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Friday, 15 May 2020, 19:32 HKT/SGT
Smartac's 2020 First Quarter Revenue Soars 411.6%
Proactively Captures Huge Opportunities from E-commerce Solutions and WeChat Pay Businesses

HONG KONG, May 15, 2020 - (ACN Newswire) - Smartac Group China Holdings Limited (HKEX: 395, "Smartac" or the "Group") has announced its unaudited operating performance for the three months ended 31 March 2020 (the "Period").

Revenue for the Period reached approximately RMB22.0 million, representing a growth of around 411.6% as compared with approximately RMB4.3 million for the corresponding period of last year and equal to around 85.3% of the annual revenue of approximately RMB25.8 million for 2019. The significant increase in revenue for the Period was mostly attributed to the Group's strategic focus on developing the e-commerce solutions business through diversification of both its product offerings and client base.

Mr. Jeff Ho, Chief Executive Officer of Smartac, said, "The world is changing at a rapid pace. The ongoing developments in digital technology have created a digital retail landscape that is unrestricted by geography and offers vast opportunities for the development of e-commerce-related businesses. While the recent outbreak of COVID-19 presents a number of challenges around the world, it has set in motion consumers' behavioural changes notably pushing them to embrace e-commerce and e-payments. As the epidemic has gradually come under control in China along with the gradual resumption of business operations and production, consumer sentiment will be further released and we expect the e-commerce business will yield brilliant results in the future. To grasp the business opportunities, we have been proactively exploring opportunities to cooperate with leading brands around the world along with major e-commerce platforms and suppliers."

In this March, the Group has signed franchise agreements with international luxury lifestyle brand Stella McCartney, gaining the rights to sell its fashion apparel and accessories on the designated online sales platforms that it operates in the PRC. In April, the Group took a further step by forming a joint venture with Huakang Biomedical Holdings Company Limited (HKEX: 8622) for sale, marketing and distribution of fertility enhancing supplements.

Apart from the e-commerce solutions business, the Group has also noted the WeChat Pay industry which shows bright prospects in the long term. The Hong Kong government recently launched the Distance Business Programme under the Anti-Epidemic Fund to provide affected eligible enterprises with total funding of up to HK$300,000 to adopt IT solutions for developing distance business. In addition to providing online and offline WeChat Pay services to merchants, Smartac, as a partner of WeChat Pay, also assists in setting up WeChat official accounts, WeChat Mall and WeChat mini-programs through the WeChat ecosystem in order to attract users and help merchants expand their distance business, especially in the Greater Bay Area, in order to join hands to tap the business opportunities.

Mr. Ho added, "We believe that our e-commerce solutions business, together with our WeChat Pay business will have huge growth potential and put us on the right track for the long-term growth and development of the Group. We will prudently evaluate strategic investments and business opportunities with the aim of expanding our core business and generating long-term return on investment for shareholders."

About Smartac Group China Holdings Limited (HKEX: 395)
Smartac Group China Holdings Limited is an investment holding company. Through its subsidiaries, it provides (i) management, operation and market strategy of online shops and e-commerce platforms; (ii) electronic payment solutions and services; and (iii) software sales and O2O consultation services.

May 15, 2020 19:32 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

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