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Cybernaut International Signs Letter of Intent To Acquire Hangzhou Xuhang

  • Written by ACN Newswire - Press Releases

Cybernaut International Signs Letter of Intent To Acquire Hangzhou Xuhang

HONG KONG, Feb 25, 2020 - (ACN Newswire) - Cybernaut International Holdings Company Limited ("Cybernaut International" or "the Company") (stock code: 1020.HK), is pleased to announce that the Company and a potential vendor have entered into a letter of intent (LOI) today. The LOI sets out the principal terms and conditions of the Proposed Acquisition of not less than 51% interest in Hangzhou Xuhang Network Technology Company Limited ("Hangzhou Xuhang"). According to the terms and conditions of the LOI, the vendor shall undergo corporate restructuring, which includes the establishment of a Target Company and that all equity holders of Hangzhou Xuhang transfer all of their respective equity interests in Hangzhou Xuhang to the Target Company, such that Hangzhou Xuhang, together with its subsidiaries, will be wholly-owned by the Target Company upon completion of the restructuring exercise.

Hangzhou Xuhang is a company incorporated in China. Its main scope of business includes new media marketing services, overseas DSP advertising promotion, cross-border e-commerce and domestic advertising promotion business. The customer base of Hangzhou Xuhang includes leading PRC search engine companies, social media platforms, mobile advertising providers, PRC local government and plenty of well-established app developers. With over 100 contracted key opinion leaders on various platform such as Wechat public account, Toutiao, Tik Tok and Xiaohungshu etc, Hangzhou Xuhang has more than 130 millon followers on various platform?s accounts, which enable the advertising to be promoted quickly and effectively. Apart from advertising and promotion, Hangzhou Xuhan is also engaged in cross-border e-commerce, including product agency and direct sales of local products to overseas regions. Equipped with a stable customer base and internet services platform, Hangzhou Xuhang has achieved a favourable business and earnings performance.

The board of the Company believes that with the rich experience in e-commerce business and internet online education services, the acquisition will help the Company exploit the business opportunities brought by the mobile internet business and open for it new media and mobile internet advertising markets. The gradual change of the mass consumption model from traditional shopping in physical stores to online shopping has led to the rapid development and huge demand of diversified online advertising. The Company will seize every opportunity to develop business over the mobile Internet and new media advertising distribution services and product marketing services. The acquisition is expected to bring new revenue sources to the Company and expand its business development in the e-commerce and information industry business, thereby achieving the greatest benefits for the Company and shareholders in return. In the first half of 2019, the Company turned loss into profit, and its revenue rose by 27.5% to approximately RMB144 million. The profit attribute to owners of the Company reached approximately RMB20.8 million.

Cybernaut International has been committed to e-commerce business and internet online education services. The Company continues to evaluate the internet shopping habit country-by-country and explore more online marketplace platforms to sustain the business growth. The business management has branched out more on the reverse of the logistics chain through the internet to add value to the e-commerce business. As for the internet online education services business, the Company achieved good returns and progress in the development in the market riding the strong demand momentum in China. The subsidiary through the VIE arrangements has closely monitored the online business to provide users with the updated information and software accessible through the education platform and packages, so as to enhance the segment business growth strengthened with good resource allocated for market expansion. Earlier this year, the COVID-19 epidemic broke out and has spread worldwide, and the public is looking to identify companies with development prospects under the challenging conditions. Due to the epidemic, most of the cities in China as well as the Hong Kong government have requested schools to temporarily suspend classes. Many schools have been using online tutorials, which is believed could spur the popoluarity of online education. The Company expects that online businesses such as e-Commerce, online marketing, and internet online education will be driven by market conditions and trends, and the demand for related business will increase significantly, marking the dawn of a new era to the public.

Mr. Zhu Min, the Company's Chairman and major shareholder is also the founder and chairman of Cybernaut Investment Group ("Cybernaut Investment"), which was established in 2005. Upholding the spirit of innovation and entrepreneurship, leveraging technology, capital and internationalisation, Cybernaut Investment provides comprehensive services to the development of regional emerging industries in China. As one of China's leading private equity funds, Cybernaut Investment focuses on emerging industries with strong potential of integration and value as a platform who are dedicated to helping with the "internet plus" transformation and upgrading of traditional industries, fostering world-leading forerunners of emerging industries, and empowering businesses with the internet and capital. The major areas of investment are a new generation of infrastructure including cloud computing, big data and artificial intelligence, "internet plus", regional ecosystem of mass entrepreneurship and development of urban international facilities. Cybernaut Investment has a large amount of manages fund. Over the years, it has successfully invested in many rapidly-growing companies which have successfully listed on the NASDAQ stock exchange, such as Zoom Video Communications (NASDAQ: ZM) with a market value of US$29 billion; other investments included Merit Interactive (300766.SZ), a company listed on the Shenzhen Stock Exchange, with a total market value of about RMB17 billion, and well-known China companies including We Doctor Group, Lianlian Technology, ZBJ, AU Culture & Technology, etc.

About Cybernaut International Holdings Company LimitedCybernaut International Holdings Company Limited (stock code: 1020. HK) was listed on the Main Board of the Hong Kong Stock Exchange in July 2010. In February 2017, Mr. Zhu Min became the Chairman and largest shareholder. At present, the Company is mainly engaged in e-commerce and Internet online education services, and also actively seeks diversified development to expand extensively into internet related business.

Mr. Zhu is a well-respected entrepreneur in China and the Founder and Chairman of Cybernaut (China) Investment Group ("Cybernaut Investment"), a renowned private equity and venture capital fund in China. Cybernaut Investment is one of China's best venture capital houses in 2015 as named by Forbes.Mr. Zhu has many years of experience in computer, network communications and services, and is respected in the international investment community. In 2002, he was named by Business Week as one of the 25 most influential people in global e-commerce. In 2008 and 2009, he was selected by Forbes as one of China's best venture capitalists. At the first China Public Entrepreneurship and Innovation Conference held in 2016, he was named China's Pioneer in Innovation and Entrepreneurship.

Copyright 2020 ACN Newswire. All rights reserved. www.acnnewswire.com

Authors: ACN Newswire - Press Releases

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