Holdings
Inc
Cosmos
is a business group that operates in two business segments:
•
Arts and Collectibles
•
Financing
Through
Coinllectibles™, the group provides authentication, valuation and
certification (AVC) service, sale and purchase, hire purchase,
financing, custody, security and exhibition (CSE) services to art
buyers through traditional channels, as well as through leveraging
blockchain technology through the creation of digital ownership
tokens (DOTs). With subsidiaries licensed under Hong Kong's Money
Lenders Ordinance, the group currently primarily provides unsecured
personal loan to private individuals, with a small portfolio of
mortgage loans. The group is integrating the two business segments
by offering secured financing services to prospective art and
collectibles purchasers to provide a one-stop arts and collectibles
purchasing and financing experience.