Mainboard-listed YuuZoo Corporation said on Wednesday that it has entered into a joint venture agreement with Hongkong-based Hamon Private Equity to develop a social e-commerce network, targeted primarily for investors in China, offering a wide range of financial products and services.
Users will be able to interact directly with, and get investment advice from specialists in the financial community.
The network, named YuuInvest, will initially be nested under YuuZoo's Chinese site, www.yuuzoo.cn.
Under the agreement, YuuZoo will be entitled to a pre-agreed proportion of the revenue generated from the network. The revenue is expected to come from e-commerce and advertising, as well as fees generated as a result of transactions completed through YuuInvest.
Said Hamon chief executive Hugh Simon: "We are extremely excited by the opportunities in the financial sector created by the connected audience in China. Utilising the YuuInvest platform, we will provide integrated mobile and video business and financial services, combining news, research, education, accreditation and portfolio management for the socially connected financial community.
"The adaptability and scalability of YuuZoo's social networks and broadcast video were key considerations for embarking on the social media route."