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.
WeTrade Group (NASDAQ: WETG) has partnered with Guyguide Limited, a leading travel agent in Hong Kong, to exclusively provide Monkeypox testing kits and insurance products for travel packages to the US, Canada, Australia, and Europe. This partnership aims to meet the rising demand for testing and insurance due to the Monkeypox outbreak, especially as Hong Kong prepares to reopen its borders. CEO Pijun Liu highlighted the expected surge in outbound travel from Hong Kong and Macau, which could significantly benefit travel agencies and create a strong demand for their products.
On Aug. 18, 2022, WeTrade Group Inc. (NASDAQ: WETG) announced a strategic partnership with Zhixun Biotechnology Limited to promote Zhuchang disinfectant, a product certified to eliminate the COVID-19 Omicron variant within one minute. Leveraging WeTrade's SaaS platform and IoT supply chain, the collaboration aims to enhance sales across China and internationally, targeting government entities and medical distribution channels. Zhuchang has received full regulatory approval from Chinese health authorities and demonstrates the potential to become a key growth driver for WeTrade.
WeTrade Group Inc. (NASDAQ: WETG) announced a strategic agreement with MobiLab Medical Innovatives on August 15, 2022, aimed at launching unique Monkeypox Virus testing kits with insurance coverage. MobiLab will facilitate introductions to leading insurance companies for this initiative, which includes infectious disease insurance and emergency care for Monkeypox patients. WeTrade expects this collaboration to drive potential revenues exceeding $100 million. The partnership also enhances WeTrade's position in the medical sector while pursuing FDA approval for additional tests.
WeTrade Group Inc. (NASDAQ: WETG) announced a sales agreement with Parkway Medical Limited on August 11, 2022, for monkeypox virus test kits worth US$50 million. The contract includes the purchase of 5 million nucleic acid tests and 6 million antigen tests. Parkway Medical has already paid a US$1 million deposit. WeTrade's CEO, Pijun Liu, expressed optimism about this agreement, highlighting its potential to contribute to monkeypox outbreak control and enhance the company's growth momentum in the international market.
WeTrade Group Inc. (NASDAQ: WETG) has signed a strategic partnership with Jiqing Biomedical Technology Co. Ltd on August 8, 2022. This agreement grants WeTrade exclusive rights to sell monkeypox virus test kits in overseas markets, facilitating Jiqing's entry into international markets. WeTrade aims to leverage its cloud intelligent systems and marketing strategies to enhance Jiqing's global reach, reducing costs and improving efficiency. The partnership is a significant step for WeTrade in the medical sector, emphasizing its role in supporting domestic companies in their overseas expansion efforts.
WeTrade Group (NASDAQ: WETG) announced a strategic partnership with Jiqing Biomedical Technology to serve as the exclusive global sales channel for Jiqing's monkeypox virus test kits. The partnership marks a significant shift for Jiqing as it seeks to expand internationally after establishing itself in the Chinese medical market. WeTrade aims to leverage its technology and market channels to enhance Jiqing's product reach while reducing distribution costs. CEO Pijun Liu emphasized the potential for customer base expansion through this collaboration, highlighting its importance beyond mere profit.
WeTrade Group Inc. (NASDAQ: WETG) announced a strategic partnership with Jiqing Biomedical Technology on August 5, 2022. The collaboration aims to develop and distribute monkeypox virus test kits and antigen tests globally, marking WeTrade's entry into the medical sector. Jiqing, a biotechnology firm, has acquired product certifications for its antigen tests in multiple countries. The partnership seeks to leverage WeTrade's digital tools and big data technology to enhance the medical industry's efficiency and standardization amid the ongoing monkeypox public health emergency in the U.S.
WeTrade Group Inc. (NASDAQ: WETG) has successfully closed an underwritten public offering of 10 million shares, raising $40 million at $4.00 per share. The shares began trading on July 19, 2022. The net proceeds will be allocated for R&D, technology development, marketing, talent recruitment in China, and general working capital. The underwriters have an option to purchase an additional 1.5 million shares within 45 days. Univest Securities, LLC led the offering, which follows SEC regulations and emphasizes the company's commitment to enhancing its micro-business solutions.
WeTrade Group Inc. (NASDAQ: WETG) has announced a public offering of 10 million shares at $4.00 each, aiming for gross proceeds of $40 million. The offering, set to close around July 21, 2022, will fund R&D, marketing, and working capital in China. Concurrently, WETG will uplist its common stock to the Nasdaq Capital Market on July 19, 2022. The underwriters also have a 45-day option to purchase an additional 1.5 million shares. The offering is firmly committed, with Univest Securities serving as the book runner.
WeTrade Group Inc. (US: WETG) reported a robust FY 2021, with revenues surging by 129.3% to $14.38 million, up from $6.27 million in 2020. Gross profit increased by 106.8% to $11.70 million, despite a decline in gross margin from 90.2% to 81.4%. Net income rose 93.5% to $5.18 million, with earnings per share reaching $0.02. However, cash reserves dropped significantly to $0.62 million from $4.64 million. The resurgence of COVID-19 in early 2022 has posed challenges to future operations.
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