MOXC's Relationship with UnionPay Key to Joint Venture Market Penetration Strategy in China
- UnionPay module in Moxian+ User and Moxian+ Business apps gives access for potential joint venture partners to China’s largest payment processor
- Hao Qing Hu named as new company president and CEO in addition to Moxian director
- Seven directors elected to Moxian’s board at annual meeting, including Shewn International Group CEO Ms. Liu Shu Juan
Moxian, Inc. (NASDAQ: MOXC
) has a key ingredient to attract joint venture partners in its growth strategy in China: the UnionPay module in its new User and Business apps. UnionPay is the largest payment processor in China and owns 25% of the global market for credit cards, third only to Visa and MasterCard (http://nnw.fm/4EgH6
). It also has a presence in more than 160 countries worldwide, including the U.S.
Moxian is an integrated social media platform operator, striving to convert its unpaid Moxian+ Business and Moxian+ User platforms to paid within the online-to-offline (O2O) market in China. It connects users to merchant clients through games, rewards and social events. It offers Mo-Coin and Mo-Point reward systems.
MOXC’s special relationship to UnionPay gives businesses and vendors in China access to the largest payment processor in the country. MOXC has a new growth strategy employing partners to help it expand into more Chinese cities quicker and with lower costs. It signed an agreement in principal for its first joint venture partner, Shewn International Group of Shanghai, a successful marketer of fine wines in China. UnionPay makes MOXC a desirable partner for Shewn.
Crystal Equity Research LLC projects that Moxian will generate sales of $2.3 million in FY2018, in part from the new revenue stream of receiving a fee of 1% of all Shewn payments processed on Moxian’s UnionPay app (http://nnw.fm/2kxlK
). Crystal Equity Research also noted that Moxian has reduced its spending to $1.3 million for the quarter ended June 2017, down from the $5.4 million it spent in the prior quarter due to reduced selling, general and administrative (SG&A) expenses. Crystal Equity Research said it anticipates raising its projections for Moxian’s revenues after the Shewn joint venture is executed.
At the company’s annual meeting, Hao Qing Hu was named the company’s president and CEO and also elected as a director of the company. He has been a director of Moxian since January 2016 and, since September 2015, has been the general manager of subsidiary Moxian Beijing, maintaining responsibility for all operations.
Additionally, Ms. Liu Shu Juan was elected director. She is CEO of Shewn International Group and financial controller of Shanghai Shewn Co., Ltd., the company’s primary operator in China.
For more information, visit the company’s website at www.Moxian.com