TIDMJQW
RNS Number : 3078A
JQW PLC
19 December 2014
Press Release 19 December 2014
JQW plc
("JQW", the "Group" or the "Company")
Trading Update
Holdings in Company
Further to the announcement on 10 December 2014, JQW plc, a
domestic Chinese B2B e-commerce operator, is pleased to provide the
following trading update.
Trading Update
The Directors are pleased with the performance of the Group in
2014 and confirm that current trading is in line with market
expectations. The Company has a strong balance sheet and cash
balances as at 30 November 2014 stood at RMB389,845,100 (equivalent
to approximately GBP40 million at current exchange rates). The
Company intends to issue a pre-close trading statement in February
2015 in advance of the publication of its audited results for the
year to 31 December 2014, which are due to be announced in April
2015. As at 31 October 2014, the Company had 1,046,000
Sheng-Yi-Tong members with website "shops" and 238,000 active
fee-paying members.
Holdings in Company
The Company has been notified by Universe Glory Enterprises
Limited ("Universe Glory") that, since 9 December 2014, Universe
Glory has sold shares in JQW and currently holds 8,314,600JQW
shares representing 4.3% of the issued share capital of the
Company. Under the terms of the Orderly Market Agreement signed by
Universe Glory on 9 December 2013, Universe Glory is obliged to
seek the written consent of Cairn Financial Advisers LLP ("Cairn")
and Argento Capital Markets Limited ("Argento"), such consent not
to be unreasonably withheld or delayed, before making any disposals
for a period of six months from 9 December 2014. No such consent
was sought by Universe Glory in advance of these sales.
In addition, the Company has also been informed that Hansen
Drison Venture Capital Co. Limited ("Hansen Drison") sold two
million JQW shares on Friday 12 December 2014, and that it
currently holds 8,009,600 JQW shares representing 4.1% of its
issued share capital. Hansen Drison had sought consent prior to the
disposal however the sale was put through in error before consent
had been sought from Argento.
Orderly Market and Lock in Agreements
For information, the following companies are now subject to the
Orderly Market Agreements that restrict them from selling shares
without the written consent of Cairn and Argento, such consent not
to be unreasonably withheld or delayed, for a period of six months
from 9 December 2014. The Orderly Market Parties have informed the
Company and Cairn that they wish to reduce their holdings in the
Company further in order to raise cash. For the time being, the
Company, Cairn and Argento have agreed to allow the Orderly Market
Parties to continue to reduce their holdings provided the Company,
Cairn and Argento are given notification in advance of any such
disposals and provided they are conducted in an orderly manner.
Holder Current Holding %
Hansen Drison Venture Capital Co. Ltd 8,009,600 4.1%
Universe Glory Enterprises Limited 8,314,600 4.3%
One Capital Group Investment Limited 2,352,134 1.2%
Midasi Investment Limited 5,293,300 2.7%
The following companies are now subject to the Lock in
Agreements that restrict them from selling shares without the
written consent of Cairn and Argento for a period of one year from
9 December 2014:
Holder Current Holding %
Tian Sheng Enterprises Limited(1) 80,150,400 41.4%
Champ Public Limited(2) 29,182,400 15.1%
Fortune United Capital Limited 23,680,800 12.2%
Cheng Tong International
Limited(1) 12,751,200 6.6%
Dong Feng Developments Limited(3) 7,286,400 3.8%
Notes:
1. Tian Sheng Enterprises Limited is a British Virgin Islands
company of which 100 per cent. is directly wholly owned by Wang
Xiufang and Cheng Tong International Limited is a British Virgin
Islands company of which 100 per cent. is directly wholly owned by
Wang Xiufang.
2. Champ Public Limited is a British Virgin Islands company of
which 54.7 per cent. of the issued sharecapital is directly owned
by Mr Cai Yongde and 45.3 per cent. of which is directly owned by
Mr Chen Daocai.
3. Dong Feng Developments Limited is a British Virgin Islands
company of which 100 per cent. is directly wholly owned by Cai
Peixuan, the Deputy Chief Executive Officer of the Company, and the
son of Cai Yongde.
- Ends -
For further information:
JQW plc
Cai Yongde, Chairman Tel: +44 (0) 20 7398
7714
Chen Daocai, Chief Executive Officer www.jqw-ir.com
Kooi Wei Boon, Chief Financial Officer
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 Tel: +44 (0)20 7398
7702
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
in China in terms of traffic 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 recently has:
10 million Registered users
5 million Page views per day
1,046,000 Sheng-Yi-Tong members with website "shops"
238,000 Fee-paying members as of 30 September 2014
700 Rated in the top 700 websites for global website traffic rankings
42 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
MSCFKLFFZLFXFBK
JQW (LSE:JQW)
Historical Stock Chart
From May 2024 to Jun 2024
JQW (LSE:JQW)
Historical Stock Chart
From Jun 2023 to Jun 2024
