JQW PLC

Holding(s) in Company

RNS Number : 9892O
JQW PLC
02 June 2015
 

 

 

Press Release

2 June 2015

JQW plc

 

("JQW", the "Group" or the "Company")

 

Holdings in Company

 

The Company has recently conducted a review of its shareholder register and has noted that Universe Glory Enterprises Limited ("Universe Glory") now holds 2,066,660 JQW shares representing 1.07% of the issued share capital of the Company and that Hansen Drison Venture Capital Co. Limited ("Hansen Drison") holds 2,734,600 JQW shares representing 1.41% of the issued share capital.

Previous notifications to the Company had stated that Hansen Drison Venture Capital Co., Ltd held 7,259,600 shares in JQW representing 3.75% of JQW's issued share capital, as announced on 22 January 2015, and that Universe Glory Enterprises Limited held 5,814,600 shares in JQW representing 3.00% of JQW's issued share capital, as announced on 24 March 2015.  The Company has not received any notifications from either Hansen Drison or Universe Glory of any share disposals since these holdings were announced.

Under the terms of the Orderly Market Agreements signed by Universe Glory and Hansen Drison on 9 December 2013, Universe Glory and Hansen Drison are obliged to seek the written consent of Cairn Financial Advisers LLP ("Cairn") and Argento Capital Markets Limited ("Argento"), such consent not to be unreasonably withheld or delayed, before making any disposals for a period of six months from 9 December 2014.  No consent has been granted by Cairn or Argento since the previous holdings were announced.  The Company is disappointed that the two shareholders have not followed the correct procedures as set out in the Orderly Market Agreements however notes that the restrictions under the Orderly Market Agreements are due to expire on 9 June 2015.

 

- Ends -

 

For further information:

JQW plc

 

Cai Yongde, Chairman

Tel: +44 (0) 20 7398 7710

Chen Daocai, Chief Executive Officer

www.jqw-ir.com

Kooi Wei Boon, Chief Financial Officer

 

 

Cairn Financial Advisers LLP (Nomad & Broker)

 

Sandy Jamieson / Liam Murray/Jo Turner

Tel: +44 (0) 20 7148 7900

 

www.cairnfin.com

Media enquiries:

Abchurch Communications Limited

 

Henry Harrison-Topham / Quincy Allan

Tel: +44 (0) 20 7398 7714

[email protected]

www.abchurch-group.com

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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