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99 Wuxian Ltd wins contract with large Chinese state-owned enterprise

99 Wuxian Ltd has secured a contract with China Sinogy Electric Engineering Co., Ltd (CSEEC) to provide employee incentive and benefits through the 99 Wuxian iBenefit platform.

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99 Wuxian Ltd (ASX:NNW) has secured a contract with China Sinogy Electric Engineering Co., Ltd (CSEEC) to provide employee incentive and benefits through the 99 Wuxian iBenefit platform.

CSEEC has 700 employees and is affiliated with China National Machinery Industry Corporation (SINOMACH), which is among the top 500 enterprises in the world.

iBenefit is one of three core offering provided by 99 Wuxian.

During May, 99 Wuxian also expanded its iBenefit platform through agreements with two chinese banks and two insurance suppliers.

Amalisia Zhang, CEO, commented: “It is particularly pleasing to have been selected by a large state-owned enterprise (SOE) in China, and this partnership with one of China’s largest SOEs is an important demonstration of the depth of interest in our iBenefit platform.

"We see considerable opportunity in this area for 99 Wuxian.”


May business update

CSEEC

iBenefit was selected by CSEEC, an engineering service provider to deliver incentive and benefit services to the group’s 700 employees.

CSEEC is affiliated with SINOMACH a high profile SOE run directly by the central government which is among the top 500 enterprises in the world.

Zhong An Property Insurance

99 Wuxian has signed an agreement with Zhong to enhance the insurance offering to clients’ employees through the iBenefit platform.

Zhong has a strong online presence and was approved to be the first online insurance company in China. As of 31 March 2016, Zhong had a customer base of over 391 million and RMB50 billion valuation.

This agreement broadens the employee insurance offering on the iBenefit platform, alongside services such as ‘holiday benefit’ and ‘fitness management’.

Sun Life Everbright Life Insurance

iBenefit has been working with Sun Life, offering its life insurance products on the 99 Wuxian platform, as well as partnering on a number of marketing initiatives.

Sun Life was founded by Canada's largest life insurance company Sun Life Financial, and China Everbright Group.

China Guangfa Bank

99 Wuxian has started providing services to users of Guangfa' mobile banking offering. Guangfa has 18 million e-banking customers and had RMB1.84 trillion in assets at the end of 2015.

China Minsheng Bank

99 Wuxian has secured an agreement with Minsheng to provide value added services to the bank’s customers through their WeChat bank channel.


Analysis

These results mark another positive month for 99 Wuxian, with continued progress both in terms of securing new clients, and in strengthening service offerings through new suppliers.

The partnership with CSEEC demonstrates iBenefit’s capacity to service large SOEs in China and it further validates the quality of the developing iBenefit platform.

This monthly update for May builds on the positive March quarter and April updates.

99 Wuxian recorded an increase in platform revenue of 96% for the March 2016 quarter compared to the March 2015 quarter.

Furthermore the total registered user base is up to 58.6 million, up 36% on the corresponding quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: 99 Wuxian Ltd

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