Appendix 4C -September 2015 Quarterly Cash Flow Report
Hong Kong, Oct 30, 2015 AEST (ABN Newswire) - 99 Wuxian, (ASX:NNW) ("99 Wuxian" or "the Company") is pleased to provide its Appendix 4C quarterly cash flow report for the period ending 30 September 2015.
The Company had a cash balance of RMB 16.4 million as at 30 September 2015, with net cash outflows for the quarter of RMB 17.4 million. The cash outflow primarily reflects an increase in working capital associated with the growth of the loyalty point redemption business and virtual product prepayments which will return to 99 Wuxian as cash in future periods.
99 Wuxian maintained higher levels of virtual product prepayments (in the form of prepaid game, telephone and e-coupon virtual stock) from 24 September to accommodate increased customer activity during the Chinese National Holiday week from 1 to 7 October.
During the quarter 99 Wuxian continued to invest for future growth. The Company increased its penetration rate among mobile banking users through successful joint marketing campaigns and the use of promotional discounts. In addition, the Company recruited high quality staff, delivered new product initiatives, such as iBenefit, and expanded the business across new distribution channels.
Operationally, the business continued to perform strongly during the quarter and deliver upon its strategy of increasing user engagement. During the quarter a record number of 15.0 million of transactions were completed through the platform, up 61% over the prior corresponding period ("pcp"). The platform also generated a record gross transaction value ("GTV") of RMB 3.7 billion for the quarter, up 101% over the pcp.
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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.
99 Wuxian Ltd