HONG KONG: The Sincap Group Limited has entered into a Memorandum of Understanding (MOU) with Jiang Xiaolin, sole director/shareholder of Techcomm Technology Limited, with regards to any potential collaboration, joint venture, investment and/or acquisition in relation to Techcomm Technology Limited and its wholly-owned subsidiary, Xiamen Xinya Science and Technology Ltd.[the_ad id=”31605″]Sincap Group Limited is principally engaged in the trading of alumina and thermal coal, as well as the mining and sale of gypsum, in China.

Techcomm is an investment holding company and has a wholly-owned subsidiary, Xiamen Xinya Science and Technology Ltd. Xiamen Xinya is a technology company that is developing and rolling out a revolutionary “new retail ecosystem” – a full spectrum of products which enables the digitalization of businesses in order to improve all aspects of business management from front-to back-end across both online and offline retail channels.

The “retail ecosystem” not only enables brick and mortar retail businesses to harness the potential of online retail, but also to adopt “new retail” – a business model in which online and offline sales channels, as well as the relevant logistics, can be effectively and seamlessly integrated using technology, to provide shoppers with the best of both online and offline retail.

Sincap Group Limited had obtained shareholders’ approval at the Extraordinary General Meeting to diversify into the technology business, as the Board believes that the technology business presents an opportunity for the Sincap Group Limited to generate new revenue and profit streams in industries not closely related to the Group’s existing businesses.

The current progress of Xiamen Xinya’s development has been promising and the company sees huge growth potential in Xiamen Xinya’s business. The company believes that a potential collaboration with Xiamen Xinya represents the initial step the Group can take to capitalize on the growing e-commerce and digital technology space, which will help to diversify the risks involved in the Group’s existing business i.e. coal trading.