UCLOUDLINK GROUP INC. Announces Strategic Equity Investment Listing on China's Over-the-counter Market

Rhea-AI Summary

UCLOUDLINK GROUP INC. (NASDAQ: UCL) has announced the successful listing of its partner, Beijing Huaxianglianxin Technology Co., Ltd., on the China National Equities Exchange and Quotations (NEEQ) as of January 12, 2023, under ticker 874037. UCLOUDLINK holds 6,000,000 shares in Huaxianglianxin, a mobile virtual network operator. CEO Chaohui Chen expressed optimism about this development, indicating that it will enhance Huaxianglianxin's business prospects and support UCLOUDLINK's expansion in mainland China. The company remains committed to strengthening its global PaaS and SaaS ecosystem, focusing on delivering improved connectivity solutions post-COVID-19.

Positive

• Huaxianglianxin's listing on NEEQ may enhance its business prospects.
• UCLOUDLINK holds 6 million shares in Huaxianglianxin, indicating strong investment.
• Management expresses optimism about future collaboration and expansion in the Chinese market.

Negative

• None.

HONG KONG, Jan. 13, 2023 /PRNewswire/ -- UCLOUDLINK GROUP INC. ("UCLOUDLINK" or the "Company") (NASDAQ: UCL), the world's first and leading mobile data traffic sharing marketplace, today announced that Beijing Huaxianglianxin Technology Co., Ltd. ("Huaxianglianxin"), which UCLOUDLINK has invested in since 2019, has been successfully listed on the China National Equities Exchange and Quotations ("NEEQ"), an over-the-counter stock exchange in China, as of January 12, 2023, under the ticker 874037.  

Huaxianglianxin is a mobile virtual network operator ("MVNO") that has a virtual operator license compliant with guidance and regulations issued by the Ministry of Industry and Information Technology of the People's Republic of China. UCLOUDLINK holds 6,000,000 shares of Huaxianglianxin and the two companies cooperate in multiple fields, including Internet of Things business.

"Huaxianglianxin has been UCLOUDLINK's trusted partner in developing our local business in mainland China, as it accelerates growth of its cloud communication business throughout the past couple of years," said Chaohui Chen, Director and CEO of UCLOUDLINK. "We congratulate Huaxianglianxin on its NEEQ listing, which we believe will add momentum to its business prospects. We expect it will also benefit UCLOUDLINK as we plan to continue expanding our local business in mainland China. As part of our effort to strengthen our global PaaS and SaaS ecosystem, we strive to explore ways in which we can work with business partners in the post-COVID-19 pandemic era, aiming to provide solutions to both users and carriers with better network quality and connection, enabling not just 'connected' but 'better connection'."

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world's first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company's products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Carina Cheung,
carina-pr@ucloudlink.com
(852) 21806111

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SOURCE UCLOUDLINK GROUP INC.

FAQ

What is the significance of Huaxianglianxin listing on NEEQ for UCL?

The listing may enhance Huaxianglianxin's business prospects, which could positively impact UCLOUDLINK as they hold 6 million shares in the company.

When did UCLOUDLINK announce the listing of Huaxianglianxin?

UCLOUDLINK announced the listing of Huaxianglianxin on January 13, 2023.

What is UCLOUDLINK's stake in Huaxianglianxin?

UCLOUDLINK holds 6,000,000 shares in Huaxianglianxin.

What are UCLOUDLINK's plans following Huaxianglianxin's listing?

UCLOUDLINK plans to continue expanding its local business in mainland China and strengthen its global PaaS and SaaS ecosystem.