IQAX expands in Mainland China to better serve clients and the industry

HONG KONG, Jan. 12, 2022 /PRNewswire/ -- Responding to growing demand for its world-class technology offerings, IQAX Limited (IQAX), a leading innovator of digital solutions for the supply chain industry, has expanded its footprint in mainland China and Asia with the launch of its fully owned subsidiary Shanghai IQAX Information Technology Limited. (Shanghai IQAX).

The growing importance of China and Asia in global trade and supply chains has led to a significant rise in demand for the intelligent and digital transformation solutions IQAX provides to the shipping and supply chain industry. The expansion is in line with IQAX's growth strategy and will allow the company to operate closer to the market, its clients, parent company and partners, making it possible to continue providing unparalleled support to the industry.

The continuous growth of Shanghai as a global financial centre, as enshrined in the 14^th Five-Year-Plan for Developing an International Financial Center^[1], and efforts to build a world-class international shipping center^[2] have led to a significant increase in demand for IQAX's technology offerings.

The launch of Shanghai IQAX is a direct response to this increased demand and will bring the company's world-class technology offerings closer to the heart of the key international shipping center of Shanghai. As a part of COSCO SHIPPING Group, this expansion will facilitate better cooperation between IQAX and the group which is headquartered in Shanghai.

The choice to set up IQAX Limited in Shanghai reflects an understanding of the importance of Shanghai to the development of China's economy, trade and supply chain sector and its significance to global logistics.

"The launch of IQAX Information Technology Limited in Shanghai is yet another important milestone for our company. Our new subsidiary will allow us to better serve our clients and partners, support the continuous development of Shanghai as an international financial and shipping center and contribute to the growth of China as a whole," said Romney Wong, the Chief Executive Officer for IQAX. "The launch of our new Shanghai subsidiary underscores our commitment to developing and providing technology that is safe and effective for our clients in the supply chain industry and beyond."

Shanghai IQAX will act as the company's new headquarters in mainland China and drive business development, sales, marketing, customer success and corporate functions. The expansion will also strengthen the company's revenue generating function and act as a hub to extend partnerships.

Since its inception in November 2020, IQAX has been growing rapidly. The establishing of Shanghai IQAX Information Technology Ltd. underscores the company's aspiration to spearhead the digitalization of shipping and create a harmonized global trade environment.

ABOUT IQAX

IQAX is a global information technology company that provides intelligent and digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connect with shippers, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.

IQAX is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), one of the largest integrated international transport and logistics companies in the world.

SOURCE IQAX Limited