Business
Recon Announces FGS' Partnership with Ping An WanLiTong and PetroChina to Promote Deep Expansion of Ping An Group's Business in Energy and Transportation Sector
BEIJING, May 25, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that its subsidiary Future Gas Station
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, May 25, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\") today announced that its subsidiary Future Gas Station (Beijing) Technology Company Limited (\"FGS\"), Shenzhen Wanlitong Network Information Technology Co., Ltd (\"WanLiTong\"), a subsidiary of Ping An Insurance (Group) Company of China, Ltd. (\"Ping An\") managing Ping An's loyalty points program (the \"Program\"), and Zhejiang Sales Branch of PetroChina Co., Ltd. (\"PetroChina\") signed a business cooperation agreement (the \"Agreement\") to further promote Ping An's business expansion plans and the Program in PetroChina's gas stations in Zhejiang, China.\nPursuant to the Agreement, the parties will cooperate to facilitate the sales of oil products in PetroChina's gas stations with a favorable price available to Ping An's customers and loyalty points consumption under the Program. The Program offers point accrual and point exchange and acts as a points redemption platform. FGS will act as the technical service provider to connect PetroChina's system with the Program's system so the Program's members could refuel at PetroChina's gas stations and finish the payment through the Program. Through this cooperation, the 600 million members of the Program will be able to redeem their points into coupons and use the coupons as part of the payment when refueling at PetroChina's gas stations. \nManagement Comments\nMr. Song Yang, a founder and the CEO of FGS, said, \"We are pleased to establish a further deep partnership with Ping An. We will assist the two leading groups in China, PetroChina and Ping An, to achieve cross-platform cooperation, data interoperability and membership program sharing. With this cooperation, FGS will assist PetroChina to further drive sales by boosting digital transactions, and also encourage the drivers to purchase goods sold in the convenient stores associated with PetroChina's gas stations. At the same time, by empowering Ping An's 'Pocket Bank' and 'E-WALLET' mobile applications, we will also be able to help PetroChina export more benefits to Ping An's millions of loyal customers in a timely manner. Our ultimate goal is to work together to provide a more convenient and faster refueling experience for vehicle owners.\"\nMr. Song Yang added, \"We started to cooperate with Ping An and PetroChina through ...