RCS - Intuitive Invests.Gp - Hui10 contract win

Intuitive InvestmentsAnnouncement

07/03/2024 07:00

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RNS Number : 9099F  Intuitive Investments Group plc  07 March 2024

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 (http://www.iigplc.com/)
 Sir Nigel Rudd, Non-Executive Chairman                Via FTI Consulting

 Robert Naylor, CEO

 Giles Willits, CIO

 Cavendish Capital Markets Limited                     +44 (0) 20 7397 8900

 James King / William Talkington / Daniel Balabanoff

 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.

 

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