Chinese lottery operator DJI Holdings is dropping its current name as its business shifts to becoming a technology platform provider.
Manchester Evening News reported that the UK-based lottery operator will now be known as BNN Technology in order to reflect the company’s broader service. The company will now be able to facilitate mobile payments, deliver mobile content and provide data management to consumers throughout China.
The company is also reportedly preparing for a dual-listing on Nasdaq.
“Now is the right time to begin building a new brand, with the BNN Technology name, as we broaden from lottery specialist to payment fulfilment, content-delivery, data management and value-added services on mobile internet,” DJI Chief Executive Officer Darren Mercer 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.”
To be solidify its ground in China, DJI eyes acquiring 10 per cent shareholding in the group’s trading partner Xinhuatong through NewNet – which represents company’s technology platform and marketing resources in the country – by a cash and asset investment.
Xinhuatong is the sole provider of mobile payments, information and other key services to the Xinhua News Mobile App.
NewNet, on the other hand, will transfer its lottery assets into its Xinhuacai joint venture with Xinhuatong.
“We are also tremendously excited about the opportunity to deepen our relationship with Xinhuatong through NewNet. NewNet’s investment 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,” Mercer said. “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 license.”
Dong Jinhua, founder and CEO of Xinhuatong, has underscored the importance of the partnership to bolster future revenues and profits.
NewNet, which has been very successful to date. We look forward to extending our partnership with all parties as we work together to capitalise on several exciting opportunities in some of China’s fastest growing industries, supported by our plans to develop one of the country’s largest data platforms.