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Recon Announces FGS' Strategic Cooperation with Gao Deng to Deepen ETC Service Market
BEIJING, June 30, 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, June 30, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\") today announced that its subsidiary Future Gas Station (Beijing) Technology Company Limited (\"FGS\") and An Hui Gao Deng Wei Xing Technology Ltd (\"Gao Deng\"), signed a strategic cooperation agreement (\"Agreement\"). According to the Agreement, the parties establish strategic cooperation on refueling services, electronic fuel coupon sales, and development and issuance of electronic fuel cards. The cooperation will be based on the online refueling channel FGS developed for the China National Petroleum Corporation (\"CNPC\") and Gao Geng's client base and the electronic toll collection (\"ETC\") payment scenario, with the purpose to provide a more convenient refueling experience for vehicle owners and maintain more long-term loyal users of CNPC gas stations.\nGao Deng is a fully owned subsidiary of Shen Zhen Gao Deng Computer Technology Co., Ltd (\"Gao Deng Technology\"), and the largest shareholder of the latter is Shenzhen Tencent computer system Co., Ltd (\"Tencent\"). The major product of Gao Deng is a software known as \"ETC Assistant App\", which is the first product in China to realize the closed loop of online application for ETC for buses. It binds WeChat payment with a complete set of solutions for password-free payment after passing tolls, issuance of trip tickets and electronic invoices based on the open capacity of Tencent's technologies, combining WeChat payment, WeChat applet, Tencent cloud, Tencent YouTu and Tencent billing, etc. According to Gao Deng, its ETC Assistant App has an average daily visit of millions of users, with the highest daily application volume exceeding 100,000. It is an important channel for online issuance of ETC cards in China. By the end of 2019, ETC Assistant has a coverage of 35 million ETC vehicle owners, accounting for about 20% of the total number of ETC vehicle owners in China.\nManagement Comments\nMr. Song Yang, a founder and the CEO of FGS, said, \"We are very pleased to work with Gao Deng to provide more convenient service experiences for vehicle owners based on the ETC refueling scenario, and help Gao Deng improve its ETC service ecology and its smart travel business. Through our solution, Gao Deng can further optimize its operation process of ETC refueling payment process...