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Digital marketing and e-Commerce marketing company, OpenDNA Limited (ASX: OPN) announced on 4 December 2019 that it has changed its name to RooLife Group Ltd. The change in name was approved by the shareholders at the Annual General Meeting held on 29 November 2019, with the change effective 2 December 2019. Accordingly, the companyâs ASX Code is expected to change to ASX:RLG in the coming days and RooLife Groupâs new domain will be www.roolifegroup.com.au.
The company is optimistic that renaming to the iconic âRooLife Group Ltdâ will prove to be advantageous, particularly from the point of view of its expansion in China. Thus, RooLife Group also expressed its gratitude to the shareholders for their support. The company is looking forward to the continued development and growth of the business, on the back of its expanded capability and customer footprint in both Australia and China. RooLife Group would update the shareholders as more achievements and milestones are achieved over the upcoming months.
QBID Acquisition Completion and Partnership with WMall
RooLife Group also completed the acquisition of Quality Brands International Direct (QBID), the China market entry and digital marketing company, with all mandatory conditions met, cash payment of $50k completed and around 12,938,605 fully paid ordinary shares in the company issued. Subsequently, the company informed that Quality Brands International Direct has been appointed as an official partner and supplier for WMall, which is a China-based e-Commerce platform. First sales revenue for December 2019 is forecast to be approximately $ 70k.
WMall is an e-Commerce platform, which connects western brands to Chinaâs powerful Daigou shopping network. It is backed by several foundation strategic partners such as Chinaâs leading JD Logistics group Jing Xi Da, with the role of Chinese social e-commerce platform, Feng Xiang to drive engagement between brands and the Daigou (shoppers outside China who purchase products for customers in China) social networks across China.
With the backing of these strategic partners, WMall is expected to be in high demand amongst Australian and New Zealand-based brands, particularly those seeking to capitalise on the Daigou network both in Australia and in China. Most importantly, WMall informed that it is planning and expecting to recruit many thousands of new members and accelerate sales volume over the coming months and years.
QBIDâs Role
QBID offers e-Commerce services on prominent platforms like VIP.com, Alibabaâs TMall, and JD.com, in addition to providing marketing support for China-based brands on well-known social media platforms in the country like Weibo, WeChat and Little Red Book.
Moreover, QBID works with several well-known brands in Australia as well as internationally, including US-based haircare brand Veta, Australiaâs popular weight loss brand Celebrity Slim, Melanie Newman Salon Essentials, leading New Zealand-based skincare range provider Essano and others, that are expected to be in high demand on this platform. Thus, QBIDâs arrangement with WMall indicates a natural extension of the companyâs existing services.
As the official supplier of brands to WMall-
- RooLife Groupâs QBID would work with Australian and international brands and sort-out a targeted range of products expected to have a strong appeal amongst the Chinese consumers.
- QBID would be responsible for selection of products in consultation with WMall, in addition to providing pricing and market entry services to enable availability of products in China and supply to WMall for sale to its customers.
- QBID would derive a margin on all products sold and further develop training materials and training sessions for the individual sellers on the platform, in collaboration with the brands, to ensure that these brands and customers are well supported through the network.
Stock Performance: OpenDNAâs market capitalisation currently stands at $ 9.54 million with ~ 272.5 million shares outstanding. On 4 December 2019, the OPN stock settled the dayâs trade session at $ 0.035. The last one-month return of the stock is 2.94%.
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