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 Inc. (WETG) announced its recognition as a finalist in the '2021 Annual Peak List of New Economy Industries' and winning the 'Best Enterprise Service Brand of the Year' award by iiMedia Research. The awards are based on evaluations from over 500,000 voters and industry expert assessments, focusing on investment value, strength, development potential, and innovation. WeTrade provides innovative SaaS solutions aimed at enhancing private domain traffic for micro-businesses, supporting merchants with services such as marketing promotion and resource finding to boost online presence.
WeTrade Group Inc. (WETG) reported its third-quarter 2021 financial results, achieving a remarkable 128.6% year-over-year revenue growth, totaling $4.60 million. The company also saw a 90.3% increase in net income to $1.41 million. Despite these gains, gross margin fell to 54.2% from 78.7% a year earlier, indicating rising costs associated with new staff recruitment. General and administrative expenses surged 155.3%, impacting profitability. For the nine months ended September 30, revenue soared 289.9% year-over-year, reaching $11.26 million.
WeTrade Group Inc. (WETG) participated in the 2021 World Internet Conference, where Dixon Dai, the company's Founder and Chairman, discussed the impact of digitalization on private enterprises, especially post-COVID-19. He highlighted that only 20% of small stores marketed online before the pandemic, a statistic that has changed dramatically since. Wetrade showcased its YCloud system, aimed at aiding small and medium-sized enterprises in digital transformation. The company also signed partnership agreements to support nationwide ticket sales for Universal Studio Beijing Resort.
WeTrade Group Inc. (WETG) announced its participation in the 2021 World Internet Conference (WIC), taking place from Sept. 25 to 28. As a key service provider in China's e-commerce digital transformation, Wetrade will showcase its YCloud system and successful partnerships. This marks the second consecutive year Wetrade has attended WIC, an event drawing major tech leaders. The company supports micro businesses in achieving digital transformation, and recently signed a partnership with ticket agents of Universal Studio Beijing Resort to enhance nationwide ticket sales through its SAAS services.
WeTrade Group Inc. (WETG) has announced a partnership with ticket agents for Universal Studio Beijing Resort ahead of its opening on Sept. 20, 2021. This partnership will leverage WeTrade's SAAS technical system to support ticket distribution and provide comprehensive solutions for the tourism and hospitality sectors. With COVID-19 restrictions limiting ticket availability, this collaboration aims to enhance access for tourists while allowing ticket agents to attract new clients through WeTrade's YCloud system, which also facilitates commission earnings.
WeTrade Group Inc. (WETG) has reported remarkable growth in the first half of 2021, with revenues reaching $6.66 million, a 660.4% increase year-on-year. The second quarter alone saw revenues of $3.88 million, up 354% year-on-year, and gross profit surged by 331.7%.
The company is expanding its service offerings beyond micro-businesses into sectors like tourism and retail, aided by partnerships with major firms like Tencent. WeTrade plans to enhance its global presence, aiming to connect more e-commerce supply chains and developing its YCloud system across Southeast Asia.
WeTrade Group Inc. (WETG) reported strong financial results for Q2 2021, with revenues of $3.88 million, up 354% year-over-year. Gross profit surged 332% to $3.69 million, while net income rose 223% to $1.84 million, reflecting a growing customer base and successful service offerings. The company's gross margin stood at 95.1%. Despite increased operational costs due to staffing for software development, Wetrade's commitment to enhancing service capabilities positions it to capitalize on the private domain economy. Cash reserves were reported at $3.21 million as of June 30, 2021, down from $4.64 million at year-end 2020.
WeTrade Group Inc. (WETG) announced its Q1 2021 financial results, reporting revenue of $2.78 million, a staggering 13,098.5% increase from the prior year. Gross profit also surged to $2.63 million, with a gross margin of 94.7%. The company achieved an operating profit of $745,425 and net income of $652,084, a turnaround from a net loss of $461 in Q1 2020. As of March 31, 2021, cash and cash equivalents stood at $2.67 million, decreased from $4.64 million at year-end 2020. WeTrade attributes growth to increased service demand and partnerships supporting digital transformation.
The micro business sector in China has seen significant growth from 2012 to 2021, particularly driven by the rise of livestream commerce. The market transactions exceeded RMB 5 trillion in 2020, reflecting a remarkable 110.2% year-on-year increase. Employment in this sector surged from 60 million to 130 million. Service providers like Youzan, Weimob, and WeTrade Group are key players supporting this ecosystem. These companies offer various services tailored to micro businesses, enhancing their market presence and sales efficiency.
WeTrade Group Inc. (WETG) reported significant financial growth for fiscal year 2020, achieving $6.27 million in revenue, up from nil in 2019. The gross profit reached $5.66 million, with a gross margin of 90.2%. Net income improved to $2.68 million, reversing a loss of $0.42 million in the previous year. Operational profit also rose to $3.75 million. Despite a decrease in cash and cash equivalents to $4.64 million, the company maintained a positive outlook for 2021, focusing on digital transformation for micro-businesses.
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