Chinanet Online Holdings Inc (NASDAQ:CNET) announced the appointment of Zhongyi Liu as chief strategy officer. He will be responsible for driving Chinanet’s blockchain strategy plan and related business development.
Mr. Zhongyi Liu, the co-founder of a BitCoin company, FuDeShu.com, graduated from Huazhong Agricultural University. He began his career in Xinhua News and attained the role of Chairman of the Hong Kong Xinhua News Agency from 1992 to 1994. Since 1996, he transitioned to the internet industry and became one of the earliest internet entrepreneurs in China. In 1996, Mr. Liu built an Internet community called Student Global Village. In 1999, he founded SOHO Network Technology Co., Ltd. and published a book “How to become a SOHO”. In 2001, he set up Email Post Net, the earliest O2O business model in China. Mr. Liu was also the one of the co-founders of TsingDa Education Corp., known as one of the most successful O2O educational models in China.
In 2013 Mr. Liu entered the mobile internet industry and innovated a personalized mobile network, known as Golden Banyan, an early version of FuDeShu with a technical concept similar to blockchain. In 2015, Golden Banyan revolutionized into FuDeShu, the blockchain service provider and in 2016 he issued an ICO whitepaper, called FuDeCoin (FDB), making it one of the earliest blockchain based ICO adopters in China. In 2017, he originated “Blockchain+” a model that solved the puzzle of operating blockchain in large-scale businesses hoping to create a dynamic business ecosystem.
Mr. Liu has extensive connections and experience in the internet industry as well as in the government sector due to his personal experience in Hong Kong XinHua Press. He knows the need of SMEs in China and has built up a superb reputation in the blockchain industry in China. Mr. Liu will utilize his personal relationships and resources in the mobile internet and blockchain fields, sharing his experience with FuDeShu’s mature blockchain service framework and product cycle to help ChinaNet integrate blockchain into its core intelligent system CloudX. He will assist the Company in building a global business blockchain ecosystem for SMEs around the world and help ChinaNet combine AI and blockchain for marketing and advertising applications and extend our services into transaction related areas.
ChinaNet has been exploring the potential of blockchain for over a year and Mr. Liu has been advising the Company on blockchain for the past four months. Mr. Liu has brought great synergies in our partnership with Jingtum Technology. “Our engagement in blockchain is not impulsive, but rather a strategic decision to explore and trial blockchain applications with our CloudX platform,” stated Mr. Handong Cheng, CEO of ChinaNet. “We believe in blockchain and its ability to change the internet. Within a reasonable period of time, we plan to present our first application utilizing blockchain technology with an updated version our CloudX Ai. We believe once we complete all sectors of blockchain as we have designed, we will create a new era for business applications using blockchain and artificial intelligence for marketing and advertising, as well as multi-dimensional transaction services.”
Shares of Chinanet Online closed yesterday at $5.03, down $-0.91 or -15.32%. CNET has a 1-year high of $11.90 and a 1-year low of $0.90. The stock's 50-day moving average is $1.89 and its 200-day moving average is $1.30.
ChinaNet is engaged in the provision of media development and advertising platforms. It operates through the following segments: Internet Advertisement, Technical Service, (Television) TV Advertisement, Bank Kiosk, and Brand Management and Sales Channel Building.