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JX Luxventure Limited (formerly KBS Fashion Group Limited) has successfully completed its corporate name change and trading symbol transition on October 4, 2021. The company now trades on the Nasdaq as LLL. The name change reflects its commitment to casual menswear and tourism sectors, signaling a new phase of growth. Investors are advised to note that although future outlook is positive, it remains subject to various risks and uncertainties. For more details, visit the corporate website.
KBS Fashion Group Limited (NASDAQ: KBSF) announced that Sun Lei, CEO of Luxventure, was appointed President of the Cross-border Merchants Association of Hainan Province (CMA) on September 23, 2021. The CMA, designated by the Chinese government as the sole association for cross-border merchants, aims to assist members in exploring business opportunities and establishing standards. Sun Lei expressed gratitude for the recognition and emphasized the use of Luxventure's proprietary technologies to facilitate seamless cross-border transactions.
KBS Fashion Group Limited (NASDAQ: KBSF) announced a strategic agreement with Tianjin China Travel Cultural Development Company (TCTCD) on September 15, 2021. This collaboration aims to develop a cross-border BBC system to enhance TCTCD's access to Luxventure's products. With TCTCD managing 106 stores in Tianjin, this partnership targets approximately 13 million residents for expanded online and offline shopping experiences. CEO Sun Lei expressed confidence in the technology's adaptability and potential for broader company partnerships.
KBS Fashion Group Limited (KBSF) has announced a Supplier Agreement with Hainan Supply and Marketing Daji Digital Technology Industry Co., Ltd. (HSMDD), a subsidiary of Hainan Airline. This Agreement, effective August 31, 2021, allows HSMDD to integrate Luxventure's online store into its platform, providing Hainan Airline's 70 million annual passengers access to cross-border merchandise. CEO Sun Lei hailed the partnership as a testament to Luxventure's success, while CTO Liu Zie emphasized the importance of their proprietary technology in facilitating this collaboration.
KBS Fashion Group Limited (NASDAQ: KBSF) reported a remarkable 183% increase in total revenues for the first half of fiscal 2021, reaching $12.7 million, compared to $4.5 million in the same period of 2020. The tourism, airfare, and cross-border merchandise segments contributed $10.2 million in revenue, a significant rise from zero in the previous year. However, the gross margin dropped to 6% from 26%. The net loss for the period stood at $5.0 million, maintaining a diluted loss per share of $1.21.
KBS Fashion Group Limited (NASDAQ: KBSF) announced an Employment Agreement with CEO Sun Lei, serving a term of one year. The agreement specifies a cash compensation of USD 1.00, supplemented by stock compensation tied to annual revenues. For revenues of USD 10 million to USD 50 million, stock options range from 10,000 to 1 million shares. This agreement aims to align executive compensation with company performance, supporting KBS's growth strategy amid ongoing market challenges.
KBS Fashion Group Limited (NASDAQ: KBSF) filed its annual report on Form 20-F for the fiscal year ending December 31, 2020, with the SEC on May 17, 2021. The report highlights the significant growth of Luxventure, a social media-based e-commerce platform launched in Q3 2020, generating revenue of USD 1,355,374, representing a staggering growth rate of 1,355,374%. The company aims to leverage Luxventure's success to drive recovery in its casual menswear business, impacted by COVID-19.
KBS Fashion Group Limited (NASDAQ: KBSF) announced the formation of an Environmental, Social and Governance (ESG) Committee, aiming to enhance its sustainability practices. Chaired by Co-Chairman Li Hui Dan, the committee will oversee KBSF's environmental impacts and relationships with stakeholders. Additionally, KBSF's subsidiary, Luxventure, successfully closed an agreement with Lakala Payment Co., Ltd. for accepting Digital Renminbi, emphasizing the company's focus on digital payments and blockchain innovation in China.
KBS Fashion Group Limited (KBSF) announced the promotion of Liu Zie to Chief Technology Officer of Luxventure, effective April 5, 2021. Liu brings over 20 years of expertise in Blockchain, Artificial Intelligence, and the Internet of Things. Previously, he served as CTO of ZOL and managed a large development team. CEO Sun Lei highlighted Liu's significant contributions in developing internal management software. Liu expressed enthusiasm for advancing Luxventure's technology strategy, particularly in Blockchain and exploring opportunities like Non-fungible Tokens (NFTs).
KBS Fashion Group Limited (NASDAQ: KBSF) announced the closure of a Cross-Border Payment Agreement with Hainan New Generation Technology Co., Ltd. on March 15, 2021. This agreement allows Luxventure, KBS's social media platform, to facilitate online payments for cross-border transactions and to be the first operator from Hainan to test the digital Renminbi. CEO Sun Lei emphasized the significance of this achievement, highlighting Luxventure's commitment to blockchain applications and the evolution of digital payments.
