JQW PLC Update re Suspension (7030C)

TIDMJQW

RNS Number : 7030C

JQW PLC

19 October 2015

 
   19 October 2015 
 

JQW plc

("JQW" or the "Company")

Trading Update

Further to the announcement released earlier today, the Company has been informed by the local Administration of Industry and Commerce (the "AIC") of the results of their inspection last week. Whilst the AIC is satisfied with the remedial work that the Company has done to address the issues concerning the Company's systems and filters raised by them last month, the AIC requires the Company to carry out further training for the new staff that it has recruited to strengthen its website monitoring activities. The Company expects that this additional training will take place over the next two weeks. In the meantime, the Company's operations remain suspended.

The Board welcomes the increased investment in the training of its employees which will further increase the Company's long term effectiveness.

A further announcement will be made in due course.

- Ends -

For further information:

 
 JQW plc 
 Cai Yongde, Chairman              Tel: +44 (0) 
                                   20 7398 7710 
 Chen Daocai, Chief Executive    www.jqw-ir.com 
  Officer 
 Francis Chan, Chief Financial 
  Officer 
 
 
 Cairn Financial Advisers LLP 
  (Nomad & Broker) 
 Sandy Jamieson / Liam Murray       Tel: +44 (0) 
                                    20 7148 7900 
                                www.cairnfin.com 
 

Media enquiries:

 
 Abchurch Communications Limited 
 Quincy Allan / Canace Wong                  Tel: +44 (0) 
                                             20 7398 7714 
 [e-mail]            www.abchurch-group.com 
 

About JQW plc

JQW is a leading domestic business-to-business e-commerce provider based in the Chinese province of Jiangsu. The Group's core business is its online B2B platform, www.jqw.com, which has been developed to encourage domestic trade by connecting Chinese SMEs with potential trade partners. Founded in 2004, the platform was developed to help to market Chinese SME's websites. JQW has evolved rapidly to become one of the top three B2B e-commerce website in China in terms of traffic and operates, what the Director's believe to be, the first dedicated B2B search engine, www.jqw.cn.

JQW offers a low-cost entry point for Chinese SMEs to promote themselves and their B2B products to potential buyers. In order to increase transaction opportunities, JQW offers its clients a broad range of services including website design, commercial search services and advertising.

There are approximately 50 million SMEs in China manufacturing a diverse range of products, accounting for 60% of the country's GDP. The number of mobile internet-access users in China stood at 871 million at September 2014 and investment in the country's telecommunications infrastructure continues to accelerate. These factors have driven an increased demand for domestic trade of B2B, B2C and C2C e-commerce. With the majority of these SMEs requiring the use of third party B2B e-commerce platforms to promote their businesses and access trade partners, the Board believes that JQW offers a robust and highly reputable branded platform. With exposure in over 50 industry sectors and considerable scope for future growth, JQW is in a strong position to capitalise on the development of this market.

At the end of 2014, the Group had:

   11 million     Registered users 
   5 million        Page views per day 
   1,046,000       Sheng-Yi-Tong members with website "shops" 
   241,000          Fee-paying members 
   600                   Rated in the top 600 websites for global website traffic rankings 
   44                     Sales agencies 
   3                       Top 3 in Chinese B2B website traffic rankings 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 19, 2015 09:10 ET (13:10 GMT)