Blue Hat and New Partner Plan Gold Supply Chain Business
CHENGDU, China, June 12, 2024 (GLOBE NEWSWIRE) -- NASDAQ-listed company Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT, hereinafter referred to as ", Blue Hat", or the "Company"))) and Sichuan Jinyinghe Industrial Co., Ltd. (hereinafter referred to as "Jinyinghe") announced the signing of a framework cooperation agreement to jointly establish a leading gold supply chain company. This collaboration aims to integrate industrial resources and international financial capital to address various issues currently faced by the gold industry, promote industry transformation and innovation, and create a comprehensive, efficient gold supply chain ecosystem.
In recent years, with changes in international political and economic situations, central banks of various countries have significantly increased their gold reserves, leading to a rapid rise in gold prices. The Company's management believes that the gold industry has transitioned from a period of rapid growth to a period of high-quality development, presenting strategic development opportunities. However, the gold industry in China and other developing markets still faces numerous challenges, such as low levels of scale and concentration, narrow traditional financing channels, poor operational standards, and a lack of credit data. These issues hinder the healthy development of the gold industry. To effectively address these pain points, Blue Hat and Jinyinghe have decided to cooperate in the gold supply chain business.
According to incomplete statistics from industry insiders, the annual transaction volume of the Shenzhen Shuibei market has reached a scale of over 1 trillion of RMB. The new company will utilize market-oriented operational methods to expand gold sourcing channels and provide gold leasing, consignment sales, and other services to enterprises in need. Blue Hat's management expects that within the next three years, the new company will capture more than 10% of the Shenzhen Shuibei market share, achieving sales of over RMB two hundred billions.
The Jinyinghe management team stated, "We are very pleased to collaborate with an international company like Blue Hat. We will advance the project from various aspects, including business structure design, operational procedures, and risk management. Both parties will strictly control risks and strive to build a leading international gold supply chain enterprise, generate good economic benefits, and create a top-notch gold supply chain system to provide high-quality, efficient comprehensive services to gold industry clients, fostering innovation and development in the gold industry."
Blue Hat CEO Mr. Chen Xiaodong added, "Collaborating with Jinyinghe, a company with many years of experience in gold trading and supply chain management, is another significant step following our acquisition of a Class A license as a precious metals and gemstone dealer from Hong Kong Customs. We will introduce international resources and work with Jinyinghe to open up gold circulation channels in relevant countries and regions, including but not limited to Southeast Asia and the Middle East. The successful operation of this project will enhance Blue Hat's operational strength and market influence, and provide an excellent platform and opportunity for participants in the gold business, effectively promoting the transformation of the gold industry."
Through this collaboration, Blue Hat and Jinyinghe will jointly lead the transformation and innovation of the gold industry in China and beyond, helping the gold industry reach new stages of development.
About Blue Hat
Blue Hat was formerly a provider of communication services and IDC business, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in its forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: [email protected]
