Poynt Makes Moves into China
Mobile local search platform Poynt has set up its first Asian operating entity, Poynt Hong Kong, and partnered with China Youth Goyor Technology, an affiliate of the China Youth League, for the China Youth Poynt joint venture. As an initial performance benchmark of the joint venture, China Youth Goyor is to deliver at least 20m active users by August 2012.
The China Youth League is a youth movement of the People’s Republic of China with over 83m members between the ages of 14 and 28 - based on preliminary discussions, China Youth Poynt Limited anticipates as many as 60 per cent of its membership may become active users of the platform.
“The Company is extremely pleased to have China Youth Goyor as its joint venture partner for the development and expansion of the Poynt mobile platform in China. The Asian market presents a vast opportunity for expansion of the Poynt mobile platform,” says Andrew Osis, Poynt CEO. “The Chinese mobile market alone has been estimated at nearly 1bn users – that represents an enormous opportunity, as mobile users in China convert to smartphones and discover the power of apps, and mobile local search platforms in particular.”
Poynt HK will have a 70 per cent economic interest and a 49 per cent equity interest in China Youth Poynt. David Wei Ren has been appointed as CEO of China Youth Poynt, bringing with him more than 12 years of experience with multinational companies.