Business
BGM Acquires YX to Strengthen AI Strategy for Its Intelligent Platform
CHENGDU, China, March 19, 2025 /PRNewswire/ -- BGM Group Ltd. (the "Company" or BGM) (NASDAQ: BGM) today announced that it has signed a definitive agreement
About this update from Bgm Group Ltd.
[{"type":"text","content":"CHENGDU, China, March 19, 2025 /PRNewswire/ -- BGM Group Ltd. (the \"Company\" or BGM) (NASDAQ: BGM) today announced that it has signed a definitive agreement with the existing shareholders of YX Management Company Ltd. (\"YX\"), a smart mobility technology company. Under the agreement, BGM will acquire 100% of the equity interests of YX by issuing 47.5 million class A ordinary shares to its existing shareholders, valuing YX at US$95.0 million. This acquisition is based on the exceptional expertise and experience of the YX team in scalable operations, digital infrastructure development, and technology commercialization. The integration of this team will accelerate the AI-driven strategic upgrade of BGM's intelligent platform, DuXiaoBao, injecting new momentum into the Company's future growth. The transaction is expected to be completed by June 2025. As a result, YX's existing shareholders will collectively hold approximately 32.8% of BGM's total outstanding and issued ordinary shares and approximately 2.2% of its voting power.\n\nThe YX team comprises proven executives and technology experts from China's leading internet companies, including Alibaba and Didi. They bring extensive experience in building and optimizing large-scale platforms. Its core members have played pivotal roles in major projects such as Taobao Mobile, Fliggy Travel, Didi's ride-hailing services, and China's national health code system, leading initiatives in large-scale user system architecture, digital transformation of complex business processes, and AI-driven commercialization. The team not only possesses deep expertise in scalable operations and complex system architecture but also extensive experience in public-private partnerships, cross-sector resource integration, and AI applications. Their addition will bring proven business model optimization, strong industry collaboration networks, and forward-looking technology commercialization strategies, further advancing the technological evolution and business expansion of DuXiaoBao.\nMr. Chen Xin, CEO of BGM, commented: \"The integration of the YX team with DuXiaoBao will create a 'multiplier effect' through deep industry breakthroughs, digital technology reinvention, and ecosystem synergy. Their expertise in large-scale platform development, AI commercialization, and industry collaboration will accelerate ...