(22 June 2015, Hong Kong) - Comba Telecom Systems Holdings Limited (“Comba Telecom” or “the Group”, Hong Kong stock code: 2342), a global leading wireless solutions provider, today announced that its wholly-owned subsidiary, Comba Telecom Data Limited (“CT Data”), has entered into a Joint Venture Agreement (“JV Agreement”) with two independent third parties (“JV Parties”),廣州市在哪兒信息技術有限公司(Guangzhou Zainar Info Tech Limited, “Guangzhou Zainar”) and Mapout Info Tech (HK) Limited (“Mapout HK”), to form a joint venture (“JV”) in Beijing to be principally engaged in nationwide indoor location-based service system (“LBS”) business, including indoor mobile internet positioning system and indoor location-based big data and map system.
The long-term goal of the JV is to become one of the global leading LBS solutions providers. In the near future, the JV targets to promote its LBS solutions to cover a number of large-scale shopping arcades in major PRC cities, through which positioning information, E-marketing, E-commerce, data analysis services, etc. can be provided to the end users on their mobile devices. The JV partner(s) will be involved in the development of the LBS technologies and solutions, as well as the operation, execution and management of the LBS solution projects.
Pursuant to the JV Agreement, the JV will be established with registered capital of RMB100 million, which will be contributed by Guangzhou Zainar, CT Data and Mapout HK as to RMB69 million, up to RMB22 million and up to RMB15 million respectively, and will be owned as to 69%, 20% and 11% by the three parties respectively. Guangzhou Zainar will contribute the capital by way of injection of intangible assets including patents and/or patented technologies relating to the LBS business, while CT Data and Mapout HK will make the capital contributions by way of cash.
Mr. Zhang Yue Jun, Vice Chairman & President of Comba Telecom, said, “Internet-of-Things is one of the major highlights under the “Internet Plus” strategy pursued by the PRC government while LBS is one of the applications of Internet-of-Things which can be widely adopted in various places. The JV can help to accelerate the development of our Internet-of-Things business, which will in turn help to explore the various associated new business growth drivers. In the meantime, the Group has preferential rights to participate in the projects in respect to data and other relevant businesses undertaken by the JV, serving as a new platform to market the Group’s wireless solutions and services, thereby create cross-selling synergy. We believe more investments from the PRC government or private sector will be directed towards the mobile internet sector in the coming years, driving the demand for LBS solutions.”
Mr. Tony TL Fok, Chairman of Comba Telecom, concluded, “Entering into the JV agreement is in alignment with the strategy to diversify the Group’s business into new areas of innovation and to explore new business opportunities. We will utilize our industry, market and financing resources and nationwide network to secure business opportunities for the JV. Looking forward, riding on our leadership position in the industry, we will be more proactive in exploring more new areas of growth to capture more opportunities in the era of big data.”