28th Jul 2016 09:27
LONDON (Alliance News) - DJI Holdings PLC on Thursday said its partnership with Beijing NewNet Science & Technology Development Co Ltd has started "strongly" and said it expects to generate revenue from the partnership during August.
Under the partnership, announced in April, DJI is working with Beijing NewNet, which has a partnership with Xinhuatong Network Co Ltd and branch offices of Xinhua News Agency, the national news agency of China.
DJI has invested and is currently cooperating with Beijing NewNet to supply a platform to enable payment of bills through the Xinhua News application.
"These services have begun their launch and rollout through the app and are expected to commence revenue generation during August," Chief Executive Darren Mercer said.
"The directors believe that this revenue will accelerate as both the number of services and the provinces in which they are launched come on stream," Mercer added, noting that the partnership is expected to make a "substantial contribution" to revenue in the fourth quarter of 2016.
DJI said its plans for a secondary listing on NASDAQ are progressing well.
Shares in DJI were down 1.0% at 108.95 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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