March 2016 Quarterly Trading Update
Hong Kong, April 29, 2016 AEST (ABN Newswire) - 99 Wuxian, (ASX:NNW) is pleased to provide a trading update for the March 2016 quarter.
- Platform revenue for Q16 quarter on Q1 15 up 96%
- Gross Transaction Value of RMB 14.4 billion for the last twelve months ("LTM"), up 57% over the corresponding period to 31 March 2015
- Total registered user base of 58.5 million, up 36% from 31 March 2015
- 69.8 million transactions completed on the platform over the LTM, up 87% compared to the corresponding period to 31 March 2015
- LTM revenue of RMB 236.5 million, up 38% over the twelve months to 31 March 2015
99 Wuxian's registered user base reached 58.5 million in the March quarter, growing by 15.6 million since 31 March 2015. The growth in registered users reflects 99 Wuxian's successful platform expansion through the addition of new business partners and distribution channels, increasing penetration rates among mobile application users and launching marketing campaigns.
During the quarter, a record number of 22.4 million transactions were completed through the platform. On an LTM basis, 69.8 million transactions were completed through the platform an increase of 87% over the twelve months to 31 March 2015. The increase in transaction volume has been driven by the growth of the registered user base and increasing levels of user engagement.
Average Transaction Value ("ATV")
The average value of all transactions completed on the platform for the quarter was RMB 151, down 46% over the prior corresponding period ("pcp"). Over the last twelve months, ATV has declined 16% from RMB 245 to RMB 206. The movement in ATV is primarily the result of business partners' efforts to increase customers' transaction frequency and engagement by leading their customers to acquire relatively lower-value merchandises by cash or the loyalty points.
Gross Transaction Value ("GTV") and platform revenue
99 Wuxian generated GTV of RMB 3.4 billion for the quarter, up 29% over the pcp. On an LTM basis, GTV totalled RMB 14.4 billion, representing a 57% increase over the twelve months to 31 March 2015. The growing number of registered users and transaction volumes jointly contributed to the result.
For the current quarter, 99 Wuxian reported revenue of RMB 67.9 million, up 96% over the pcp. On an LTM basis, 99 Wuxian reported revenue of RMB 236.5 million, up 38% over the twelve months to 31 March 2015.
The strong revenue performance during the quarter was driven by 99 Wuxian's pro-active user acquisition and engagement strategy. The Company actively manages its acquisition and engagement strategy and will continue to review, consider and implement appropriate strategies to drive the future growth of the platform.
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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