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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) announced a three-year curriculum cooperation agreement with urban partnerships in five cities for their new AR+ series curriculum. This initiative follows the successful launch of immersive AR courses over the past six months. Blue Hat has secured cash deposits ranging from RMB20,000 to RMB50,000 from each partner city to implement these courses in 70 schools in 2021, with plans to expand to about 150 schools. The CEO expressed optimism about the urban partnership model enhancing their market reach and growth opportunities.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported preliminary revenue of RMB23.0 million (approximately US$3.53 million) from its subsidiary, Csfctech, year-to-date, indicating steady growth since acquisition closure. Revenue breakdown shows 71% from self-developed games and 19% from joint operations. The core game, War of Fishing Kings, has over 3.0 million users with an 11% payment penetration. The company plans to enhance operations and introduce new RPG games, expecting further growth in their mobile games business.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has reported achieving a total transaction volume of RMB31 million (approximately US$4.77 million) through direct deals with China's top three mobile operators. This achievement is primarily attributed to an agreement signed with China Mobile for Telecom value-added services, contributing significantly to the transaction volume. CEO Xiaodong Chen expressed optimism about the future of their cooperation and indicated potential for further growth and stable profits as they continue to explore new opportunities.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has signed a two-year licensing agreement with Tencent QQ, starting March 1, 2021. This deal allows Blue Hat to use the QQ penguin logo and QQ emoji on its acoustic, photoelectronic combination toys, and bubble toys, including promotional materials, pending QQ's approval. QQ, an established social platform in China with around 617 million monthly active users, has made its logo and emoji cultural icons. The agreement aims to boost Blue Hat's market exposure and customer attraction.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported its financial results for FY 2020, achieving total revenues of US$30.2 million, a 26.7% increase from US$23.8 million in 2019. The fourth quarter saw revenues surge over 70% to approximately US$20 million. The net income reached US$8.3 million, down from US$9.1 million in the previous year, attributed to higher income tax expenses. Gross profit was US$14.0 million, down from US$16.3 million. The company ended 2020 with US$15.8 million in cash and equivalents and has made strategic acquisitions to boost growth.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) will release its financial results for the year ended December 31, 2020, after the market closes on April 7, 2021. A conference call will follow on April 8, 2021, at 8:30 a.m. ET, where the results and company strategy will be discussed. Investors can access the call via a webcast, and a replay will be available soon after. Blue Hat specializes in augmented reality (AR) interactive entertainment games, toys, and educational materials, leveraging proprietary technology to enhance user experience.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced that it will release its financial results for the year ended December 31, 2020, before the market opens on April 1, 2021. A conference call discussing these results and the company's strategy will take place on April 6, 2021, at 8:30 a.m. ET. Blue Hat specializes in augmented reality interactive games and educational materials in China, aiming to enhance user experience through integrating real objects with digital environments.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a three-year framework agreement with Kingsoft Cloud (NASDAQ: KC) effective August 14, 2020. This partnership aims to enhance Blue Hat's Internet Data Center (IDC) business, which serves as a secure hosting infrastructure for enterprises. The agreement follows Blue Hat's acquisition of Xunpusen Technology, leveraging its mobile marketing expertise. CEO Xiaodong Chen expressed optimism about future growth and expanding their customer base in mobile and gaming sectors.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has signed a three-year agreement with Zhong Ya International Education Investment Co., Ltd. to provide Augmented Reality Immersive Classes (ARIC) across 680 kindergartens in Guangdong Province. This partnership will enhance Blue Hat's educational offerings by developing a STEAM-focused curriculum, improving teacher training, and enriching teaching resources. CEO Xiaodong Chen anticipates a significant revenue increase from interactive education in 2021 as the rollout of ARIC begins.
On February 4, 2021, Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the successful closing of a registered direct offering. The company sold 7,160,000 ordinary shares at $1.06 each, generating total gross proceeds of $7,589,600. Additionally, unregistered warrants for 3,580,000 shares with an exercise price of $1.33 were issued. The proceeds will be allocated for general working capital purposes. The company's total outstanding shares post-offering now stand at 46,973,660.
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