Release of CDIs from ASX Escrow, Major CDI Holders Commit
Hong Kong, Sep 23, 2015 AEST (ABN Newswire) - 99 Wuxian Ltd (
ASX:NNW) ("99 Wuxian" or the Company") the market-leading Chinese mobile commerce company, announces the release of restricted securities from ASX escrow ("Restricted Securities").
In accordance with ASX Listing Rule 3.10A, the following Restricted Securities will be released from ASX escrow on 8 October 2015 following the expiry of the 24 month escrow period:
- 919,999,997 fully paid CHESS Depository Interests ("CDIs")
- 3 fully paid ordinary shares
Voluntary Escrow
CDI holders holding a total of 747,439,248 (81.2%) of the Restricted Securities have agreed to a further 12 month voluntary escrow period in respect of the Restricted Securities, ending on 8 October 2016. The CDI holders agreeing to voluntarily extend their escrow include 100% of the CDIs held by Grand Ease Holdings Limited, an entity associated with 99 Wuxian CEO Amalisia Zhang. Grand Ease is currently the largest shareholder of 99 Wuxian, with 23.86% of issued capital.
When combined with 50,000,000 CDIs held by Wuxian Nominees Pty Ltd (an employee share plan trust with CDIs subject to vesting conditions), a total of 797,439,248 (86.7%) Restricted Securities will be subject to voluntary escrow and vesting conditions.
Amalisia Zhang, CEO of 99 Wuxian, said:
"This is a resounding endorsement by our major shareholders in the long term growth prospects for 99 Wuxian and the fundamental drivers underpinning the m-commerce industry in China.
"99 Wuxian continues to deliver robust growth with more than forty-five million registered users on our platform, having doubled in the last two years while continuing to add high profile business partners and merchants to our platform," she said.
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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