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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 that its subsidiary, Xunpusen Technology, generated approximately RMB30 million (USD $4.5 million) in revenue in its first four months. Following its acquisition, Xunpusen has leveraged its mobile marketing expertise, signing a cooperation agreement with China Mobile for telecom value-added services and Internet Data Center contracts. The Company anticipates Xunpusen could contribute over RMB100 million (USD $15.6 million) in annual revenue.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced its acquisition of 51% of Fuzhou Csfctech Co., Ltd., which will bolster its mobile gaming unit. Csfctech is developing five new games aimed at international markets, including titles like Qule King of Fishing War and Qule Battle The Landlord, expected to launch in 2021. The company anticipates monthly revenue of USD 0.3 million from these games. Blue Hat aims to leverage Csfctech's resources to enhance its market presence and drive revenue growth in the gaming segment.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a definitive agreement to acquire 51% of Fuzhou Csfctech Co., Ltd. for RMB51.2 million (approx. USD7.77 million). The acquisition will close around December 31, 2020 and aims to enhance Blue Hat's mobile gaming portfolio. Csfctech, a mobile game developer with an international presence, will allow Blue Hat to expand its distribution platforms and increase sales. The transaction includes performance guarantees tied to net profit benchmarks for 2020, 2021, and 2022.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a significant agreement with three preschools in Guangzhou to implement Augmented Reality Immersive Classes (ARIC). This move marks their strategic expansion in the Guangdong-Hong Kong-Macao Greater Bay Area. Previously, the company successfully demonstrated ARIC in eight other preschools. CEO Xiaodong Chen expressed optimism about the enthusiastic reception of ARIC, indicating further growth potential in the early education sector of the Greater Bay Area.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a partnership with China Mobile to enhance its telecom services and data center capabilities. This cooperation aims to improve customer relations, service delivery, and brand awareness through value-added services based on the Internet Plus model. CEO Xiaodong Chen noted that this collaboration has increased traffic for mobile products and enhanced customer interaction. The agreement is expected to drive sustainable profits and expand brand recognition for Blue Hat's AR products.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The Company's shares have traded below US$1.00 for 30 consecutive days, violating Nasdaq Listing Rule 5550(a)(2). The Company has until May 5, 2021 to regain compliance, during which it can remain listed. If it closes above US$1.00 for 10 consecutive days, compliance will be achieved. If not, it may be eligible for additional time or face delisting.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has partnered with six kindergartens in Xiamen, China, to implement Augmented Reality Immersive Classes (ARIC), aiming to engage over 50 kindergartens by year-end. The ARIC initiative uses existing school infrastructure to offer interactive learning experiences, providing real-time behavioral data for teachers and parents. CEO Xiaodong Chen highlighted the dual educational and entertainment value of their AR products, fostering personalized learning and closer home-school relationships.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a joint venture with Fujian Youth Hand in Hand Educational Technology and Guangzhou Tongsheng Education Technology to provide Augmented Reality Immersive Classes in Guangzhou over the next three years. The initiative aims to reach 320 preschools, with gradual implementation across three years. The company anticipates benefiting from the Greater Bay Area's educational informatization and aims to enhance its market share with well-received ARIC products.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has signed an updated Letter of Intent to acquire 51% of Fuzhou Csfctech Co., Ltd., a mobile game developer in China, aiming to enhance its AR interactive entertainment offerings. The acquisition, previously announced in late 2019, is projected to close in Q4 2020, pending due diligence and regulatory approvals. The deal's value is tied to Csfctech's performance, with guarantees set for net profits through 2022. This strategic move aims to integrate resources and expand market reach across Asia and Africa.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced positive results from its Direct-to-Consumer (DTC) partnership with Xing Meng Wei Lai on Sept. 23, 2020. Over an initial two-month period, live shows drew an audience of over 50,000, achieving a 20% click-through rate—significantly higher than the industry average of 10%-12.5%. The transaction conversion rate reached nearly 7%, with around 250 products sold, establishing a solid foundation for content e-commerce. CEO Xiaodong Chen expressed optimism about future marketing initiatives and ongoing customer engagement.
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