Results Highlights
1. During the Year, the Group's accumulative transaction volume of payment processing solutions segment was approximately
2. During the Year, the Group's supply chain financial technology sector has made great progress, including successfully introducing several core enterprises and banks, providing supply chain financial services to more than 1,000 SMEs, and accumulatively addressing financing needs exceeding
3. During the Year, according to the subscription agreement, three investors completed the subscription for an aggregate of approximately 14.55% of the enlarged registered capital of Megahunt, at a subscription price of
4.
During the Year, the Group's consolidated revenue reached
Business Review
Payment Sector Driven by New Technologies Empowering the Digital Transformation of
During the Year, the global pandemic hindered many offline business activities, and the Group's payment processing solutions business was subsequently affected, with a decrease of 17% to
The pandemic has accelerated the transformation of digital operations. During the pandemic, the Group strengthened its efforts to support small and micro merchants, launched various SaaS products to improve operating efficiencies, and simultaneously cooperated in-depth with more than 1,000 SaaS service providers to help small and micro merchants increase their transaction volumes, and continuously strengthen the value chain from payment to commercial services. Therefore, while transaction volume declined, the number of transactions increased and the cumulative number of transactions processed in 2020 increased 42%, when compared with the same period last year.
Additionally, the Group's supply chain financial technology sector has made great progress, including successfully introducing several core enterprises and banks, providing supply chain financial services to more than 1,000 SMEs, and accumulatively addressing financing needs exceeding
Looking forward, VBill will continue to focus on small and micro merchants, and work with SaaS service providers to offer a full range of digital business services for small and micro merchants. The Group will begin with payments and build into a first-class digital economic infrastructure service provider.
Improving Quality and Efficiency in Other Business Segments, and Seeking New Development Opportunities
-- Information security chips and solutions segment: sales for the Year increased slightly and other research and development ("R&D") projects continued to progress smoothly. Cost reduction initiatives for various products were also rolling out in orderly manner.
-- Platform operation solutions: during the Year, the Group continued providing operational support services to three bases of China Mobile. In the future, in addition to consolidating its support from and partnerships across various businesses of China Mobile, the Group will also strive to explore technical service opportunities outside the mobile operator system.
-- Financial Solutions: the Group deepened its core system downshift and core system cloud business, helped customers achieve the greatest degree of application asset preservation and reduced the risk of upgrading core business system technology in Mainland China. In
-- Electronic power meters and solutions: performance of this segment remained similar to the same period last year. During the Year, the Group managed to win the bid in the State Grid's two unified tenders. On technical aspects, the Group is actively working with the
The Group commented, "As the impact from the pandemic has gradually narrowed, offline consumption activities have been returning to normal. The needs of traditional small and micro enterprises for online business transformation are becoming increasingly urgent, and digital and intelligent upgrades have become a necessity for these enterprises' long-term development. As a pioneer with deep-rooted experience in the payments industry for many years,
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