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.
Pursuant 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.
According 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.
Mr. Victor He, Chairman and Chief
Executive Officer of Scienjoy, commented, "We are excited to make
another move toward our business strategy of building live
streaming E-Commerce, MCN development, and live streaming metaverse
ecosystem. Located in one of the wealthiest regions in China, Hangzhou is a spectacular city in the Yangtze
Delta River region with a superior business environment and
tremendous business opportunities. The city of Hangzhou will provide us an opportunity to
grow our roots in the region and expand our business presence and
influence on the broader China
market as well as around the globe. Our new base in Hangzhou will be the home for our living
streaming E-Commerce and metaverse ecosystem business. Leveraging
the resources and business opportunities in the region, we are
determined to develop and expand our metaverse related business.
With our dedicated commitment and effort, we are confident that
Scienjoy will be well-positioned to grow in the living streaming
industry and generate more value for our shareholders."
About Scienjoy Holding Corporation
Founded in 2011, Scienjoy is a leading mobile livestreaming
platform in China, and its core
mission is to build a livestreaming service ecosystem to delight
and entertain users. With over 300 million registered users,
Scienjoy currently operates five livestreaming platform brands,
including Showself, Lehai, Haixiu, BeeLive, which features both the
Mifeng Chinese version and BeeLive International version, and
Honle.tv. Scienjoy uniquely combines a gamified business approach
to livestreaming, in-depth knowledge of the livestreaming industry,
and cutting-edge technologies such as blockchain, augmented reality
(AR), virtual reality (VR), and big data, to create a unique user
experience. Scienjoy is devoted to building a livestreaming
Metaverse to provide users with the ultimate immersive experience,
a social media network that transcends time and space, a digital
community that spans virtual and physical reality, and a
content-rich ecosystem. For more information, please visit
http://ir.scienjoy.com/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; the ability to obtain
additional financing in the future to fund capital expenditures;
fluctuations in general economic and business conditions; costs or
other factors adversely affecting the Company's profitability;
litigation involving patents, intellectual property, and other
matters; potential changes in the legislative and regulatory
environment; a pandemic or epidemic. The forward-looking statements
contained in this release are also subject to other risks and
uncertainties, including those more fully described in the
Company's filings with the Securities and Exchange Commission
("SEC") from time to time. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Such information speaks only as of the
date of this release.
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SOURCE Scienjoy Holding Corporation
