ZW Data Action Technologies Entered into Strategic Cooperation Agreement with China Digital Culture for the Introduction of DeFi into the Fasting Growing Esports and Game Data Operation
BEIJING, Feb. 08, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies, Inc. (Nasdaq: CNET) ("ZW Data" or the "Company"), an integrated online advertising, precision marketing, data analytics, and other value-added services company, today announced that it entered into a strategic sales and cooperation agreement (the “Agreement”) with China Digital Culture (Group) Limited, a Hong Kong-based investment holding company principally engaged in the culture and entertainment related businesses (HK:08175) (“Digital Culture”). Pursuant to the Agreement, through the Company’s Blockchain Infrastructure Framework (“BIF”) platform and by utilizing upgraded decentralized financial technology, the two parties will jointly operate IP data for e-sports and games. The Company expects to expand the Company’s existing business of Key Opinion Leader (“KOL”) and digital advertising through blockchain service into e-sports and gaming business, one of the fastest growing sectors in China.
Currently, decentralized finance (“Defi”) is mainly concentrated in four major sectors of decentralized lending, automated market makers, decentralized exchanges, and stable currency issuance. Defi is using the characteristics of blockchain tokens to gradually tokenize financial services. ZW Data and Digital Culture strive to introduce Defi, built on both Ethereum and Polkadot, into esports and game data operation, combining ZW Data’s KOL and O2O sales channel for additional revenue growth.
ZW Data has collected and accumulated marketing and transaction data for nearly 100 million users for precision digital marketing. Digital Culture has built a platform for entertainment and cultural contents with the top celebrities and ex-NBA players in Asia, including Jay Chou and Jeremy Lin. It has formed three main business segments of e-sports entertainment, sports, and cultural tourism, and its J-team is currently ranked No.1 in the last season of Pacific Champion Series.
Handong Cheng, Chairman and Chief Executive Officer of ZW Data, commented, “The Chinese game industry will have revenue of 278.6 billion yuan in 2020, and its user base will reach 665 million. Such a market space will bring immense opportunities. We believe that our Company and Digital Culture will use our respective capital, platform and resource advantages to jointly expand the development of blockchain, KOL and esports platform into our focused industries. We will help Digital Culture build an unbounded and free "game world" by putting e-sports and game data on the blockchain for record-keeping, digital asset exchange, advertising and marketing, and trading. We envision to expand blockchain technology application and e-sports data operation model into traditional industries, especially cultural and artistic industries, and eventually promote the development and enhance the value of traditional industries.”
About ZW Data Action Technologies Inc.
Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for general public, enterprise clients, and government agencies. More information about the Company can be found at: http://www.zdat.com/.
About China Digital Culture (Group) Limited
China Digital Culture (Group) Limited is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (Hong Kong: 08175). It has built a platform for entertainment and cultural contents and provides channel and customer diversification services. After years of development, it has formed three main business segments of e-sports entertainment, sports, and cultural tourism. More information about the Company can be found at: http://www.cdculture.com/.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies will be those anticipated by ZW Data Action Technologies. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Weitian Group LLC
Phone: +1 718-213-7386