Ajia Innogroup Announces Replacement for the Alipay Project
Hong Kong, Hong Kong--(Newsfile Corp. - April 25, 2018) - Ajia Innogroup Holdings, Ltd., formerly Wigi4you, Inc. (OTC Pink: AJIA) (the "Corporation") today announces that its wholly owned subsidiary, Guangzhou Shengjia Trading Co., Ltd. of Guangzhou, China ("Shengjia") has entered into an agreement with Guangzhou Renhai Network Technology Co., Ltd. ("Renhai") in which Shengjia would replace its 10% interest in the Alipay payment code business development project ("Alipay Project"), announced on December 7, 2017, with a 30% interest of Renhai's new China Mobile project. Renhai has recently reached an agreement with China Mobile Communications Corporation ("China Mobile") whereby Renhai and China Mobile are to sign an agreement appointing Renhai as one of China Mobile's marketers in promoting China Mobile's business products for the period from April 1, 2018 to September 30, 2018. Renhai's China Mobile agreement will be extended once certain business targets are fulfilled. The reason for the replacement is primarily due to significant changes in China's regulations and practices and these changes have negatively impacted the financial performance of the Alipay Project.
Renhai will maintain a 70% interest of the China Mobile project and will be responsible for the management and overall supervision of the project, and Shengjia will carry out various support functions.
The management of the Corporation considers the China Mobile replacement project is in the best interest of the Corporation and expects that this new project will significantly perform better than the Alipay Project. Moreover, with this replacement, the Corporation is able to maintain a good relationship with Renhai with whom the Corporation wants to build up a strategic partnership for future development.
Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for the Corporation's business, operations and future developments that involve a number of risks and uncertainties. The Corporation's forward-looking statements in this release are made as of the date hereof, and the Corporation disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. The Corporation is identifying certain forward-looking information regarding, among other things, on receiving a 30% interest of the China Mobile project in Guangzhou, China. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statement include, without limitation, risks and uncertainties arising from the ability of the group to successfully carry out the development of China Mobile project, uncertainties relating to the ability to realize the expected benefits of the China Mobile project; unanticipated or unfavorable regulatory matters; general economic conditions in the region and industry which the Corporation operates, and other risk factors as discussed in the Corporation's other filings made by the Corporation from time to time with Securities Commissions.
For further information please contact:
Ajia Innogroup Holdings, Ltd.
Yin Ling Elaine Wan, Director
Telephone: (852) 2331-7933
Facsimile: (852) 2330-0122