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Blue Hat Interactive Entertainment Technology Ordinary Shares (Nasdaq: BHAT) is a pioneering player in the development and commercialization of augmented reality (AR) interactive entertainment games and toys in China. The company's extensive portfolio includes products such as AR Racer, AR Crazy Bug, AR 3D Magic Box, AR Dinosaur, Talking Tom and Friends Bouncing Bubble, and Immersive Education Classes.
BHAT segments its operations into Interactive toys - animation series, Interactive toys - game series, Mobile games, Information services, and Communication services. The game series is the company's leading revenue generator, with the majority of its revenues stemming from the Chinese market.
In recent developments, BHAT has made significant strides in transforming its business model. On August 15, 2023, the company completed a $29.8 million issuance of ordinary shares, marking a notable advancement in its pivot towards commodity trading, particularly in gold and jewelry. This shift, guided by CEO Mr. Xiaodong Chen, aims to create sustainable value for global shareholders.
The company has also strategically realigned its leadership, appointing Mr. Pan Weicheng as the Chief Strategy Officer in May 2023, and has divested its Variable Interest Entity (VIE) structure within mainland China. BHAT's future growth strategies are aimed at expanding its business focus to Southeast Asia and the United States while leveraging artificial intelligence (AI) to enhance its commodity trading framework.
Further illustrating its commitment to AI, on March 19, 2024, BHAT announced its entry into AI financial services through its subsidiary, Golden Strategy Ltd. The company envisages a three-stage development plan for AI technology: infrastructure construction, revenue increase potential, and productivity enhancement. This strategic shift is poised to address the evolving market dynamics and the growing interest in AI technology applications in the financial sector.
Moreover, on May 15, 2024, BHAT introduced an AI digital person named 'Aileen' as its Chief Information Officer (CIO). Aileen's role is to collect industry information and support decision-making processes, reflecting BHAT's innovative approach in integrating AI with real-world business scenarios.
BHAT is on a transformative journey, embracing cutting-edge technologies and strategic realignments to enhance its market position and drive future growth.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), traditionally known for its games and toys business, is undergoing a transformation towards commodity trading, focusing on precious metals like gold. The shift is due to shrinking revenues from their original business, exacerbated by COVID-19. BHAT has divested unprofitable ventures and has established partnerships with Macau Rongxin Precious Metals Company and Dubai's GTC GROUP Utilizing AI technology, BHAT aims to innovate the gold trading sector with products like an intelligent gold supply chain and a gold derivatives trading platform. The company aspires to become a leading 'Smart Gold Trading Platform' on Nasdaq.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a Letter of Intent (LOI) to acquire 60% of GTC Multi Trading DMCC (GTCM), a fintech company in the UAE. The acquisition will be carried out through the issuance of ordinary shares and signifies a strategic movement towards AI-driven financial services. CEO Chen Xiaodong emphasized the shift towards fintech and AI innovation. GTCM's founder, Mr. Zheng, expressed enthusiasm for leveraging AI technology to advance financial transactions and customer service. This partnership aims to enhance BHAT's position in the global fintech sector.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the appointment of an AI digital person, Aileen, as its new Chief Information Officer (CIO) on May 15, 2024. The company developed Aileen using advanced AI and gaming technologies to create a highly realistic digital persona with sophisticated language interaction capabilities. Aileen will collect industry information and support decision-making for BHAT's management team. Furthermore, Aileen will interact with investors and media on the company's website. CEO Chen Xiaodong emphasized the transformative potential of AI in business, predicting significant opportunities for small and medium-sized companies utilizing AI technologies.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced its audited financial results for the Fiscal Year 2023, with a revenue increase of 33 times compared to the previous year. The company achieved a revenue of $73.68 million in 2023, primarily driven by the robust expansion of its commodity trading business, particularly in jewelry and gold trading. Despite the significant revenue growth, Blue Hat reported a net loss of $21.72 million for Fiscal Year 2023, attributed to bad debts and asset impairment from divested businesses. However, the new business line of commodity trading contributed a profit of nearly $1.2 million. CEO Mr. Chen Xiaodong highlighted the company's strategic transition and plans for further expansion in commodity trading, online gold derivatives trading, and embracing artificial intelligence.
Blue Hat Interactive Entertainment Technology (BHAT) reported disappointing financial results for the second quarter and first half of 2022. Total revenues fell to US $1.7 million, down 71.1% from the previous year, largely due to the adverse impact of COVID-19 lockdowns in China. The company posted a net loss from continuing operations of US $3.4 million in Q2, compared to a net income of US $0.7 million a year earlier. For the first half, revenues dropped 78.2% to US $2.0 million, with a net loss of US $6.2 million. As of June 30, 2022, cash reserves were US $0.3 million.
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