HANGZHOU, China, Feb. 25, 2014 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") today announced the receipt of RMB332,803 (or approximately USD55,000) from China Telecom Corporation Limited ("China Telecom") as 2013 quarterly subsidies for renovation and leasing of their co-branded Super Specialty Stores. The Super Specialty Store is Yosen's unique business model, under which Yosen cooperates with China's dominant telecommunication operators such as China Telecom, and partners with China's large scaled shopping outlets such as Century Lianhua ("Lianhua") and China Resources ("CR") Vanguard for store site selections. Thanks to Yosen's long established industry reputation, it has been able to secure these national merchandisers' crown jewel locations in the central business district in Hangzhou and integrate a number of best-selling product brands at one single outlet. The ultimate goal is to provide consumers a top notch, one-stop shopping convenience.
Yosen opened its first Super Specialty Store in cooperation with China Telecom Zhejiang on March 11, 2013. Later in October 2013 and January 2014, Yosen announced the launch of additional Super Specialty Stores under a "Yosen Digital – China Telecom E- Surfing" co-branding. China Telecom agreed to provide quarterly subsidies for Store renovations and partial leasing expenses in support of this cooperative model.
So far these Stores have received generally positive feedback from customers, expanded the innovative marketing & distribution channels for telecom operators such as China Telecom, and generated more strategic sales efficiencies for both Yosen and these mass merchandisers where the Super Specialty Stores locate. Yosen's CEO Mr. Zhenggang Wang commented, "We are very happy about the results. It is our goal to continue to improve our customers' shopping convenience and thrive in today's competitive environment by close cooperation with first-class partners. We believe these partnerships will sustain and succeed if they benefit all parties involved as we have."
About Yosen Group, Inc.
Yosen Group, Inc. ("Yosen Group", or "Yosen") is an award-winning wholesale distributor and retailer of 3C merchandise: computers, communication products and consumer electronics. The company specializes in wholesale distribution and retail sales of 3C products in Eastern China, focusing on products that make life more comfortable, convenient and connected. With a commitment to provide one-stop shopping convenience for consumers overall, Yosen Group initiated a unique Super Specialty Store model under which Yosen collaborates with, and in some cases, co-brands with China's dominant telecommunication operators including China Telecom, China Unicom and China Mobile, and sells their products and services in designated Yosen stores within mass merchandisers. Yosen Group is headquartered in Hangzhou, Zhejiang Province, the People's Republic of China. Through its U.S. subsidiary, Yosen Trading Inc., the company is strategically positioned to bring the world's best consumer products to China and simultaneously introduce China's most competitive products to the overseas market. The company operates under the Yosen and Wang Da brand names.
For more information, visit http://www.yosn.com/.
About China Telecom Corporation Limited
China Telecom Corporation Limited ("China Telecom") is an integrated information full services operator and the world's largest wire line telecommunications, CDMA mobile network and broadband Internet services provider, providing basic telecommunications services such as wire line telecommunications services, mobile telecommunications services, and value-added telecommunications services such as Internet access services and information services in the PRC. As of the end of 2012, China Telecom has wire line access lines in service of about 163 million, wire line broadband subscribers of about 90 million and mobile subscribers of about 161 million. China Telecom's H shares and American Depositary Shares are listed on the Stock Exchange of Hong Kong and the New York Stock Exchange, respectively.
Lianhua Supermarket Holdings was established in 1991. As of the end of 2011, there were approximately 5,150 supermarkets under Lianhua and its subsidiaries and affiliates, covering 19 provinces across China. Lianhua was the first Chinese supermarket chain listed on Hong Kong Stock Exchange.
About CR Vanguard
CR Vanguard, a retail chain operator, is a subsidiary of CR Group, a Fortune Global 500 company with 5 businesses listed on Hong Kong Stock Exchange. CR Vanguard owns and operates various well-known retail brands. CR Vanguard supermarket has been ranked #1 in China for a number of consecutive years. In 2012 it achieved sales of approximately 94.1 billion RMB (or approximately 15 billion USD), with 4,425 supermarket locations across China and more than 200,000 employees.
Safe Harbor Statement
Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the Company's future performance. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the periodic reports that are filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
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SOURCE Yosen Group, Inc.