JQW PLC Further to the announcement of 29 October 2015, the Company continues to work closely with the local Administration of Industry and Commerce (the 'AIC') in order to satisfy them that the Company's controls and procedures meet their requirements so that the suspension of operations can be lifted. The Company's operations will only be able to restart once the AIC gives its go-ahead.
The Board is reviewing the financial impact of the suspension on the Company however it no longer considers that profit for the full year will be of a similar magnitude to last year.
For further information:
| JQW plc | |
| Cai Yongde, Chairman | Tel: +44 (0) 20 7398 7710 |
| Chen Daocai, Chief Executive Officer | www.jqw-ir.com |
| Francis Chan Hein Huey, Chief Financial Officer | |
| Cairn Financial Advisers LLP (Nomad and Broker) | |
| Sandy Jamieson / Liam Murray | Tel: +44 (0) 20 7148 7900 |
| www.cairnfin.com |
Media enquiries:
About JQW plc
JQW is a leading domestic business-to-business e-commerce provider based in the Chinese province of Jiangsu. The Group's core business is its online B2B platform, www.jqw.com, which has been developed to encourage domestic trade by connecting Chinese SMEs with potential trade partners. Founded in 2004, the platform was developed to help to market Chinese SME's websites. JQW has evolved rapidly to become one of the top three B2B e-commerce website in China in terms of traffic and operates, what the Director's believe to be, the first dedicated B2B search engine, www.jqw.cn.
JQW offers a low-cost entry point for Chinese SMEs to promote themselves and their B2B products to potential buyers. In order to increase transaction opportunities, JQW offers its clients a broad range of services including website design, commercial search services and advertising.
There are approximately 50 million SMEs in China manufacturing a diverse range of products, accounting for 60% of the country's GDP. The number of mobile internet-access users in China stood at 871 million at September 2014 and investment in the country's telecommunications infrastructure continues to accelerate. These factors have driven an increased demand for domestic trade of B2B, B2C and C2C e-commerce. With the majority of these SMEs requiring the use of third party B2B e-commerce platforms to promote their businesses and access trade partners, the Board believes that JQW offers a robust and highly reputable branded platform. With exposure in over 50 industry sectors and considerable scope for future growth, JQW is in a strong position to capitalise on the development of this market.
At the end of 2014, the Group had:
| 11 million | Registered users |
| 5 million | Page views per day |
| 1,046,000 | Sheng-Yi-Tong members with website 'shops' |
| 241,000 | Fee-paying members |
| 600 | Rated in the top 600 websites for global website traffic rankings |
| 44 | Sales agencies |
| 3 | Top 3 in Chinese B2B website traffic rankings |
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