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Press Release

Wecast to Form Joint Venture with He Ying Private Equity Fund

- JV, which will be named Seven Stars He Ying Smart Cloud, will be 51% owned by Wecast Network

NEW YORK, June 16, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST) announced today the formation of a Joint Venture ("JV") called Seven Stars He Ying Smart Cloud ("SSHY"), with Beijing HE YING Fund Management Limited ("He Ying").  The JV, which will be 51% owned by Wecast and be added to the Product Sales Cloud, will focus on several strategic areas using Wecast's burgeoning BASE + VPaaS infrastructure:  supply chain finance, supply chain management and financial settlement for both the automotive and commodities industries as well as a global commodity index exchange module based on the NextGen Exchange Group's existing platform, trading system and technology (as previously announced, Wecast recently acquired 51% of NextGen Exchange Group).

To facilitate the cross-border supply chain finance segment of the JV, SSHY and Wecast will establish a limited partnership fund in China, with SSHY responsible for raising RMB 50 Billion ($7.4 Billion USD) from investment partners such as government entities, banks and insurance companies over the next 18 months.  Since 2015 (and separate from the JV that is being announced today), He Ying's management has raised RMB77 Billion in private equity funds.  Wecast will oversee the management and business development of the JV's operations and projects. 

Once fully operational, the supply chain finance fund could theoretically convert each dollar from the fund into the generation of 6-10x sales turnover over a 12 month period, with average gross margins for the commodity and automobile industry, of 1-3%.

About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)

Wecast Network (NASDAQ: WCST) is aiming to be the leading provider of total B2B business solutions for today's constantly evolving business landscape.  With a focus on 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power our V PaaS (Virtual Platform as a Service), WCST is creating a closed trade ecosystem for buyers and sellers designed to eliminate supply chain and transactional middlemen and create a more direct and margin-expanding trading path for principals.  WCST is applying BASE + V PaaS to focus on 3 Core Cloud Areas: I. Brand, Content & Intellectual Property Cloud; II. Product Sales Cloud; III. Transactional Finance Product Cloud.  With the three clouds functioning both independently and interdependently, Wecast is creating a vertical, transactional and flexible platform for today's global enterprises.

The Company's mission and vision is to be the world's leading cloud-based, total B2B enterprise solution & platform provider that empowers businesses to grow with Big Data technology.

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT: 
Jason Finkelstein                                 
Wecast Network, Inc.                                    
212-206-1216                                            

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wecast-to-form-joint-venture-with-he-ying-private-equity-fund-300475204.html

SOURCE  Wecast Network, Inc.

 

Source: PR Newswire (June 16, 2017 - 9:09 AM EDT)

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