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.

 

 

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