LiNiu Technology Group (NASDAQ: LINU) enjoyed significant gains on Thursday markets, after the company reported 1H'17 results. The company posted net loss of $5.7 million
The Hong Kong-based company launched its electronic trading platform focused on the Chinese agricultural industry since April 2017 through Guangzhou LiNiu Network Technology Co., Ltd.
The six-month non-GAAP loss compared to one of $24.0 million, or $2.27 per share (basic and diluted), for the six months ended June 30, 2016.
In March, the Company completed the acquisition of 51% of Jia-Heng Industrial Ltd., the holding company of LiNiu Network, an electronic B2C, C2C and O2O trading platform focused on the Chinese agricultural industry. The operational results of Jia-Heng and its subsidiaries, including LiNiu Network, have been consolidated in the financial statements of LINU since March 2017.
The Company launched the LiNiu Network, an electronic B2C, C2C and O2O trading platform focused on the Chinese agricultural industry in early April 2017. Since its launch, the site has more than 20,000 suppliers registered and over 100,000 products currently available through the platform. The LiNiu Network generates revenue through commissions.
Co-CEO Wang Shun Yang said. “As we move into 2018, we plan to further ramp up our efforts to drive customer awareness and traffic by establishing new relationships with larger online platforms. We also plan to work more closely with our partners at Shou Guang Agriculture Logistic Park (SGALP) and People’s Insurance Company of China Limited (PICC) to make progress in improving Chinese agriculture and generate increased commissions.”
The company’s shares sprinted $1.75, or 131.6%, to sit at $3.08 within a half-hour of Thursday’s closing bell.
