Business
Scienjoy Enters into Agreements to Obtain Business Controls of Operation in Hangzhou to Facilitate its Business Expansion
BEIJING, June 17, 2022 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We") (Nasdaq: SJ), a leading live entertainment mobile
About this update from Scienjoy Holding Corporation
[{"type":"text","content":"BEIJING, June 17, 2022 /PRNewswire/ -- Scienjoy Holding Corporation (\"Scienjoy\", the \"Company\", or \"We\") (Nasdaq: SJ), a leading live entertainment mobile streaming platform in China, today announced on June 1, 2022, Scienjoy entered into definitive agreements (the \"Agreements\"), through its wholly-owned subsidiary, Sixiang Infinite (Zhejiang) Culture Technology Co., Ltd., with Sixiang Qiyuan (Hangzhou) Culture Technology Co., Ltd. (\"Sixiang Qiyuan\") and its shareholders. After the Agreements become effective, Scienjoy will commence its operations in Hangzhou to facilitate the Company's business expansion, which represents the Company's strategic initiatives to integrate its supply chain and local resources and leverage geographic advantages to achieve rapid growth in live streaming E-Commerce, Multi-Channel Network (\"MCN\") development, and the development of a Metaverse Ecosystem.\nPursuant to the Agreements, the Company in substance obtained control over all equity shares, risks, rewards of Xiuli (Zhejiang) Culture Technology Co., Ltd., Leku (Zhejiang) Culture Technology Co., Ltd., Haifan (Zhejiang) Culture Technology Co., Ltd., Xiangfeng (Zhejiang) Culture Technology Co., Ltd. and Hongren (Zhejiang) Culture Technology Co., Ltd.\nAccording to the 2021 Annual E-Commerce Live Streaming Development Report of Zhejiang Province published by the Zhejiang E-Commerce Promotion Association in February 2022, the e-commerce live streaming market of Zhejiang province reached RMB609.2 billion in sales volumes in the first ten months of 2021, accounting for 28.4% of the sales of China. Zhejiang is ranked No.1 in sales volume among all provinces, posting an increase of 124.6% year over year. The growth rate in Zhejiang is higher than in other major provinces. The sales from Hangzhou surged to RMB502.5 billion, representing 82.5% of the sales in the entire province. Hangzhou is ranked No.1 on sales in Zhejiang province, with a 128.4% increase year over year. Hangzhou, the predominant city of E-Commerce business in China, features a comprehensive and mature ecosystem in all aspects of the e-commerce live streaming industry. For more information about the report, please visit the website at https://xw.qq.com/cmsid/20220303A0AUY100.\nMr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, \"We are excited to make ...