China Ceramics' New Software Subsidiary Signs Third FinTech Contract
JINJIANG, FUJIAN PROVINCE, China, Aug. 24, 2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced that its newly-formed wholly-owned subsidiary which focuses on software development, Antelope Holdings (Chengdu) Co., Ltd., has entered into a licensing contract with Chengdu Baishengtong Business Consulting Co., Inc. ("Baishengtong Consulting"), a firm that provides consulting services associated with non-performing assets for asset management firms. The total fee to be paid to the Company under this contract is RMB 6.0 million (approximately $0.9 million), of which 40% or RMB 2.4 million (approximately $347,000) is to be paid within six months of the contract's execution and the remaining balance between six months and twelve months of the one-year contract term. Most of the non-performing assets consist of credit and consumer loans that were extended by financial institutions via the Internet and have been defaulted on by borrowers, and these small loans are typically aggregated and sold to asset management companies since they are too small for financial institutions to process individually for collection. China Ceramics' subsidiary's software system will enable Baishengtong Consulting to work with asset management companies to identify and digitally batch process these non-performing assets and send them to mediation centers of the court system for resolution, and digitally engage legal enforcement if necessary. The software is intended to facilitate the communication bottleneck among financial institutions, asset management companies and the court system through specialized batch processing.
"We are very pleased that our new software development subsidiary has continued its strong momentum in creating a software product for a fintech consultancy to help to facilitate the resolution of non-performing loans," said Ms. Meishuang Huang, Chief Executive Officer of China Ceramics. "With this latest contract, we have now made inroads into important constituents of the fintech ecosystem including financial institutions, asset management firms, law firms and fintech consultancies. We intend to continue to make additional inroads as our new software team develops additional fintech products."
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics' products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty" brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. Through its wholly-owned subsidiary, Antelope Holdings (Chengdu), Co., Ltd., the Company provides fintech solutions which includes the development of blockchain software. For more information, please visit http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to the Company's ability to, among other things, successfully design, deploy and pursue this expansion strategy, the Company's ability to complete any agreements with new customers in the markets in question and add to its overall growth. Actual events or results may differ materially from the Company's expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
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