HANGZHOU, China, Feb. 23, 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 revenue of
their upgraded crowdfunding platform has been growing at a rate of
30% per month. The updated platform includes over 2,000 cooperation
repair agency partnerships, which generate over RMB 4 million in revenue on a monthly basis since
January 2018. The Company intends to
rapidly replicate the upgraded platform's existing model in more
cities with mature markets, in the near future. Further, the
Company plans to integrate the upstream and downstream links of the
auto parts supply chain, with blockchain and smart contract
technology in order to explore the tremendous after-sales auto
services market in China.
As previously disclosed in the press release on November 6, 2017, the Company and Mr.
Jiawei Cao formed a joint venture in
China, namely, Hangzhou Dacheng
Automotive Technology Service Co., Ltd ("HDATS"). This strategic
relationship was intended to strengthen the objectives and growth
of the Company as an innovative business service provider; as well
as compliment the current platform with an additional transaction
model that generates rewards for users and customers. The Company
and Mr. Cao each own 60% and 40% of the equity interest of HDATS,
respectively. The Company's platform has been upgraded to set-up a
business ecosystem, which enables customers of internet
auto-insurance to take full advantage of the full range of offline
services provided by auto service providers. This new component of
the LYL platform allows car owners to buy auto insurance on LYL's
platform and, in return, to receive rewards vouchers, eligible for
auto services to be provided by partner auto service providers.
Mr. Jianjun Sun, Chairman and
Chief Executive Officer of Dragon Victory International Limited,
commented, "We are pleased at the progress of our next generation
platform. As we continue to integrate the newest and most useful
burgeoning technologies in our platform, we expect our platform to
continue to grow in popularity as Dragon Victory maintains its
position as the leading public crowdfunding company."
Mr. Fred Gu, the Chief Financial
Officer of Dragon Victory International Limited, elaborated, "We
expect this joint venture to raise RMB 30
million in revenue by March
31st, 2019. We believe this is an excellent
demonstration of the flexibility of our platform and our ability to
integrate innovative new business models and adapt to the specific
needs of specialized industries. We are optimistic that this
experience will lead to future collaboration and the production of
value for Dragon Victory International and our business
partners."
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:
Company Contact:
Bo Lyu, the Board Secretary
Dragon Victory International Limited
Email: lb@dvintinc.com
Phone: +86-15157527297
Investor Contact:
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