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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) 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.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a registered direct offering of 7,160,000 ordinary shares at $1.06 each, totaling $7.59 million in gross proceeds. The offering also includes unregistered warrants for an additional 3,580,000 shares at an exercise price of $1.33. The offering is set to close around February 3, 2021. Post-offering, there will be 46,973,660 shares outstanding. The company plans to utilize these funds for business expansion and strategic initiatives.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported preliminary unaudited financial results for Q4 2020, revealing a remarkable 70% revenue increase to approximately US$20 million, up from US$11.8 million in Q4 2019. This growth was largely attributed to the successful acquisition of Xunpusen Technology Co., Ltd., which bolstered the Company's new Internet Data Center (IDC) business. The official Q4 and full-year results are expected to be released in March 2021.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has completed the acquisition of 51% of Fuzhou Csfctech Co., Ltd. for RMB 51.2 million (approx. USD 7.77 million). Csfctech is known for its mobile games and has over 100 titles available on various platforms. The deal involves cash and newly issued shares, adhering to performance targets including RMB 15 million for 2020, which was achieved. The acquisition aims to enhance Blue Hat's interactive gaming portfolio and global reach.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has announced it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. As of January 25, 2021, the company's ordinary shares had a closing bid price above the $1.00 minimum for 10 consecutive business days. Nasdaq has confirmed the matter is now closed. Blue Hat specializes in augmented reality (AR) entertainment games, toys, and educational materials, aiming to create engaging user experiences through innovative technology.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has signed a three-year licensing agreement with Cup of Cosmo Studio for the use of the WUHUANGWANSHUI intellectual property, effective January 1, 2021. This partnership allows Blue Hat to utilize the IP images for toys, marketing materials, and sales on its e-commerce platform. WUHUANGWANSHUI, a recognized brand in Chinese pop culture with over 30 million online fans, has generated over RMB2 billion in licensed product sales. CEO Xiaodong Chen anticipates this collaboration will enhance brand recognition and customer engagement.
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