Haodex Limited (HAO.NSX) Quarterly Update
Sydney, Australia, Jan 25, 2022 - (ABN Newswire) - Haodex Limited (NSX:HAO) is pleased to update the market on its activities for the quarter ended 31 December 2021.
Haodex was pleased to receive listing approval during the quarter for the National Stock Exchange ("NSX") and commenced share trading on 9 December 2021.
Updates on BulkBuy
BulkBuy is a wholesale e-commerce marketplace that allows users to participate in group buying deals. BulkBuy enables merchants to set up an online store similar to the operation of Amazon and sell products from Chinese factories directly at wholesale prices to all USA customers by allowing several customers to participate in group buying deals (crowd-ordering). On the Bulkbuy marketplace, Haodex generates revenue from sales commissions, membership fees and product listing fees.
Bulkbuy has started to grow significantly from December 2021 inspired by a new innovative franchise model to develop merchants in various provinces in China. Bulkbuy has set up several provincial offices including Beijing, Guangdong, Sichuan, Zhejiang, Jiangxi and Hainan with local franchises to grow the merchants rapidly and expand its product range. Under the franchise agreement, the franchisee will pay the initial franchise fee to Bulkbuy and Bulkbuy will share 20% of the revenue to the franchise. To the 31st of December Bulkbuy had received franchise fees of 4.9 million Chinese Yuan ( AUD$1.06 million). Bulkbuy is currently in the process of launching franchisees in other provincial offices to enable rapid expansion after the Chinese New Year.
Appointment of Michael Pixley and Alvin Tan as Independent Directors
On 22 November 2021, Haodex appointed Michael Pixley and Alvin Tan as independent directors to strengthen the board and corporate governance. Mr Pixley has over 30 years of experience in investment banking involved in providing financial advisory services to various companies throughout Asia. Mr Tan has over 25 years of experience in Australia and Asia, including mergers and acquisitions, capital raising and listing on the ASX, AIM, Bursa Malaysia and Frankfurt Stock Exchange.
The Company ended the quarter with a cash balance of $1.68 million. Quarterly operating cash outflows for the period was $859,000. During the December 2021 quarter the aggregated amount of payments made to related parties and their associates totalled $30,000 for the directors fees.
About Haodex Limited:
Haodex Limited (NSX:HAO) is an Australian company focused on forward thinking online platforms and global projects.
Haodex owns 78% of and operates 2 omnichannel marketplaces, being MonkeyKing Australia (www.monkeykingaustralia.com) and BulkBuy (www.bulkbuyworld.com), and owns 100% of a short term Chinese accommodation hosting business, Franks Haus (www.frankshaus.com).
MonkeyKing is an online e-commerce platform which sources Australian products from Australian suppliers to distribute to consumers in Asia, mainly China.
BulkBuy is a wholesale e-commerce marketplace which allows users to participate in group buying deals. BulkBuy enables merchants to set up an online store and sell products directly to customers at wholesale prices by allowing several customers to participate in group buying deals (crowd-ordering).
Franks Haus is an online platform for leasing private properties, mainly for short term accommodation, in China. The platform will attract tourists
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