JM Wowo Announces Partnership with Shanghai Chunmin Internet Financial Information Service Co., Ltd. to Establish Supply Chain Finance Service Platform

BEIJING, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (NASDAQ:JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company entered into a strategic cooperation agreement with Shanghai Chunmin Internet Financial Information Service Co., Ltd. (“Chunmin”) on September 3rd, 2016.

With China’s large catering and foodservice B2B market and JM Wowo’s fast-growing B2B business, JM Wowo and Chunmin reached a strategic cooperation agreement to jointly build a supply chain finance company to provide JM Wowo’s B2B customers related services, including order factoring, credit granting service on the platform, financing and leasing as well as other aspects of supply chain finance services.

Additionally, JM Wowo and Chunmin will further discuss the cooperation in detail and begin planning the framework of the supply chain finance company’s construction. In particularly, they will blueprint the business model of the supply chain finance company to efficiently support transactions on JM Wowo’s online marketplace.

Chunmin has deep resources and professionally experienced in the supply chain finance arena and is optimistic about JM Wowo’s favorable trend in B2B restaurant and hotel business development. Chunmin shares the same outlook with JM Wowo’s management team about China’s supply chain finance market and has strong confidence in setting up and operating the supply chain finance company together with JM Wowo in the future.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “ought to”, “plan”, “project”, “potential”, “seek”, “may”, “might”, “can”, “could”, “will”, “would”, “shall”, “should”, “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JM Wowo’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JM Wowo’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JM Wowo’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JM Wowo might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JM Wowo does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About JM Wowo Limited

Wowo Limited currently operates China’s leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry. With the help of Internet and cloud technologies, the Company has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. The Company is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.

Through cooperation with national and local industry associations and reputable restaurant groups across China, the Company has formed a leading industrial alliance and has great resource leverage in China’s catering industry. The Company works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services.

Contact: Zhao Lichao IR Director Wowo Limited Tel: 86-183 2119 5582

Source:Wowo Limited