7 March
2024
Intuitive Investments Group
plc
Hui10
contract win to roll out its technology
platform to 2,000 Lottery Shops in
2024
Intuitive Investments Group plc
(SFS: IIG) ("IIG" or the "Company"), the closed-end investment
company focussed on fast growing and high potential opportunities
in the Technology, Life Sciences and Healthcare sectors,
announces the following update in respect of its
largest single investment, Hui10 Inc.
("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.
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. Hui10 is modernising China's
lottery through its proprietary fully integrated technology
platforms.
The first step in this journey to
digitalise the Chinese lottery is the implementation of
Lucky World's HongBao (Red Envelope) technology.
HongBao enables UnionPay business clients, including banks, mobile
phone network operators, insurance companies, utilities, airlines,
travel companies, food chains, retailers and merchants, to run
promotion and marketing campaigns at minimal cost, direct to their
existing users and to attract new customers by purchasing HongBao
lottery from Hui10. Users receive and view their HongBao on their
smart device and use it to pay for lottery tickets via the UnionPay
POS terminals deployed to the lottery shops. This is a critical
first stage in establishing a new way to pay for lottery tickets
while also commencing the roll out of the Hui10 UnionPay
infrastructure into the dedicated lottery stores to ensure the
stores are e-ticket ready.
Hui10 has secured contracts with
Hebei Sports Lottery Centre. Under the terms of these contracts,
Hui10 will deploy its UnionPay POS terminals into 2,000 lottery
shops in Hebei Province by the end of 2024. These POS terminals
include Lucky World's technology and are the only POS terminals
capable of processing the HongBao and credit the lottery
shopkeeper's account instantly. For IIG, this represents the next
important stage of Hui10's strategy to increase lottery play
participation rates across China.
Following a successful initial
rollout across lottery shops in Hebei and subject to the entering
into of a new contract, Hui10 will look to continue the rollout of
HongBao across the entire estate of c.175,000 Lottery shops across
China.
Hui10 has developed a technology
platform which is integrated into China UnionPay's clearing and
settlement system as a mini program. UnionPay 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.
Enquiries:
Intuitive Investments Group plc
|
www.iigplc.com
|
Sir Nigel Rudd, Non-Executive
Chairman
Robert Naylor, CEO
Giles Willits, CIO
|
Via FTI Consulting
|
Cavendish Capital Markets Limited
James King / William Talkington /
Daniel Balabanoff
|
+44 (0) 20 7397 8900
|
|
|
SP
Angel Corporate Finance LLP - Financial Adviser
|
+44 (0) 20
3470 0470
|
Jeff Keating / David Hignell / Kasia
Brzozowska
|
|
FTI
Consulting
|
+44 (0) 20
3727 1000
|
Jamie Ricketts / Valerija Cymbal /
Jemima Gurney
|
IIG@fticonsulting.com
|
About Intuitive Investments Group plc &
Hui10
IIG is an investment company seeking
to provide investors with exposure to a portfolio concentrating on
fast growing and/or 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.
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.