Chinese lottery and payments services firm, DJI Holdings is changing its name to BNN Technology to reflect the company’s broader services, local media reports.
The name change follows the group’s move towards becoming a technology platform provider – with services including mobile payments, mobile content and data management as opposed to just lottery services.
Darren Mercer, CEO of DJI Holdings, said: “Now is the right time to begin building a new brand, with the BNN Technology name, as we broaden from lottery specialist to payment fulfilment, content-delivery, data management and value-added services on mobile internet.
“We believe completing the pivot to a technology company will add substantial shareholder value as we enter high growth, multibillion dollar markets in China.”
“The Board is hopeful that this repositioning of the Group will help us attain a new industry classification on AIM and in due course on NASDAQ which will reflect our future revenue streams and better positions the Company in a sector with similar high growth technology companies.”
The company also announced that NewNet, which represents DJI’s technology platform and marketing resources in China, is making a cash and asset investment to acquire a 10 per cent shareholding in the group’s trading partner Xinhuatong, which is the provider of mobile payments, information and other services to the Xinhua News Mobile App.
“We are also tremendously excited about the opportunity to deepen our relationship with Xinhuatong through NewNet,” said Mercer. “Upon a successful application, the benefits to our company will be significant, not only in allowing us to participate in one of China’s largest industries, but also to substantially increase the net margin across our platform.”