Remark Holdings Announces $10 Million Investment from Charoen Pokphand (CP Group) - Priced at US$12 Per Share
LAS VEGAS, Dec. 18, 2017 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a global technology company focused on artificial intelligence, today announced a US$10 million investment from Thailand-based Charoen Pokphand Group (CP Group), one of the world's largest conglomerates. CP Group's core businesses span agribusiness and food, retail and distributions, and the telecommunication sectors. Due to CP Group's exceptional reputation, it was the first foreign company selected to invest in China and is the only one approved to own and operate a TV channel under the Chinese media authority.
In addition to its core businesses, CP Group has significant operating interests in retail, telecommunications and media, e-commerce and digital, property development, plastics, automotive, finance, insurance, and pharmaceuticals. The company currently operates Southeast Asia's largest retail business by revenue, with 10,000 7-Eleven stores, and it is one of the largest telecom firms in Southeast Asia with more than 25 million mobile customers. CP Group operates in 30 countries and employs over 700,000 people.
The investment will establish a joint venture partnership between Remark Holdings and CP Group focused on Artificial Intelligence and Data Solutions. The partnership's first initiative will be to launch an innovative AI Solution and Application for the Real Estate and Commercial Mall sector in Q1 2018.
CP Group Chairman Soopakij Chearavanont stated, "We see tremendous potential in Remark and its KanKan subsidiary, and we look forward to helping the company grow and scale in the future."
Remark Holdings CEO and Chairman, Kai-Shing Tao said, "We are honored to jointly partner with CP Group and capitalize on the excellent opportunity to expand Remark's KanKan Artificial Intelligence (AI) and Data Solutions platform and monetize our 1.5 billion current users. There is massive demand in Asia for AI technologies. This investment will help us achieve Asian market penetration and rapidly drive accelerated growth, revenue, and profits.
Through the partnership, CP Group will be able to deploy KanKan's AI and Data Solutions platform across its vast businesses and investments. This extends to strategic business partners such as CITIC Group, a large, state-owned, multinational conglomerate in China; Ping-An Group, a leading provider of personal financial services in China; and ITOCHU Corp, a large Japanese general trading company. CP Group is the leading shareholder in all of them.
CP Group's investment is the latest significant development for Remark Holdings as it increases its strategic footprint in Asia. During the past year, it has announced strategic business partnerships with China ShenHua Energy Company and Acxion in China. In 2017, Sina Corporation also released its 3D augmented reality mobile application fully powered by Remark's 3D facial-feature tracking technology.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
SOURCE Remark Holdings, Inc.
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