JQW PLC Statement regarding Share Price (3826U)

TIDMJQW

RNS Number : 3826U

JQW PLC

15 October 2014

 
 Press Release   15 October 2014

JQW plc

("JQW" or the "Group")

Statement regarding Share Price

The Directors of JQW, a domestic Chinese B2B e-commerce operator, have become aware of a recent breach of one of the orderly market agreements that were entered into by various parties ("Orderly Market Parties") at the time of Admission on 9 December last year ("Orderly Market Agreements"). One of the Orderly Market Parties recently sold part of its holding without obtaining the prior written consent of JQW's Financial Adviser and Nominated Adviser as required by the Orderly Market Agreement. It has agreed to buy back the shares that it has sold.

JQW, its Nominated Adviser and Financial Adviser have also written to one of the other Orderly Market Parties for clarification of its holding in the Company in order to establish if a further breach of the Orderly Market Agreements has taken place.

Separately, as part of a recent review of the Company's share register, the Directors have noted that UOB Kay Hian Private Limited ("UOB") now no longer holds an interest in more than 3% of the ordinary shares of the Company*.

*It is noted that custodians which do not control the voting rights of the shares they hold on behalf of nominees are exempt from the disclosure rules.

Further announcements will be made in due course.

- Ends -

For further information:

 
 JQW plc 
 Cai Yongde, Chairman               Tel: +44 (0) 
                                    20 7398 7714 
 Chen Daocai, Chief Executive     www.jqw-ir.com 
  Officer 
 Kooi Wei Boon, Chief Financial 
  Officer 
 
 
 Argento Capital Markets Limited 
 Alan MacKenzie / Jim McGeever               Tel: +44 (0) 
                                             20 7093 0353 
                                   www.argentocapital.net 
 
 
 Cairn Financial Advisers LLP 
  (Nomad & Broker) 
 Sandy Jamieson / Liam Murray       Tel: +44 (0) 
                                    20 7148 7900 
                                www.cairnfin.com

Media enquiries:

 
 Abchurch Communications Limited 
 Henry Harrison-Topham / Quincy              Tel: +44 (0) 
  Allan                                      20 7398 7714 
 jqw@abchurch-group.com            www.abchurch-group.com

About JQW plc

JQW is a leading domestic business-to-business e-commerce provider based in the Chinese province of Jiangsu. The Group's core business is its online B2B platform, www.jqw.com, which has been developed to encourage domestic trade by connecting Chinese SMEs with potential trade partners. Founded in 2004, the platform was developed to help to market Chinese SME's websites. JQW has evolved rapidly to become the second highest ranked B2B e-commerce website and operates, what the director's believe to be, the first dedicated B2B search engine, www.jqw.cn.

JQW offers a low-cost entry point for Chinese SMEs to promote themselves and their B2B products to potential buyers. In order to increase transaction opportunities, JQW offers its clients a broad range of services including website design, commercial search services and advertising.

There are approximately 49 million SMEs in China manufacturing a diverse range of products, accounting for 60% of the country's GDP. The number of mobile internet-access users in China stood at 839 million at February 2014 and there is a considerable amount being invested into the country's telecommunications infrastructure. These factors have driven an increased demand for domestic trade of B2B, B2C and C2C e-commerce. With the majority of these SMEs requiring the use of third party B2B e-commerce platforms to promote their businesses and access trade partners, the Board believes that JQW offers a robust and highly reputable branded platform. With exposure in over 50 industry sectors and considerable scope for future growth, JQW is in a strong position to capitalise on the development of this market.

The Group currently has:

 
 10 million   Registered users 
 5 million    Page views per day 
  840,000     Sheng-Yi-Tong members with website 
               "shops" 
  197,000     Fee-paying members as of 31 December 
               2013 
    700       Rated in the top 700 websites for 
               global website traffic rankings 
     35       Sales agencies 
     2        Second (behind Alibaba) in Chinese 
               B2B website traffic rankings

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGGWUUUPCGGA

JQW (LSE:JQW)
Historical Stock Chart
From May 2024 to Jun 2024