SHANGHAI, China, Dec. 06, 2016 (GLOBE NEWSWIRE) -- JM Wowo Limited (the “Company” or “JM Wowo”) (NASDAQ:JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Shanghai Zhongmin Supply Chain Management Co., Ltd., JM Wowo’s consolidated affiliated entity in China, was granted the “Leading E-commerce Enterprise of Shanghai Award” by the Shanghai Municipal Commission of Commerce.
JM Wowo was one of fifty five enterprises nominated for this award at the International E-Shopping Fair which took place in Shanghai on December 1, 2016. Other nominees include: Shanghai Ctrip Commerce Co., Ltd., Suning Commerce Group, Metro Jinjiang Cash & Carry Co., Ltd. and Staples (Shanghai) Co., Ltd.
The nomination process is organized by the Shanghai Municipal Commission of Commerce annually to promote e-commerce and local economy development. In order to participate in the nomination, the candidate companies are required to achieve over RMB 10 million (approx. US$1.5 million) in revenue or over RMB 500 million (approx. US$72.7 million) GMV on annual basis. It also requires the candidate companies to employ at least 30 associates with a unique business model to build a successful platform.
JM Wowo achieved annual revenue of $11.5 million and its B2B online platform recorded gross billing of RMB 5.5 billion (US$879.0 million) GMV in 2015, outperforming the nomination threshold. As of December 31, 2015, JM Wowo had a total of 285 employees.
Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, “As a leading B2B online e-commerce platform, we are honored to be granted the “Leading E-commerce Enterprise of Shanghai Award” along with other outstanding e-commerce companies. This is the second certificate we received from the Shanghai government after the ‘Regional Headquarters Certificate’ in July 2016, both of which are testaments to the development and growth of our B2B supply chain business. We are gratified with such recognition and intend to continue to expand our cooperation with both suppliers and purchasers, optimize our user experience and provide better service to our clients in the food service industry.”
About JM Wowo
JM Wowo currently operates China’s leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JM Wowo has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JM Wowo is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, JM Wowo has formed a leading industrial alliance and has great resource leverage in China’s catering industry. JM Wowo works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “ought to”, “plan”, “project”, “potential”, “seek”, “may”, “might”, “can”, “could”, “will”, “would”, “shall”, “should”, “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JM Wowo’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JM Wowo’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JM Wowo’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JM Wowo might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JM Wowo does not undertake any obligation to update any forward-looking statement, except as required under applicable law.