99 Wuxian Limited (ASX:NNW) has initiated a strategic review to assess its listing structure and location in order to fully capitalise on the significant growth opportunities in the Chinese mobile commerce market.
The company has also been granted an ASX trading halt regarding a proposed placement to sophisticated and professional investors.
The halt will last until the earlier of the announcement being made or the commencement of trade on Thursday, 7 August 2014.
Strategic Review
The review will include consideration of a potential listing on an alternative international exchange.
Improving access to global capital markets could help deliver its long-term growth strategy by broadening its investor base, increasing market awareness of the Company and accessing international technology investors.
99 Wuxian has engaged with a number of high-profile global investment banks, and intends to select and appoint investment banks by the end of September 2014 as part of the review.
The decision to undertake the review follows the growth and progress the company has made in building a Chinese business-to-business-to-consumer mobile commerce platform with more than 31 million registered users.
It has also become the third largest operator in the Chinese mobile commerce market and has expanded its service offering to more than 50 banks and financial institutions, including nine of the top 10 Chinese banks.
More than 155 leading Chinese merchants have also been activated on its platform as well as developing and launching new service offerings for its B2B partner base.
99 Wuxian had 22,469,591 yuan (A$3.9 million) in cash as of 30 June 2014.
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