SOS Ltd. Announces Strategic Cooperation Agreement with Qingdao West Coast Healthcare Development Group
SOS Limited (NYSE: SOS) has entered a strategic agreement with Qingdao West Coast Healthcare to enhance health management and virtual healthcare services. Founded in 2018, Qingdao Healthcare operates over 3,000 hospitals and 100 senior centers, focusing on innovative healthcare solutions and expanding public health services as part of China's Healthy China 2030 initiative. The partnership aims to leverage big data, AI, and cloud computing, potentially increasing user base by 3 million, 7 million, and 10 million by 2023, and generating an estimated revenue increase of approximately RMB 500 million, 600 million, and 900 million from 2021 to 2023.
- Strategic partnership with Qingdao Healthcare expected to expand health service offerings.
- Projected user growth of 3 million, 7 million, and 10 million from 2021 to 2023.
- Estimated revenue increases of RMB 500 million (USD 76.3 million), RMB 600 million (USD 91.6 million), and RMB 900 million (USD 137.4 million) from 2021 to 2023.
- None.
QINGDAO, China, Dec. 16, 2020 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that it entered into a strategic cooperation agreement with Qingdao West Coast Healthcare Development Group Co., Ltd ("Qingdao Healthcare") to cooperate in the area of health management, virtual healthcare, circulation of drugs and medical devices, senior care, and commercial insurance.
Founded in 2018, Qingdao West Coast is a state-owned enterprise incorporated in May 2018 with a registered capital of RMB 500 million. . It is a healthcare conglomerate with more than 3000 cooperative hospitals and more than 100 senior centers. Its hospitals utilizes internet technology to provide online and offline healthcare services. It collaborates with many national renowned pharmaceutical companies and medical institutions to develop innovative healthcare solutions. Qingdao Healthcare utilizes its smart healthcare solutions to implement the "Healthy China 2030" strategy, which is centered on achieving key goals such as improving general health conditions, raising life expectancy, effective control on main health-endangering factors, improvement in health services and expansion in the health industry by 2030. Qingdao Healthcare's mission is to fix the imbalance of public health services by integrating existing medical resources with a focus on continuously improving the level of medical and health services to the local community.
The strategic cooperation agreement establishes SOS and Qingdao Healthcare's plan to jointly promote the application and development of innovative healthcare solutions. To improve professional healthcare management and emergency rescue services, the parties plan to utilize big data, cloud computing, Internet of Things, blockchain, and artificial intelligence. Based on both parties' combined efforts to specialize in the promotion of a virtual healthcare platform via the Internet, mobile applications, and artificial intelligence robots, the strategic partnership is expected to enhance both parties' core competitiveness.
Upon entering into the collaboration, it is estimated that both parties' number of users will increase by 3 million, 7 million, and 10 million in 2021, 2022, and 2023, respectively. Additionally, with cross promotion of shared services to users, the business revenue from each party is expected to increase by RMB 500 million (approximately USD 76.3 million), RMB 600 million (approximately USD 91.6 million), and RMB 900 million (approximately USD 137.4 million) in 2021, 2022, and 2023, respectively.
The parties plan to enter into definitive agreement with concrete terms of cooperation in the near future.
SOS Chairman Yandai Wang commented, "We are excited to partner with Qingdao Healthcare through this new strategic cooperation agreement. Health innovation and technology solutions will allow further expansion of our user base with enhanced healthcare services. By combining our core competitive advantages in SOS cloud emergency rescue service software as a service (SaaS) platform with Qingdao's Healthcare's healthcare-related support management, we believe that we will become better equipped to help our customers enjoy a one-stop healthcare experience. We believe that this collaboration will also play a critical role in driving the development and market penetration of SOS' business in the medical and healthcare field."
About SOS Limited
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. For more information, please visit: http://www.sosyun.com/
About Qingdao West Coast Healthcare Development Group
Qingdao West Coast is a state-owned enterprise incorporated in May 2018 with a registered capital of RMB 500 million. It is a healthcare conglomerate with more than 3000 cooperative hospitals and more than 100 senior centers. Its hospitals utilizes internet technology to provide online and offline healthcare services. It collaborates with many national renowned pharmaceutical companies and medical institutions to develop innovative healthcare solutions. For more information, please visit: http://yljkjt.com/medicalgroupweb/webinfo/jtabout?menuid=129#
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;, SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities market acceptance of our products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on our business, our research programs, healthcare systems or the global economy as a whole; our intellectual property; our reliance on third party organizations; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our products, product pricing, timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans and expectations, including the introduction of new products and markets; and our cash needs and financing plans and etc. 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. SOS may not realize its expectations, and its beliefs may not prove correct. 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. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS 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
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