Achieving 504% Net Profit Increase, WeTrade Focuses on the Social E-Commerce
WeTrade Group Inc. (OTC: WETG), a company providing technical services and solutions to membership-based social e-commerce, today announced its 2020 Q2 financial result, which is also the first financial report since its successful listing on Nasdaq’s OTC market earlier this year.
According to the report, in the second quarter of 2020, the revenue of WeTrade Group reached to 855,293 US Dollars, and the total revenue of the first half year of 2020 achieved to 876,363 US Dollars. By the continuous company performance, WeTrade Group has already achieved profitability, the net profit reached to 582,806 US Dollars, increasing more than 504% year-on-year.
WeTrade Group was officially listed on the Nasdaq’s OTC market on July 23, 2020, under the ticker symbol “WETG”. The stock soared from $2.90 a share to a peak of $20.19 a share, with initial open price $3.51, demonstrating the market expectation for the company.
As a listed SaaS business provides technology support to micro-business online stores and social e-commerce platforms, WeTrade introduces its core revenue management system “WePay” in many industries, including retail, tourism, hospitality and beauty, covering Mainland China, Hong Kong SAR, Singapore and other regions.
The COVID-19, outbreak at the start of 2020, is hitting China and the global economy hard. The temporary stagnation of the economy has led to the risk of losing jobs for many people. In the meantime, self-employed business has become more popular, micro-business e-commerce and live streaming have showed certain advantages and achievements. Besides, the demand of economy development, the transformation of offline business and the support of national policies have brought an unprecedented opportunity for e-commerce, especially for social e-commerce to usher in an explosive growth.
Benefiting from the e-commerce prosperity, WeTrade Group has developed rapidly in the Chinese market in the first half of 2020. At present, WeTrade Group leverages its technology and premium services to cooperate with other platforms in China, including Yuetao APP, Daren APP, JD Zhiding APP, Lvyue Travel APP, Yuebei APP, etc., serving more than 300 million users in total. After the listing, WeTrade Group has become one of the three listed companies on the social e-commerce track in China, aiming to provide better services for users.
Keith, CFO of WeTrade Group, predicted that in the third quarter, with the steady progress of the domestic resumption plan and the gradual recovery of the market, the development potential of enterprises including social e-commerce will be further released, and WeTrade Group, as a SaaS technology service platform, will once again embrace the opportunity of explosive growth. At the same time, Keith said that WeTrade Group will explore more possibilities in SaaS such as AI community development and KOL live streaming business.
The financial result shows a successful development to carry forward the core business strategy for WeTrade. Leveraging advantageous capabilities of social e-commerce, the company is committed to broadening its brand partnership and improving user experience by integrated multi-channel solutions and empowered supply chain and privileges.
Source: WeTrade Group INC