JQW PLC Result of AGM and Trading Update (6854R)
June 30 2015 - 8:30AM
UK Regulatory
TIDMJQW
RNS Number : 6854R
JQW PLC
30 June 2015
Press Release 30 June 2015
JQW plc
("JQW" or the "Company")
Result of AGM and Trading Update
JQW plc, a domestic Chinese B2B e-commerce operator, announces
that at its Annual General Meeting held earlier today in China, all
resolutions put to shareholders were duly passed.
Revenue for the first four months of 2015 advanced 12% year on
year. As previously commented on, gross margin continued to
contract somewhat as a result of a shift in the distribution mix
towards external agents, which increases the cost of sales as a
result of commissions paid to agents, and as members usage of the
Company's advertorial services continued to increase. Net profit
therefore contracted by 10% over the period.
The Board anticipates that profit for the full year should be of
a similar magnitude to last year.
- Ends -
For further information:
JQW plc
Cai Yongde, Chairman Tel: +44 (0)
20 7398 7710
Chen Daocai, Chief Executive www.jqw-ir.com
Officer
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 / Viktoria Tel: +44 (0)
Langley 20 7398 7716
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 one of the top three 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 50 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 871
million at September 2014 and investment in the country's
telecommunications infrastructure continues to accelerate. 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.
At the end of 2014, the Group had:
11 million Registered users
5 million Page views per day
1,046,000 Sheng-Yi-Tong members with website "shops"
241,000 Fee-paying members
600 Rated in the top 600 websites for global website traffic rankings
44 Sales agencies
3 Top 3 in Chinese B2B website traffic rankings
This information is provided by RNS
The company news service from the London Stock Exchange
END
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