JQW PLC Update re Suspension (5697C)
October 19 2015 - 2:00AM
UK Regulatory
TIDMJQW
RNS Number : 5697C
JQW PLC
19 October 2015
19 October 2015
JQW plc
("JQW" or the "Company")
Trading Update
Further to the announcement of 21 September 2015, the Company
has been working closely with the local Administration of Industry
and Commerce (the "AIC") in order to ensure that its client
websites are fully compliant so that the suspension of operations
can be lifted. A team from the AIC visited the Company during the
course of last week in order to review the Company's revised
control procedures. The Company expects to be informed of the
results of the inspection very shortly. The Company's operations
are planned to restart once the AIC gives its go-ahead.
A further announcement will be made in due course.
- Ends -
For further information:
JQW plc
Cai Yongde, Chairman Tel: +44 (0) 20 7398
7710
Chen Daocai, Chief Executive Officer www.jqw-ir.com
Francis Chan, 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
Quincy Allan / Canace Wong Tel: +44 (0) 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 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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