NEW YORK, June 16, 2017 /PRNewswire/ -- Wecast
Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST) announced today
the formation of a Joint Venture ("JV") called Seven Stars He Ying
Smart Cloud ("SSHY"), with Beijing HE YING Fund Management Limited
("He Ying"). The JV, which will be 51% owned by Wecast and be
added to the Product Sales Cloud, will focus on several strategic
areas using Wecast's burgeoning BASE + VPaaS infrastructure:
supply chain finance, supply chain management and financial
settlement for both the automotive and commodities industries as
well as a global commodity index exchange module based on the
NextGen Exchange Group's existing platform, trading system and
technology (as previously announced, Wecast recently acquired 51%
of NextGen Exchange Group).
To facilitate the cross-border supply chain finance segment of
the JV, SSHY and Wecast will establish a limited partnership fund
in China, with SSHY responsible
for raising RMB 50 Billion
($7.4 Billion USD) from investment
partners such as government entities, banks and insurance companies
over the next 18 months. Since 2015 (and separate from the JV
that is being announced today), He Ying's management has raised
RMB77 Billion in private equity
funds. Wecast will oversee the management and business
development of the JV's operations and projects.
Once fully operational, the supply chain finance fund could
theoretically convert each dollar from the fund into the generation
of 6-10x sales turnover over a 12 month period, with average gross
margins for the commodity and automobile industry, of 1-3%.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on 'BASE'
technology and infrastructure (Blockchain, Artificial Intelligence,
Supply Chain & Exchanges) to power our V PaaS (Virtual Platform
as a Service), WCST is creating a closed trade ecosystem for buyers
and sellers designed to eliminate supply chain and transactional
middlemen and create a more direct and margin-expanding trading
path for principals. WCST is applying BASE + V PaaS to focus
on 3 Core Cloud Areas: I. Brand, Content & Intellectual
Property Cloud; II. Product Sales Cloud; III. Transactional Finance
Product Cloud. With the three clouds functioning both
independently and interdependently, Wecast is creating a vertical,
transactional and flexible platform for today's global
enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason
Finkelstein
Wecast Network,
Inc.
212-206-1216
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SOURCE Wecast Network, Inc.