CEO's Statement

'As outlined in the interim accounts, we are pleased to confirm that the Group has returned to substantial revenue generation in the second half of this year, with strong month-on-month increases in trading volumes.'

Darren Mercer, Chief Execuitve Officer, 8th December 2016

Mobile Internet Usage in China (accounts)
China urban population

Source: Statista

Financial Summary

H1 2016

  • Loss after tax of £4.2m (H1 2015: £4.8m loss)
  • Cash and cash equivalents of £7.1m (31 December 2015 £4.0m)
  • Fundraising of £10.5m in April. Two further fundraisings post period end totalling £40.5m gross

H1 2016

  • Expected strong fourth quarter as the payment fulfilment platform rolls out
  • Welcomed high quality institutional investors onto shareholder register, including Hadron Capital LLP, Henderson Global Investors and Capital Research & Management
  • Strengthening of Board of Directors with announcement of Group CFO, Scott Kennedy, China CEO and COO, Wei Qi, and non-executive director, Dong Jinhua
  • Signing in April of the partnership between NewNet and Xinhuatong in which NewNet will provide technology to facilitate mobile payments on the Xinhua News App across 12 provinces (10 of which have already been signed) in China
  • Initial filing documents shortly to be submitted to SEC to formally commence Nasdaq listing process
  • Proposed Group name change to BNN Technology plc

The Chinese consumer shift to ‘life on mobile’ is only just beginning. We aspire to enrich the lives of Chinese citizens and grow with China and our public and private sector partners by enabling more rural and urban communities across the country to access exclusive content and pay for more services online.

The Board’s strategy of diversification is focused on the versatility of its secure and robust technology platform and rapidly growing databases. New strategic joint ventures and the extension of existing alliances with blue chip organisations are taking BNN Technology into many sectors in which it can develop significant and reliable income streams.

The potential for our technology to support payments and other consumer transactions in China, as well as delivering content and managing data, online and through mobile on a very large scale, is huge. The Chinese government, through its Internet Plus strategy, is supporting a seismic shift towards a digital economy, enabling businesses, government departments and individuals to connect with each other. The expansion of fast broadband, 4G mobile networks and smartphone ownership in rural areas, combined with an ongoing programme of urbanisation, is creating and sustaining a very substantial addressable market for BNN Technology.

Annual Report 2015

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Annual Report 2014

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