SOS Ltd. Announces its Plans After Settling on the West Coast of Qingdao

Rhea-AI Summary

SOS Limited (NYSE: SOS) announced its future plans after relocating to Qingdao's west coast. The company aims to invest around US$1 billion in a financial data cloud headquarters, with US$50 million earmarked for the initial phase. Through its subsidiary, SOS Information Technology, the firm provides emergency rescue services utilizing big data and cloud computing. Over five years, it plans to develop a comprehensive ecosystem for rescue and insurance services while expanding into international markets including India and the US.

Positive

• Planned investment of approximately US$1 billion to establish a financial data cloud headquarters.
• Initial phase investment of US$50 million to kickstart development.
• Development of a comprehensive ecosystem for emergency rescue and insurance services.
• Expansion plans into populous international markets such as India and the United States.

Negative

• None.

QINGDAO, China, July 29, 2020 /PRNewswire/ -- SOS Limited, (NYSE: SOS) (formerly China Rapid Finance Limited, the "Company") today announced its plans for the future after it has settled on the west coast of Qingdao.

SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS is focused on the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence. We have created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories, including basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud (News Today, E-Commerce Today). This system provide marketing-related data, technology solutions, and technology-driven big data to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers and other service providers in the emergency rescue services industry. SOS has obtained a national high-tech enterprise certification, the title of "big data star enterprise" awarded by Gui'an New District Government, and has registered 11 software copyrights and 2 patents.

As previously disclosed, on July 17th, 2020, SOS officially entered into a cooperation agreement with Qingdao West Coast New District Management Committee, a branch office of the Qingdao government, for the relocation of the Company's headquarters.

According to the cooperation agreement, SOS will invest in building a financial data cloud headquarters in Qingdao. The Company's aim is to build a comprehensive main headquarters encompassing the fields of investment, health management, insurance, financial factoring, emergency rescue, and data cloud center. The total planned investment is estimated to be around US$1 billion, and the first phase of the investment will be around US$50 million. Present at the signing ceremony were Mr. Yonghong Sun, Deputy Mayor of Qingdao city, Mr. An Zhou, Mayor of the West Coast New Area, Mr. Yandai Wang, the CEO of the Company, and Messrs. Jonathan Zhang and Wenbin Wu, independent directors of the Company.

In the next five years, we aim to create a complete ecological rescue, insurance, and safety testing service system, and enter India, Europe, the United States and other populous countries to create an international rescue service. Through big data and cloud computing service platforms, we plan to improve the entire internationalized rescue service, insurance, security testing, intelligent software and hardware, big data, cloud computing and other intelligent service systems.

About SOS Limited

SOS Limited (NYSE: SOS) is a holding company providing marketing data, technology and solutions to the emergency rescue services in China. The Company provides a wide range of services to its corporate and individual members in China through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS"). SOS also provides various types of membership cards to individual members in large corporations as part of employee benefits. Its products include SOS Medical Rescue Card, SOS Auto Rescue Card, SOS Financial Rescue Card, and SOS Life Rescue Card. SOS utilizes cloud and other cutting-edge technologies to provide marketing solutions in a new fashion, including its app based mobile platform, cloud call centers and large data centers. SOS has contractual service agreements with major banks, insurance companies, internet companies, and telecom providers in China. 

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and XRF's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. XRF's SEC filings are available publicly on the SEC's website at www.sec.gov. XRF disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE SOS limited

FAQ

What are SOS Limited's future plans as announced on July 29, 2020?

SOS Limited plans to invest around US$1 billion in a financial data cloud headquarters and expand its services internationally.

How much is the initial investment by SOS Limited for its headquarters in Qingdao?

The initial investment for the headquarters is US$50 million.

What types of services does SOS Limited provide?

SOS Limited provides marketing data, technology, and solutions for emergency rescue services, including products for medical and financial rescue.

What recognition has SOS Limited received for its technology?

SOS Limited has obtained a national high-tech enterprise certification and has been recognized as a 'big data star enterprise'.

What is the significance of the cooperation agreement entered into by SOS on July 17, 2020?

The cooperation agreement facilitates SOS Limited's relocation of its headquarters and outlines its investment strategy in Qingdao.