SHENZHEN, China, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading cloud-based bandwidth acceleration technology company in China, today announced that the Company has entered into a strategic partnership with Newland Hi-Tech Group Co., Ltd. (“Newland”) (the “Strategic Partnership”).
Newland is a leading international integrated service provider of electronic payment products. It has been developing a “Digital Citizen” program in China, which is aimed to provide innovative public services for citizens. Through the Strategic Partnership, Xunlei and Newland will leverage their respective strengths and technology know-how to research and develop new products and services.
In connection with the Strategic Partnership, Xunlei also entered into a series of transactions with Beijing LinkChain Co., Ltd. (“Beijing LinkChain”), an associated company of Newland, to transfer the exclusive right to operate LinkToken program within mainland China, including without limitation, the formulation, amendment and execution of the rules governing the rewarding of LinkToken to users, LinkToken Pocket and the LinkToken Mall, and the related assets and liabilities to Beijing LinkChain (the “Transfer”).
Upon the completion of this Transfer, Xunlei will cease operating the LinkToken program within mainland China. This Transfer will allow Xunlei to put more focus on research and development of the underlying blockchain technology and infrastructure, such as ThunderChain and ThunderChain File System (TCFS).
While the exclusive right to operate the LinkToken program within mainland China has been transferred, users of OneThing Cloud device will still be able to obtain LinkToken via contributing their idle computing resources. Xunlei will also continue to leverage shared computing and blockchain technology to provide enterprise customers with cloud computing services.
About Xunlei
Xunlei Limited ("Xunlei") is a leading cloud-based bandwidth acceleration technology company in China. Xunlei operates a powerful internet platform in China based on cloud computing to provide users with quick and easy access to digital media content through its core products and services, Xunlei Accelerator and the cloud acceleration subscription services. Xunlei is increasingly extending into mobile devices in part through potentially pre-installed acceleration products in mobile phones. Benefitting from the large user base accumulated by Xunlei Accelerator, Xunlei has further developed various value-added services to meet a fuller spectrum of its users' digital media content access and consumption needs.
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the management's quotations contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its premium services; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
Contact:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 8633 8443
Website: http://ir.xunlei.com
Source: Xunlei Limited
