HANGZHOU, China, May 18, 2018 /PRNewswire/ -- Dragon Victory International Limited ("LYL" or the "Company"), a company offering reward-based crowdfunding opportunities and quality incubation services to entrepreneurs in China, announced today that the Company has entered into a Strategic Cooperation Agreement (the "Agreement") with the Hangzhou Shangcheng District People's Government for Incubator Listing Service. The purpose of signing the Agreement is to support the implementation of the Company's involvement in the Phoenix Action Plan (the "Phoenix Plan") intended to attract high-quality public companies to Hangzhou Shangcheng District.
On October 9, 2017, the deputy Secretary of the CPC Provincial Committee and Governor of Zhejiang Province Yuan Jiajun formally announced the Phoenix Action Plan. The Phoenix Plan works to promote the public listing of companies, as well as merger and acquisition activity, in the expectation these activities will assist in deepening supply-side structural reform, upgrading the economy, and improving core competitiveness.
Pursuant to the Agreement, the Company is expected to use its own resources and platform to provide one-stop incubator listing services for private companies in Hangzhou Shangcheng District to list their companies in overseas markets. The one-stop incubator listing services includes pre-listing preparation, due diligence, project management for listing process, general listing coordination, corporate restructuring, coordinating financial public affairs, and other related activity. As part of the Agreement, Hangzhou Shangcheng District People's Government is expected to provide financial support policies, support for financial talent, headquarters relocation subsidies, comprehensive ancillary services, subsidies for public listing expenses, and preferential policies for companies to move to Industry Park in the Hangzhou Shangcheng District.
Mr. Jianjun Sun, Chairman and Chief Executive Officer of Dragon Victory International Limited, commented, "We view this agreement as an important step forward for the future of Dragon Victory, the development of public markets in China, and more broadly, crowdsourcing and startup enterprises in China. By providing these public listing services as part of our incubation program, we believe we will facilitate capital market expertise and demystify the process of public listing while maintaining the highest standards of due diligence, in a manner aligned with government policy. We are excited to partner with Hangzhou Shangcheng District and are pleased with the potential of this agreement."
About Dragon Victory International Limited
Incorporated in 2015 and headquartered in Hangzhou, Dragon Victory International Limited ("LYL" or the "Company") offers reward-based crowdfunding opportunities in China to entrepreneurs and funding sources through a fast-growing reward-based crowdfunding platform at www.5etou.cn. 5etou is designed to enable small- and medium-sized companies, start-ups and idea generators to raise funding from participants through the Internet. The Company also provides quality business incubation services and financial services to entrepreneurs and business entities with funding needs who utilize our crowdfunding platform. More information is available at www.dvintinc.com.
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
Bo Lyu, the Board Secretary
Dragon Victory International Limited
In the United States:
Tina Xiao, President
Ascent Investor Relations LLC
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