Chinese lottery operator DJI Holdings has announced a change in its corporate identity to better reflect the company’s broader services.
The Cheshire-headquartered group will henceforth be known as BNN Technology as the company transitions to being a technology platform provider for mobile payments, mobile content and data management to consumers throughout China, while preparing for a dual-listing on Nasdaq.
NewNet, which represents DJI’s technology platform and marketing resources in China, is making an undisclosed cash and asset investment to acquire a 10 percent shareholding in the group’s trading partner Xinhuatong, which is the exclusive provider of mobile payments, information and other key services to the Xinhua News Mobile App owned by China’s national news agency.
DJI, as the technology platform provider to NewNet, is expected to benefit from enhanced revenues and profits as a result of NewNet’s stronger partnership with Xinhuatong.
Darren Mercer, CEO of DJI Holdings, said:
“We believe completing the pivot to a technology company will add substantial shareholder value as we enter high growth, multibillion dollar markets in China.
“NewNet’s investment in Xinhuatong further secures a long term partnership in which we are one of the leading technology providers to the company, allowing us to benefit from its strong commercial relationships in major industries such as insurance and other key financial services markets.
“Xinhuatong has the exclusive rights to provide payment processing facilities within the Xinhua News Mobile App and is in the process of applying for a national payment processing licence.
“Upon a successful application, the benefits to our company will be significant, not only in allowing us to participate in one of China’s largest industries, but also to substantially increase the net margin across our platform.”