Announcement
Hui10 Contract Win with Alibaba
RNS Number : 7913C
Intuitive Investments Group plc
04 September 2024
4 September 2024
Intuitive Investments Group plc
("IIG" or the "Company")
Hui10 Contract Win with Alibaba
Alibaba's three million food delivery riders able to exchange their reward points for lottery tickets
Intuitive Investments Group plc (SFS: IIG), the closed-end investment company focussed on fast growing and high potential opportunities in the technology and life sciences sectors, is pleased to announce Hui10's new contract with Alibaba's "ErLeMa" (Are You Hungry) food delivery service.
The new points exchange for lottery tickets ("PELT") contract with Alibaba enables their three million delivery riders to redeem their Golden Coins for PELT QR code lottery coupons, for in-shop redemption for Sports Lottery play. The riders receive bonuses paid in digital reward points known as Golden Coins, based on customer reviews which in total amount to RMB3 billion (US$410 million) per year, with RMB5 billion (US$700 million) currently accrued, ready to redeem. Under this new agreement, delivery riders will now have access to Sports Lottery play through Hui10's PELT platform.
This contract marks a significant development in the roll-out of Hui10's PELT platform ahead of further opportunities currently in the pipeline, helping further advance Hui10's goal to transform Chinese lottery sector through its proprietary technology platform.
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Enquiries:
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Intuitive Investments Group plc |
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Sir Nigel Rudd, Non-Executive Chairman Robert Naylor, CEO Giles Willits, CIO |
Via FTI Consulting |
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Cavendish Capital Markets Limited James King / Daniel Balabanoff
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+44 (0) 20 7397 8900
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FTI Consulting |
+44 (0) 20 3727 1000 |
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Jamie Ricketts / Valerija Cymbal / Jemima Gurney
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IIG@fticonsulting.com |
Notes
About Intuitive Investments Group plc
IIG is an investment company seeking to provide investors with exposure to a portfolio concentrating on fast growing, high potential Technology and Life Sciences businesses operating predominantly in the UK, continental Europe, the US and APAC, utilising the Board's experience to seek to generate capital growth over the long term for shareholders.
About Hui10
Hui10 is a technology company with interests in two operating businesses, Huishi Dehua and Huishi Chunyuan ('Lucky World'), involved in the digital transformation of the Chinese lottery. Huishi Dehua enables the market expansion of the Chinese lottery through its proprietary technology platform. Huishi Dehua is integrated into China's national card settlement system and payment platform, UnionPay. Hui10 holds a 33% share in Huishi Dehua. Lucky World is an ecommerce platform which provides China's existing lottery shops access to a wider fast-moving consumer goods product offering. Hui10 owns 60% of Lucky World.
About PELT
Hui10's PELT platform enables all UnionPay's 38 million member merchants, including banks, mobile phone network operators, insurance companies, utilities, travel companies, airlines, food chains and retailers operating loyalty programmes, to provide their customers with the ability to redeem their loyalty points for digital QR code vouchers for lottery play. The PELT platform is now fully functioning and available in all Sports Lottery shops in China, meaning users exchanging their loyalty points for digital QR code Sports Lottery vouchers can redeem them for lottery play at any one of the c. 175,000 Sports Lottery shops. PELT is a significant opportunity for new customer acquisition, allowing Hui10 to grow a substantial registered user base to which it can offer additional products and services.
Customers receive a direct message or see a banner or icon in their loyalty programme APP informing them that they can now redeem their loyalty points for lottery play by clicking on the PELT link. The PELT APP allows end users to redeem loyalty points for a digital coupon, which is stored in the user's account in the form of a QR code. The user can redeem the QR code in the nearest lottery shop, the location of which is also shown in the PELT APP. Hui10 is currently signing up UnionPay business clients with a target to acquire 2 million registered PELT users by end 2024.
About the Hui10 Proprietary Platform
The Chinese lottery is currently a paper tickets only operation being sold from lottery only shops, with limited distribution in relation to the size of the addressable market. Growth in the number of betting shops and lottery sales has now reached a plateau. To unlock the real potential size of China's lottery sector and increase its growth rate, a technological and application revolution is required. Hui10 is core to this transformation.
Hui10 is modernising China's lottery sales and distribution methodology through its proprietary fully integrated technology platforms. Hui10 has key agreements with China UnionPay, which is the largest card organisation in the world, with over 9.6 billion payment cards issued, 2.5 billion active cards, over 450 million QuickPassPay APP users and 35 million POS terminals to allow. This includes Points Exchange for Lottery Tickets (PELT). Deployed nationally in all Sports Lottery shops, PELT is a proprietary software technology, integrated within the UnionPay QuickPassPay platform. QuickPassPay is a lifestyle platform and has a growing base of over 450 million registered users. The platform incorporates all mobile payments functions, a ticket booking platform, taxi, train, bus, tube, air travel booking, home utilities management and payments, food and beverage delivery, restaurants, online shopping and much more.
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