Neo Telemedia and Taiping Life Insurance (Hong Kong) Become Strategic Partners

Mar 08, 2017 20:47 JST

Source: Neo Telemedia Limited

Marriage of Strengths to Develop High-Quality Financial Services

HONG KONG, Mar 08, 2017 - (ACN Newswire) - Neo Telemedia Limited ("Neo Telemedia" or the "Group"; stock code: 8167) announced that it has signed a non-legally binding, save for the confidentiality clause, strategic cooperation memorandum of understanding ("MOU") with China Taiping Life Insurance (Hong Kong) Company Limited ("TPLHK") on 27 February 2017. The two companies agreed in principle to actively explore different forms of cooperation and jointly develop financial business.

As one of the professional life insurance subsidiaries of China Taiping Insurance Holdings Company Limited ("China Taiping"), TPLHK manages the operation of China Taiping's life insurance, annuity life insurance and permanent health insurance businesses in Hong Kong. Relying on China Taiping's large-scale operation projects and its one-stop comprehensive financial and insurance services platform, TPLHK established a strong foothold in Hong Kong and serves Hong Kong with the management philosophy of "Build with Integrity; Prosper with Profitability; Manage with Professionalism; Strengthen with Unities". TPLHK endeavors in providing high-quality professional one-stop financial and insurance services to wide range of customers.

In accordance with applicable laws, regulations and regulatory policies, the Group and/or its subsidiaries and/or associated companies and TPLHK and/or its subsidiaries and/or associated companies will work together in areas such as insurance intermediary services, sales of products and service innovation. Capitalizing on the Group's advantages in Big Data and the technology sector as well as its extensive customer resources, the Group and TPLHK together will be able to provide all-round value-added services to customers. The Group believes the strategic cooperation will bring in new businesses to the Group and emerge as a profits growth driver of the Group, which will generate greater returns for its shareholders.

About Neo Telemedia Limited (stock code: 8167)
Neo Telemedia Limited and its subsidiaries (collectively, the "Group") is a telecommunication group focusing on the Internet and big data sectors. The Group was included as a constituent stock in MSCI Hong Kong Small Cap Index with effect from December 2016. Its wholly-owned subsidiary, Guangdong Bluesea Mobile Development Company Limited, will partner with large-scale telecommunications operator in China to establish a large cloud computing centre in Southern China. In early 2015, the Group signed several agreements to explore various opportunities in WiFi access services, application of cloud computing and cross-border e-commerce business in the PRC. Additionally, Avatar Wealth and Bees Financial offer Internet finance platform business services. Shenzhou Aerospace Manufacturing Technology (Guangdong) Institute, which was jointly established by the Group, Shenzhou Aerospace Software Limited and Foshan Chancheng District People's Government, was registered as a non-profit organization at the Department of Civil Affairs of Guangdong Province on 23 October 2015. At the end of 2015, the Group completed a public offer and raised approximately HK$1.1 billion to be invested in the data center of Guangdong Bluesea Mobile Development Co., Ltd., including the Zhuxishugu project in Jiangmen.

About China Taiping Life Insurance (Hong Kong) Company Limited
China Taiping Insurance Group Ltd (abbreviated as "China Taiping") is a Chinese state-owned financial and insurance group whose management headquarters is located in Hong Kong. China Taiping Life Insurance (Hong Kong) Company Limited (abbreviated as "TPLHK") is a wholly-owned life insurance subsidiary of China Taiping Insurance Holdings Company Limited under the China Taiping (abbreviated as "China Taiping Holdings", HK00966), which is responsible for life insurance business in Hong Kong. TPLHK started its business since 22 Dec 2015. In 2016, TPLHK has realized over HKD$1.13 billion first-year-premium.

For press enquiries
Strategic Financial Relations Limited
Joanne Lam Tel: 852-2864 4816 Email: joanne.lam@sprg.com.hk
Cecilia Shum Tel: 852-2864 4890 Email: cecilia.shum@sprg.com.hk
Jeffrey Tam Tel: 852-2864 4858 Email: jeffrey.tam@sprg.com.hk

Source: Neo Telemedia Limited
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