HONG KONG, June 11, 2019 /PRNewswire/ -- China Literature Limited ("China Literature" or "the Company") (Stock Code: 0772.HK), a leading online literature platform in China, today announced a strategic partnership with Transsion Holdings ("Transsion"), a leading smart device manufacturer and mobile Internet service provider in overseas emerging markets, to jointly expand into and develop the online reading market in Africa.
Transsion's mobile phone portfolio comprises of three leading brands, namely TECNO, itel and Infinix. In 2018, Transsion sold 124 million mobile phones globally. According to IDC figures, Transsion holds the largest market share in Africa in 2018. As a mobile industry leader, Transsion's extensive user base provides a solid foundation for the company to develop and promote online products in Africa.
Driven by China Literature's vast portfolio of content and deep experience in developing and operating online literature platforms, and combined with Transsion's extensive distribution channels across Africa, the partnership will enable China Literature and Transsion to bring high-quality online literary content and products to a wider audience. Online literature content distributed in Africa will initially be in English and consist of nearly 30,000 literary works from China Literature's existing portfolio. In the near future, the platform will begin distributing content in local languages and will also include content produced locally. The online reading App will be pre-installed on all mobile phones under Transsion's brands sold in Africa.
"We are pleased to work with Transsion to provide African users with access to our comprehensive library of literature works and help foster new original content in Africa," stated China Literature. "Leveraging Transsion's extensive distribution network and strong market position in Africa, the cooperation will allow us to benefit from the enormous opportunities for online reading in Africa. This is an important step for China Literature to expand our mobile readership base internationally and unleash value from our intellectual properties on a global scale."
Transsion stated, "The circulation of digital reading in Africa is still in its early days and presents huge opportunities compared to mature markets like Europe, United States and China. Being in Africa for some time now, we noticed the increasing demand for online reading content from our African mobile users. By combining our strong distribution channels with the competitive advantage of China Literature in content and operations, we look forward to enriching the lives of our African consumers with high-quality literary content for years to come."
About China Literature Limited
China Literature Limited is a pioneer in the online literature market and operates China's leading online literature platform. The Company owns nine major branded products. Among these, QQ Reading, a unified mobile content aggregation and distribution platform, is the flagship product. Other products focus on individual genres and their respective fan bases. China Literature's shareholder and strategic partner, Tencent, provides the Company with exclusive content distribution access via its suite of leading mobile and Internet products, including Mobile QQ, QQ Browser, Tencent News, Weixin Reading and Tencent Video. The Company also has distribution beyond the Tencent platforms by pre-installing Apps on handsets partners such as OPPO, Huawei and VIVO, as well as licensing content to third-party partners such as Baidu, Sogou, JD.com and Xiaomi Duokan. China Literature monetizes its vast and proprietary content library through online paid reading and content adaptations for a variety of entertainment formats. China Literature's diverse and high-quality content library is a significant competitive advantage that lies at the core of its business model. In 2018, China Literature further expanded its content capabilities downstream by acquiring New Classics Media, a renowned TV series, web series and film production company in China.
About Transsion Holdings
Transsion Holdings has been committed to providing consumers with high-quality, multi-brand smartphone devices and mobile Internet services in global emerging markets. Transsion's brand portfolio comprises of three leading mobile brands namely TECNO, itel and Infinix, Carlcare for after-sales services, oraimo for smart accessories, and Syinix for home appliances. In 2018, Transsion sold 124 million mobile phones globally. According to IDC figures for 2018, Transsion ranks 4th in global mobile phone brands and holds the largest market share in Africa. Recognized as a global mobile company to watch, Transsion was ranked amongst the "Top 50 Chinese Cross-border Brands" jointly released by Facebook and KPMG in September 2018. In May 2019, Transsion won Twitter's "Top Influential Chinese Overseas Brand Award". With a global sales network in over 70 countries and regions worldwide, Transsion operates in Nigeria, Kenya, Tanzania, Ethiopia, Egypt, the UAE (Dubai), India, Pakistan, Indonesia, Vietnam and Bangladesh.
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This press release contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.