HANGZHOU, China, May 18, 2018 /PRNewswire/ -- Dragon Victory
International Limited ("LYL" or the "Company"), a company offering
reward-based crowdfunding opportunities and quality incubation
services to entrepreneurs in China, announced today that the Company has
entered into a Strategic Cooperation Agreement (the "Agreement")
with the Hangzhou Shangcheng District People's Government for
Incubator Listing Service. The purpose of signing the Agreement is
to support the implementation of the Company's involvement in the
Phoenix Action Plan (the "Phoenix Plan") intended to attract
high-quality public companies to Hangzhou Shangcheng District.
On October 9, 2017, the deputy
Secretary of the CPC Provincial Committee and Governor of Zhejiang
Province Yuan Jiajun formally announced the Phoenix Action Plan.
The Phoenix Plan works to promote the public listing of companies,
as well as merger and acquisition activity, in the expectation
these activities will assist in deepening supply-side structural
reform, upgrading the economy, and improving core
competitiveness.
Pursuant to the Agreement, the Company is expected to use its
own resources and platform to provide one-stop incubator listing
services for private companies in Hangzhou Shangcheng District to
list their companies in overseas markets. The one-stop incubator
listing services includes pre-listing preparation, due diligence,
project management for listing process, general listing
coordination, corporate restructuring, coordinating financial
public affairs, and other related activity. As part of the
Agreement, Hangzhou Shangcheng District People's Government is
expected to provide financial support policies, support for
financial talent, headquarters relocation subsidies, comprehensive
ancillary services, subsidies for public listing expenses, and
preferential policies for companies to move to Industry Park in the
Hangzhou Shangcheng District.
Mr. Jianjun Sun, Chairman and
Chief Executive Officer of Dragon Victory International Limited,
commented, "We view this agreement as an important step forward for
the future of Dragon Victory, the development of public markets in
China, and more broadly,
crowdsourcing and startup enterprises in China. By providing these public listing
services as part of our incubation program, we believe we will
facilitate capital market expertise and demystify the process of
public listing while maintaining the highest standards of due
diligence, in a manner aligned with government policy. We are
excited to partner with Hangzhou Shangcheng District and are
pleased with the potential of this agreement."
About Dragon Victory International Limited
Incorporated in 2015 and headquartered in Hangzhou, Dragon Victory International Limited
("LYL" or the "Company") offers reward-based crowdfunding
opportunities in China to
entrepreneurs and funding sources through a fast-growing
reward-based crowdfunding platform at www.5etou.cn. 5etou is
designed to enable small- and medium-sized companies, start-ups and
idea generators to raise funding from participants through the
Internet. The Company also provides quality business incubation
services and financial services to entrepreneurs and business
entities with funding needs who utilize our crowdfunding platform.
More information is available at www.dvintinc.com.
Forward-Looking Statements
This press release contains information about the Company's
view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may
differ materially from historical results or those indicated by
these forward-looking statements as a result of a variety of
factors including, but not limited to, risks and uncertainties
associated with its ability to raise additional funding, its
ability to maintain and grow its business, variability of operating
results, its ability to maintain and enhance its brand, its
development and introduction of new products and services, the
successful integration of acquired companies, technologies and
assets into its portfolio of products and services, marketing and
other business development initiatives, competition in the
industry, general government regulation, economic conditions,
dependence on key personnel, the ability to attract, hire and
retain personnel who possess the technical skills and experience
necessary to meet the requirements of its clients, and its ability
to protect its intellectual property. The Company encourages
you to review other factors that may affect its future results in
the Company's registration statement and in its other filings with
the Securities and Exchange Commission.
For more information, please contact:
In China:
Bo Lyu, the Board Secretary
Dragon Victory International Limited
Email: lb@dvintinc.com
Phone: +86-15157527297
In the United
States:
Tina Xiao, President
Ascent Investor Relations LLC
Email: tina.xiao@ascent-ir.com
Phone: +1-917-609-0333
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SOURCE Dragon Victory International Limited