Welcome to our dedicated page for Next Technology Holding news (Ticker: WETG), a resource for investors and traders seeking the latest updates and insights on Next Technology Holding stock.
Next Technology Holding Inc. (symbol: WETG), known as WeTrade Group Inc., is a global diversified Software as a Service (SaaS) technology service provider dedicated to offering technical support and digital transformation tools for enterprises across various industries. The company operates through four primary business segments: YCloud, WTPay, Y-Health, and YG.
YCloud is a micro-business cloud intelligent system designed to serve the global micro-business industry. It leverages big data analysis and leading technology to enhance users' marketing relationships and commission profit management. YCloud also boosts customers' revenue through multi-channel data statistics, AI fission, management, and improved supply chain systems.
WTPay is an independently developed service supporting multiple online payment methods and eight mainstream digital wallets in over 100 countries. It helps customers quickly realize global collection and payment business.
Y-Health focuses on the public health sector, engaging in the development of businesses for biological health and medical enterprises. This segment primarily concentrates on epidemic detection and prevention, daily healthcare, traditional Chinese medicines, and other health-related products.
YG is the new energy business segment, providing tools and technical support for the digital new energy industry in the Middle East and Central Asia.
Recently, WeTrade Group announced several significant developments:
- The launch of a large-scale language model generated by artificial intelligence, enhancing technical reserves in AI and increasing application of large model technology for industry applications.
- The financial results for fiscal year 2022 showed a decrease in revenue from operations primarily due to the reduction in Gross Merchandise Volume for the YCloud system amid the COVID-19 pandemic. However, service revenues from third parties increased, indicating a focus on diversifying revenue sources.
- The establishment of a wholly-owned subsidiary, WeTrade Bit Technology Limited (WBT), in Hong Kong, although it faced issues with unauthorized commercial contracts.
- Management changes, with a new board of directors and the appointment of Lina Jiang as the CEO and Xiaodong An as the acting CFO.
- A derivative lawsuit filed by certain shareholders against former directors and officers, seeking to confirm the validity of recent appointments and invalidate certain private placement transactions.
- The launch of the Yuetao Haowu APP, a discount shopping platform for consumers, representing a significant upgrade in WeTrade's China business sector. This platform aims to drive company growth through consumer-end business development.
- A kickoff meeting for China's new business launch, featuring the Yuetao Haowu Mini program, aimed at saving money and making money through membership-based shopping.
WeTrade Group Inc. continues to expand its global footprint by enhancing its core business segments and exploring new opportunities in AI technology, public health, and digital new energy. For more information, please visit https://ir.wetg.group.
Forward-Looking Statements: This overview contains forward-looking statements, including the company's expectations, plans, and prospects. Actual results may differ materially due to various factors, including market conditions, regulatory changes, and operational performance. Please refer to the company's annual reports and filings with the Securities and Exchange Commission for additional information.
On April 25, 2023, WeTrade Group Inc. (NASDAQ: WETG) announced it received a notice from Nasdaq regarding noncompliance due to a delayed filing of its 2022 annual report on Form 10-K, which was due April 17, 2023. The company has 60 days from April 20, 2023, to submit a compliance plan, potentially extending its deadline to October 16, 2023, if accepted by Nasdaq. Despite this issue, WeTrade's common stock will remain listed on The Nasdaq Capital Market, contingent upon meeting other listing requirements. The company is currently working on the compliance plan and finalizing its financial statements for the fiscal year ended December 31, 2022.
WeTrade Group Inc. (NASDAQ: WETG) announced its entry into securities purchase agreements with accredited investors for the issuance of senior secured convertible notes valued at $18.33 million and corresponding common stock purchase warrants. The net proceeds are expected to be approximately $16.5 million. The notes, which accrue interest at 5% per annum, will mature in 18 months. Payments can be made in cash or stock at a discounted rate. The proceeds aim to support general corporate purposes, including research and development. The transaction remains pending and is facilitated by Univest Securities, LLC.
On March 19, 2023, Zheng Dai, founder of WeTrade Group (NASDAQ: WETG), attended the Navruz Festival at the Uzbekistan Embassy in China. He met with the Uzbek Ambassador to discuss future cooperation in tourism, culture, and new energy industries. The discussions resulted in a preliminary consensus on collaborative projects that could address energy gaps and support carbon neutrality in Central Asia. Dai emphasized the importance of clean energy transformation in the face of global climate change. WeTrade's new energy segment, YG, aims to integrate advanced technologies to bolster regional energy solutions.
WeTrade Group Inc. (NASDAQ: WETG) announced its partnership with Tencent to integrate cloud technology and enhance digital transaction capabilities for small and medium-sized merchants. This collaboration focuses on fast transaction solutions that utilize Tencent's WeChat face recognition and blockchain technologies, ensuring secure and tamperproof contract signing. WeTrade aims to empower micro, small, and medium businesses by providing comprehensive digital marketing solutions and exploring channel innovations. This move is part of WeTrade's broader goal to support digital transformation across various industries.
WeTrade Group Inc. (NASDAQ: WETG) announced the launch of the "Green Planet Renren Power Plant" project during the global conference held in Xiamen, China on March 13, 2023. The project, a collaboration with several partners, aims to address energy gaps in Central Asia while promoting advanced technologies for energy efficiency. Founder Zheng Dai highlighted the company’s strategy for expanding its role in the new energy sector. Favorable governmental policies further support this initiative. WeTrade operates multiple business segments, including YCloud, WTPay, Y-Health, and YG, focusing on SaaS solutions across various industries.
WeTrade Group Inc. (NASDAQ: WETG) has announced a strategic partnership between its ally, Vmade Tech PTE. LTD, and Skyee, a provider of cross-border ecological payment services. This collaboration aims to enhance cross-border fund management for e-commerce enterprises, thereby improving payment experiences globally. Skyee, recognized for its award-winning services, offers solutions like B2B foreign trade collection and round-the-clock foreign exchange management. The partnership will leverage WTPay's capabilities to expedite global payment processes, facilitating operations in over 100 countries.
WeTrade Group (NASDAQ: WETG) announced the global launch of the "Green Planet Renren Power Plant" project during a conference held in Xiamen, bringing together 500 participants including representatives from Central Asia. This joint venture with four partner companies aims to enhance energy technology and efficiency in the region, which is rich in renewable energy resources. The project will launch 15,000 off-grid energy units, expected to generate 8.47 billion kilowatt-hours annually. CEO Hechun Wei highlighted the significance of addressing energy gaps and achieving carbon neutrality in Central Asia, projecting growth in renewable energy projects for 2023.
On February 16, 2023, WeTrade Group Inc. (NASDAQ: WETG) announced its collaboration with ERNIE Bot, a product of Baidu's AI technology. This partnership will enable the integration of advanced AI capabilities into WeTrade's YCloud system, enhancing services for micro-businesses. Users can convert text into graphics quickly and accurately, which aims to standardize and improve competitiveness in the micro-business sector. CEO Hechun Wei emphasized the company's commitment to leveraging data and developing digital solutions for WeChat customers. This strategic move positions WeTrade at the forefront of AI technology application in its industry.
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