AGTech Announces Alipay Lottery Channel Agreement
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(24 March 2017, Hong Kong) - AGTech Holdings Limited ("AGTech") (SEHK code: 8279), an integrated lottery technology and services company in the China lottery market and the exclusive platform of Alibaba Group and Ant Financial Group for lottery has entered into an agreement with Alipay to operate the Alipay Lottery Channel on a 50:50 revenue sharing basis (after the deduction of taxes or expenses payable to third party service providers or partners).
AGTech expects to generate revenues in the following ways:
1) AGTech shall distribute and sell regulated lottery products on the Alipay Lottery Channel (in the event that and so long as it is allowed under applicable laws and regulations in the PRC);
2) By providing online activities and services which are not subject to the applicable PRC lottery laws and regulations, including information subscription and other content and games
The operation of the Alipay Lottery Channel is expected to strengthen AGTech's online presence and its online customer-base in preparation for the potential re-opening of the online lottery market. This is in-line with AGTech's long-term strategy and vision to tap into the online lottery market and to distribute lottery and other games.
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Alipay is a wholly-owned subsidiary of Ant Financial. Launched in 2004, Alipay.com currently has over 450 million active users in China and beyond. Alipay.com was a pioneer in the now-ubiquitous mobile payments market and remains the most popular online and mobile payment tool in China. Alipay.com has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the APP. In addition to online payments, Alipay.com is expanding to in-store offline payments both inside and outside of China. Over 2 million brick-and- mortar merchants now accept Alipay.com across China. In addition, Alipay.com enables in-store payments in many markets popular with Chinese tourists around the world. As of December 2016, it is accepted in 70 countries and regions, with in-store payments covering more than 100,000 retail stores. Tax reimbursement via Alipay.com is supported in 24 countries and Alipay.com users can conduct transactions in 18 different currencies.
Ant Financial Services Group is focused on serving small and micro enterprises as well as individuals. With the mission to bring equal access to financial services to the world, Ant Financial is dedicated to building a global open ecosystem of technology-driven financial services while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit and MYbank.
AGTech was incorporated in Bermuda and its shares are listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") (Stock Code: 8279). The Group is an integrated lottery technology and services company in the China lottery market and is the exclusive platform of Alibaba Group and Ant Financial Group for lottery. AGTech has a team of over 300 employees, and the footprint of the Group's lottery business covers multiple provinces and municipalities across China.
AGTech's vision and strategy is to be a fully integrated service provider for the China lottery industry. Its principal business activities comprise:
(i) Games and Systems: the development and supply of lottery and other games, underlying software and advanced supporting systems;
(ii) Hardware: the development, sales and maintenance of lottery hardware (terminals and other lottery-related equipment);
(iii) Distribution: the sales and distribution of lottery and other games;
(iv) Ancillary Services: the provision of ancillary services.
AGTech is committed to applying international management concepts and advanced technologies to the China lottery industry along the entire value chain, covering lottery systems, lottery hardware, lottery games, internet and mobile smart phone systems and distribution, wireless network and streaming media, thereby providing China's lottery authorities and millions of lottery players in China with professional and integrated lottery services. AGTech also takes an active part in the promotion of offline and online gaming events, with a view to facilitating the exchange and interaction between offline and online users, and to ensuring a steady revenue growth for AGTech through the provision of an enriched range of entertainment products.
AGTech is an associate member of each of the World Lottery Association (WLA) and the Asia Pacific Lottery Association (APLA) and is an official organiser and operator of the Chinese card games Guan Dan and Two-on-One poker in China.
For investor or media enquiries, please contact:
AGTech Holdings Limited
Geaspar Byrne CFA Tel: (852) 2599 7111 Email: email@example.com
24/03/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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