Appoints Investment Bank J.P. Morgan
Hong Kong, Nov 14, 2014 AEST (ABN Newswire) - Leading Chinese mobile commerce company 99 Wuxian Limited (
ASX:NNW) ("99 Wuxian" or the "Company") is pleased to announce the appointment of investment bank J.P. Morgan as part of its strategic review (the "Strategic Review").
99 Wuxian operates a mobile online market place, 99wuxian.com, in China, providing a value-added services platform to banks, telcos, insurance companies and their customers. The mobile online market place offers a variety of physical and virtual goods to consumers via a mobile banking application available on a smart phone or tablet.
99 Wuxian is a market leader in the Chinese business to business to consumer (B2B2C) m-commerce segment, with more than 36 million registered users.
Background to the Strategic Review
99 Wuxian initiated and announced the Strategic Review on the 5th of August 2014.
The objectives of the Strategic Review are to:
1. Improve 99 Wuxian's access to global capital markets to capture the massive market opportunity in the rapidly growing Chinese e-commerce sector. China's e-commerce market is driven by secular trends with exceptional growth outlook for m-commerce, the fastest growing e-commerce segment
2. Broaden 99 Wuxian's investor base and increase liquidity by increasing market awareness of the Company given management's view that the Company is undervalued
99 Wuxian conducted a Request for Proposal ("RFP") with a number of high-profile global investment banks. The Board was pleased with the strong level of responses from global investment banks engaged in the RFP process and has engaged investment bank J.P. Morgan to assist with the Strategic Review.
99 Wuxian's Path Forward And Next Steps
The Board and Executive Management team of 99 Wuxian are focused on executing strategies identified as part of the Strategic Review. This will involve:
1. Executing the Company's business strategy of increasing registered users & user engagement, increasing business partners, expanding into new business channels and markets as well as delivering on 99 Wuxian's O2O (online-to-offline) and data mining initiatives
2. Deepening 99 Wuxian's engagement with capital markets and as a first initiative the Company will attend and present at the J.P. Morgan Global Technology, Media and Telecom Conference in Asia from 17-18 November 2014
As 99 Wuxian's Strategic Review continues, the Company will keep the market informed with regard to its progress and any further initiatives executed.
To view the release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-NNW-829117.pdf
About 99 Wuxian Ltd
99 Wuxian Ltd (ASX:NNW) aggregates over 300 million high quality consumers and 155 leading merchants through a marketplace embedded within the mobile apps of China's leading banks, telecommunications and insurance companies. 99 Wuxian enables increased customer satisfaction, loyalty and retention for its business partners by offering consumers the lifestyle convenience of purchasing virtual and physical goods on a mobile device.
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