Business
FORMATION OF NEW JV AND UPDATE ON SUNCITY CONTRACT
FORMATION OF NEW JV AND UPDATE ON SUNCITY CONTRACT.
About this update from Sealand Capital Galaxy Ltd.
[{"type":"text","content":"\n \nRNS Number : 7022P Sealand Capital Galaxy Limited 14 October 2019 \n\nFor release: 07.00 a.m., 14 October 2019\n \nSealand Capital Galaxy Limited\n(\"Sealand\", or the \"Company\")\n \nFORMATION OF NEW JOINT VENTURE AND UPDATE ON SUNCITY CONTRACT\n \nSealand Capital Galaxy Limited (LSE: SCGL) is pleased to give the following operational update and announce its next development in the cross-border advertising and marketing industries.\n \nNew Joint Venture Company (\"JV\")\nSealand has agreed with the \"Walk You Through The UK\" WeChat official account owner to form a new JV company (subject to approval from the Chinese government) which will provide advertising and marketing services with the owner of that account, Jiangmen Xiaoming Internet Technology Limited (company name translated from Mandarin Chinese). Sealand will hold the majority of the shares in the JV. The JV will use a variety of marketing schemes available on social media in China to provide competitive advertising, customer targeting and marketing solutions to a wide variety of merchants.\n \nThe \"Walk You Through The UK\" WeChat account has around 700,000 Chinese and British followers and is used by merchants to disseminate news of new products, promotions and 'hot topics' to the account's followers. The account provides effective and low-cost exposure for Chinese and British merchants to Chinese travelers and tourists. \n \nThrough the JV, Sealand will also launch the official account of \"Walk You Through The UK\" on two of the most popular short video social media applications in China; Douyin (also known as TikTok in other countries), a leading global short video platform with 500 million active users and Kuaishou, a platform with over 340 million active users. Sealand will create original short videos, aimed at providing interesting information to Chinese travelers on the UK and exposure to unique brand products, which can be offered by merchants to followers of the account. Adverts will be embedded in the short videos, as well as product introductions, promotions and links to make purchases.\n \nNew Sky Global: Contract Update\nIn May 2019, New Sky Global (\"NSG\"), a Hong Kong-incorporated digital marketing and advertising firm, 55% owned by Sealand, signed a new contract (the \"co...